SB: Young Enterprise- The Beginning.

parkemitch

Hi,

Theres a team of us working on the Young Enterpirse :eek: , We are (from next tuesday) a limited company, We need to raise some initial money before we can even think of buying raw goods or anything.
Not a huge amount but £100+ would be great and get us off he ground.

We have thought of raffles with the small blue/pink tickets to avoid all the complications with actual raffle tickets. If this goes ahead we have fairly decent prizes

The ideas cant be big projects with lots of work to put behind them as we dont have alot of time, this is just to raise an important chunk of capital

I was wondoring if anyone has any ideas to help us with ideas. We need this idealy around 12th October.

Any ideas or suggestions would be much appreciated.

Thanks Mitch

chika

When I did young Enterprise when I was at sixth form my group sold shares in the comapny. I don't know if this is still done but we were given an official book and we sold the shares for about £2 each.

You have to think about how much of the business that you want to go in "shares" but we manages to raise £250 in less than a week by this method.

Good Luck

viru.doshi

I also did the Young Enterprise in 6th form. To raise money we held a school disco for years 7,8 and 9 at school. Managed to get our headmaster to fork out for food and stuff and a friend was the dj. Kids were charged a few pounds to get in - surprisingly we made a packet!

As for our product, well custom ringtones and operator logos were just coming into the trend, i.e back when the nokia 3210 was released! So we sold a service to the students to customize their logos and tones.

Sugar_Coated_Owl

When I did the Young Enterprise I too remember selling shares to raise money

parkemitch

Thanks for suggestions everyone, We have another 'meeting tommorow'.. Ill get some more info then... Shares sound like a good idea :rotfl:

Savvy_Sue

Legally, if you are selling raffle tickets in advance, you need to have the tickets properly printed etc etc etc. The tickets you're talking about (usually sold as cloakroom tickets) should only be sold on the day of an event.

There's a sticky about fundraising, raffles etc at the top of this board which might be more informative on the subject.

Note that I'm not arguing with what anyone else has said!

JonathanA

First of all, congratulations on getting involved in what is an excellent scheme. I've worked with people on Young Enterprise for over 10 years and I never fail to be amazed at how entrepreneurial you are and what new ideas and products teams develop.

You should, at one of your early meetings, get a start up pack. As most other posters have commented, you do indeed have to sell shares, which gives you an opportunity to raise money. However, as well as money to get started, there is a registration fee payable to Young Enterprise, so don't forget to factor this into the amount that you need.

I've seen lots of different ways of raising money over the years by teams. some have approached their school to ask for a loan - repayable during the course of the year. Others have approached the bank (typically HSBC) with a business plan and got an overdraft. Others have gone out and sold their services - legally of course - doing things like washing cars, odd jobs, organising school discos and so on.

Perhaps when you next meet as a group you should sit down and brainstorm ideas - what are you all good at, what skills do you have and is there a commercial value that you could attach to them fairly quickly to raise money.

There should be some ideas in your start up pack as well. Your business adviser or link teacher should also be able to give you some hints - though they will expect you to come up with the ideas.

Good luck with this - and in running your company through the year. I hope you enjoy it.

Jonathan

Stone_3

Just saw the title of this.

Ive just started doing the YE: Entrepreneurship module at uni, it will be my first time doing this. We get to set a live business for 3 months and are allowed to trade just as a real company yayyyyy.

Our group has a brainstorm at 4 today so lets see what we can come up with.

Sugar_Coated_Owl

I loved young enterprise.

parkemitch

Woaa its been a long time since I posted this...
We have got rid of 7 non-commited members and have a sponsor!
We have decided on a product and have a trade fair on the 3rd March!
Are there any paticular ways of marketing on the day or impressing the judges but at the same time bringing customers in.

Thanks for your help and comments !

The_doomed

just a wee note on this. if selling shares, remember you are responsible for the shareholders capital and that they may wish to sell their shares.

-alright, not very likely. but i bought shares in an enterprise group before on the basis (verbal confirmation) i would get my money back, and a proportional share of any profits. well, guess the group shared the profits and my dosh.

Dont worry, i made sure I got my money back, but it never came from their funds.