Young entrepreneurs compete to build a business

Tuesday 04 October 2016

Teams of young entrepreneurs have come together this month, competing to build the best business… Sound familiar? No, it’s not the return of ‘The Apprentice’, but the launch of the Young Enterprise Company Programme.

Bringing the spirit of the BBC show to Jersey, the Young Enterprise scheme will see 86 students from 6 schools learn what it’s like to set up and run a business.

Responsible for all company decisions, the year 12 students will oversee everything from business plans to balancing the books - a vital element, as they must pay back their investors at the end of the academic year-long programme.

The young entrepreneurs will not be totally alone in their business ventures, however. Business advisors from Barclays, RBC and the Seymour group, as well as a group of independent advisors, will all be on hand to offer their expertise.

The Company Programme culminates with final presentations in May, with the winning group set to represent Jersey in the UK South East Regional Final.

Last year, team Allegiance won the competition, specialising in products and events services. The team's Deputy Finance Director Jordan Sleight (17) praised the scheme, describing it as "a true insight into business life, as you have to do everything yourself whether thats negotiating a deal with a company for supplies or coming up with an idea to initially follow. If you get involved you'll definitely enjoy yourself too."

According to Vice Chairman of Young Enterprise Alexia McClure, the key to Young Enterprise success is "to have a business plan, know your customers and manage your finances properly".

"The students need to focus early on how to get their product or service to market and how they will make money. As in a real workplace the key to their success will be how they work together as a team, focus on achieving their goals and of course they must have fun too."

Chairman of Young Enterprise Jersey, Nathalie Le Barz, described the programme as an “opportunity for the students to develop their knowledge and ability to run a business, but also helps them to develop life skills that aren't necessarily captured through the standard educational routes.”

Praising those supporting the scheme, she added: “The running of this scheme wouldn't be possible without our Business Advisors, so I am extremely grateful to the local business who are supporting the students this year. We also have a strong Area Board and I'm really looking forward to working with them to build on the success of the Company Programme and develop initiatives to support the entrepreneurial talent within the young, ambitious and motivated students here in Jersey.”