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 young people involved.
The Tenner Challenge is for young people who want to get a taste of what it’s like to be an entrepreneur. It gives them a chance to think of a new business idea and make it happen, using real money to take risks in the business field, make a profit – and make a difference. Tenner is a national competition and young people from all over the country can get involved.
Tenner can be a great way to take on a Challenge in your local area and make money at the same time.
What are the key dates for Tenner?
2 December 13
26 February 14
Deadline to register
Tenner Challenge takes place
7, 14, 21 & 28 March
National Competition entry deadline
Winners invited to awards
How it works
Young people are pledged £10 from the Tenner Bank on 1 March. They use this start-up capital to get their business off the ground, working alone or in a group. They have the whole month to make as much profit as they can from their tenner while also trying to make a difference and give back to society. There are online resources to help teachers and students, including a logbook for students to help them keep track of how they are getting on.
At the end of the month, finances are tallied up, pledges repaid and donations given. This means that the £10 pledge is repaid + a suggested £1 legacy donation to the Tenner Bank so more young people can participate next year in the Challenge. The young people decide what to do with the extra profits – invest in the local community, spend on a day out or donate to charity to help others.
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!
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 March 2014 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. 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 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. All pledges must be repaid to be able to enter the competition.
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 Award Celebration Ceremony in May/June for all winning students and teachers. Winners will be notified in April so that travel and permissions can be arranged.
There are three age categories for the competition:
- 5–11 years
- 12–14 years
- 15–19 years
and four awards in each category:
- Most inspiring individual
- Best overall group
- Highest profit made
- Biggest 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 additional resources section.
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.
History of Tenner
‘Make your Mark’, ‘Tenner Tycoon’, ‘Make your Mark with a Tenner’ and now simply ‘Tenner’. Different names, same idea! We lend you £10 and you run a business for a month to try to make a profit and a difference.
Enterprise UK founded ‘Make Your Mark with a Tenner’ in 2007 and ran successful challenges until the final Tenner campaign under Enterprise UK was run four years later. 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. We held our first Challenge month in May 2013 and had over 26,000 young people register to take part! Last year 90% of participants felt they had developed at least one new skill; 88% would recommend Tenner to others and 52% of Tenner teams will continue their business. To find out more about Tenner 2013 take a look at our leaflet.