Everything there is to know about Tenner
Welcome to Tenner, the nationwide competition to find the next generation of budding entrepreneurs. Here you’ll find out when the challenge begins, how it works and how you can get your students involved and motivated.
The Tenner Challenge is for young people aged 11-19 who want to get a taste of what it’s like to be an entrepreneur. It gives them an opportunity to think of a new business idea and make it happen, using real money to take calculated risks in the business field, make a profit – and make a difference.
What are the key dates for Tenner?
30 November 2015
8 January 2016
Deadline for early bird registration
26 February 2016
Deadline to register
22 February - 18 March 2016
Tenner Challenge takes place
26 Feb, 4, 11 & 18 Mar 2016
24 March 2016
National Competition entry deadline
Winners invited to awards
How it works
Step 1 - Here's a Tenner!
Young people are pledged £10 from the Tenner Bank on 22 February.
Step 2 - Get started
They use this start-up capital to get their business off the ground, working alone or in a group.
Young Enterprise can help kick start your Tenner Challenge by running a half day masterclass for your participants. This does have an associated cost, subject to local funding streams. Please contact us for further information.
Step 3 - Keep it going
They have 4 weeks to make as much profit as they can from their tenner while also trying to make a difference and give back to society. Participants can also take part in weekly competitions to keep them engaged and motivated.
There are online resources available in the unique area of the website to help teachers lead their students through the Challenge, some of which include; guidance, activities, templates and more. For the students there will be templates and guidance as well as an online logbook to help them keep track of how they are getting on, which will also gain them entry to the National Competition.
Step 4 - Keep the profits
Participants are in full control of the profits they have earned and should decide themselves what they would like to spend them on - for example, a day out, resources or activities for school, or they may wish to donate their money to a charity of their choice.
Step 5 - Payback for the future
At the end of the month, participants enter the National Competition and payback their £10 plus a suggested £1 legacy donation so more young people can participate in the Challenge next year.
The only rules are: you cannot use your tenner to gamble, take part in illegal activities, be fraudulent and importantly, if the teacher says NO, so do we!
Tenner Challenge Competition
The Tenner Challenge is not only about creating a business but it is also about giving back to society. What better way to showcase this than with a competition?
Throughout the Challenge there will be weekly competitions to keep students excited, engaged and motivated. These are simple to enter and aim to showcase all the hard work that students are doing.
The weekly competitions are linked to stages of the business set-up and only require an upload of image or video clip.
26 February – Logo Design
4 March – Sales Pitch
11 March - Advertisement
18 March – Trade Stand
For this reason, it is essential we are given permission to use images of students on our website. If we do not have this permission, students will not be able to enter all the competitions.
The final competition will be based on the completed logbooks. While we hope that all students will enter the competition, only three logbooks per school can be entered to the national final. Teachers are asked to shortlist from all their groups and submit the best three.
Judges from the business world will look at the logbooks and choose the winners according to criteria including innovation, journey travelled and social conscience.
There will be an Awards Celebration Ceremony in May for all winning students and teachers. Winners will be notified in April so that travel and permissions can be arranged.
There are two age categories for the competition:
- 11–14 years
- 15–19 years
and four awards in each category:
- Most Inspiring Individual
- Best Group
- Most Profitable Business Idea
- Greatest Social Impact
If you chose to enter the Social Impact award we want to see what impact you will be having on People, Planet and Profit. You can find out more about the 3 Ps of Social Enterprise in the resources section in your login area.
For more information please read our full terms and conditions.
Make a difference
Giving your profits to charity is not the only way businesses can make a difference. Some businesses are set up as a social enterprise, with a clear view on having a social impact.
A social entrepreneur is someone who sets up a business or project which is driven by a social cause. It can be a great way to take on a challenge in your area and make money at the same time. This money could then be taken as profit, or you could reinvest it into finding more ways to solve the issue.
What happens now?
- Organisations register on this site to participate in the Challenge
- ‘Welcome’ email sent to registered organisation
- Organisation returns payment form
- ‘Important details’ email sent to organisation to confirm registration and login details for unique web account
- Organisations login to their unique web account
- Organisations share instructions with their students so they can register their teams
- Young Enterprise will issue the funds to the organisation from the Tenner Bank prior to 22 February 16
An email notification will be sent to the organisation to confirm payment has been made
History of Tenner
‘Make your Mark’, ‘Tenner Tycoon’, ‘Make your Mark with a Tenner’ and now simply ‘Tenner’. Different names, same idea!
Enterprise UK founded ‘Make Your Mark with a Tenner’ in 2007 and ran successful challenges until 2011. The winding down of Enterprise UK was the perfect opportunity for Young Enterprise – the UK's largest enterprise education charity – to get involved with this great competition. In November 2012, it was confirmed that Young Enterprise would be running Tenner and we held our first Challenge in May 2013.
In March 2015 we ran our third Challenge with over 20,000 young people registering to take part. 83% felt that Tenner has provided them with an unique opportunity to learn and achieve new things; the greatest skill progressions are in creativity, confidence and communication; 90% of teachers agree that the Tenner Challenge has increased young people’s financial knowledge and understanding. To find out more about the impact of Tenner 2015 please click here.
2015 celebrated a new partnership with the Business Growth Fund who will be supporting Tenner for the next 3 years. BGF (Business Growth Fund), established in 2011, supports Britain’s entrepreneurial businesses. They provide support, advice and money to companies they invest in, including manufacturers, retailers, technology companies, restaurants and more.