PUPILS from Dinas Powys have won an entrepreneurial competition organised by the UK’s leading enterprise charity and Wales’ largest building society.
Team ‘Seed Squad’ from year four at St Andrews Major were awarded the Best Welsh Business award for their sustainable plant pot business in the Fiver Challenge competition, run by Young Enterprise and funded in Wales by Principality Building Society.
Running from June to July, the scheme saw over 3,000 primary school pupils from across Wales take part in the challenge, which asks pupils to create, research and plan a business with just £5.
The initiative allows children to develop on their creativity, commercial awareness and money management skills.
Pupils from team Seed Squad were awarded the prize after delivering a proposal and sales pitch on their business idea, which used recycled newspapers and compost to make sunflower plant pots for sale.
The judges at Young Enterprise and Principality were impressed by team Seed Squad’s sustainable business idea, as well as demonstrating the market research and planning put into the proposal and a good understanding of profit and loss.
Each winner will receive an iPad donated by Principality.
Jenny Bush, Teacher at St Andrews Major said: “The Fiver Challenge is a great opportunity for young children to gain an insight into planning and running their own businesses in the future.
Our pupils learnt so many skills during the project such as working as a team, leadership skills and understanding profit and loss.
“They really enjoyed the whole process, including the market research, designing their logos, writing their proposals and pitching their ideas.
“We are so proud of them for working so hard and coming up with excellent business ideas, which focused on protecting the environment.’’
As the sponsor of Fiver Challenge in Wales for three years, Principality provided funding allowing Young Enterprise to bring the challenge to Wales on a larger scale and in the Welsh language.
Since 2019, the Society has worked with partners such as Young Money and Young Enterprise to reach 48,000 children and young people with financial education and careers based learnings.
Vicky Wales, Chief Customer Officer at Principality Building Society said: “As a member-owned organisation, we are passionate about helping young people to build their life skills, which includes supporting hard working schools with financial education and careers-based activities.
“We were blown away by the entries from across Wales this year.
“It was clear there was a real focus on sustainability and protecting our environment in their business ideas, as well as giving back to the local community.
“No doubt we are seeing our future entrepreneurs here.’’
Sharon Davies, Chief Executive, Young Enterprise said: “This three year partnership between Principality and Young Enterprise to run the Fiver Challenge in Wales provides such an important opportunity for young people to develop vital financial capability and enterprise skills.
“We were so impressed by the resourcefulness, creativity, and innovation exhibited by the all the young people this year, especially during what has been such a challenging year.
“Starting early is critical, if we are to shape young people’s aspirations of what they can achieve and help them develop the enterprising mind sets they’ll need to build positive futures.’’
The Fiver Challenge is set to launch again in September 2021, with schools having the flexibility to pick when they run the challenge in class throughout the academic year.