Making a Mint: Creating Young Entrepreneurs
As groups of young people across Britain gear up to enter the second NESTA Making a Mint competition, last year's winner, Willows Primary School in Lichfield, explains what pupils gained from the experience - and the entrepreneurial spirit that has been the competition's legacy.
"The lessons learned through this project will not be forgotten in a hurry. This is what learning should be about - full of memorable moments!" says Rachel Joint, teacher at Willows Primary School.
"Pupils had the freedom to be children - to have big, wild ideas. It was great not to have to restrict that creativity. To be able to say, 'Let's see where we go with those ideas', to put enterprise into practice."
Tasked to turn a profit from a packet of mint seeds, Year 6 pupils - aka Willows Minternational - conducted market research and wrote a business plan before launching a series of mini-enterprises which went on to raise more than £600.
By first selling toast with a home-made minty topping, the pupils generated the cash flow to enable them to make and sell a range of other products, from mint-scented jewellery and mint-decorated stationary to mint-flavoured cakes and drinks.
The only constraints were those facing all entrepreneurs - like the necessity to meet consumer demand.
"At first, the children imagined they would be able to make mint deodorant. They thought, 'We're children, people will accept whatever we try to sell to them," explains Rachel.
"Then someone pointed out that, actually, they'd be selling to other children, which is not easy. They really had to understand their target market."
A lasting legacy
The competition equipped pupils with invaluable experience and skills - 'magic moments' which teachers are convinced will stay with them for life.
Moreover, it helped to increase aspirations among young people, some of whom previously did not expect to even find a job, let alone run their own business.
Pupil Lewis Heeley says: "I now know I could go into advertising…I hadn't thought of that before."
Shannon Meakin adds: "I found I was a very persuasive salesperson and managed to clear all of our stock at the summer fair. I didn't realise I had a talent for it!"
Nurturing tomorrow's entrepreneurs
Rachel Joint says: "It was fantastic to hear children say, 'When I'm older, I could set up this business.' The experience has opened the door for such expectations.
"They see there's more out there than doing a job that wouldn't stretch them or wouldn't allow them to use their creativity in the way that the competition has."
Lewis Heeley agrees: "There were no limits. We couldn't believe how much creativity we had. The competition even encouraged it!"
Doing the maths
The school is convinced pupils benefited from being able to use their own initiative, to work to their own strengths.
But as any entrepreneur knows, it's not always plain sailing.
"Finances were the biggest challenge," recalls Rachel. "The finance team set up an Excel grid, which looked straightforward and was fine when the students were only selling the mint toast. But as soon as that money was used to fund other mini-businesses, it got complicated.
"As we got to the end of the competition, the children realised that they needed to set up separate accounts for each of their little businesses. It was fascinating that they should reflect and notice what happens in the real world."
Likewise, pupils began to appreciate harsh realities as bills came in. "It was quite hard for them to accept that part of business is seeing money going out again!" chortles Rachel.
Reaping the fruits of their labours
But their efforts paid off when, as competition winners, Willows Minternational received £1,000 worth of garden vouchers, which the school is spending on a lively 'creative thinking' zone.
Now Rachel is keen to encourage other schools to enter this year's competition. "Without the competition, we'd have set up some fictional idea. With this experience, you can think bigger. It's not pretend - the business is for real."
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