School of Business and Economics

News

5 Apr 2017

'Tycoons in Schools' champions mentored by LU Lecturer

Loughborough University Lecturer, Tracy Millar, recently mentored a group of young entrepreneurs from Nottinghamshire, who were named Key Stages 1 & 2 winners in Tycoons in Schools, a nationwide enterprise competition run by 'Dragons’ Den' star, Peter Jones CBE.

Tracy worked with the children to brainstorm business ideas, write their business plan and submit it to the Peter Jones Foundation for consideration. The team, from Barnby Road Academy Primary School, were given a start-up loan of £96, and they then traded for a six-week period before finalising their profit and completing their evaluation form. The judges rated each team on profitability, teamwork, business concept, sustainability and community engagement. The Blue Bowtique business had a final profit ratio of a fantastic 1544%.

The team were then invited to Buckingham Palace on 6th March for the finals, where Tracy saw the team crowned winners for Key Stages 1 & 2 and overall runners up. The ceremony was hosted by HRH the Duke of York, KG, Patron of the Peter Jones Foundation, as part of his focus on championing entrepreneurship and ongoing support of the Tycoon in Schools competition.

Tracy had this to say of the importance of enterprise:  

"I believe that enterprise is a fantastic thing for all children to experience. For the children in KS1 it is an exercise for them to engage with and feel they can see practical uses for the things they are learning at school.

"Enterprise is suitable for be run at Primary level as well as at Secondary level, they just need a little more support and mentoring to keep them on-track. It gives them an opportunity to work in a team and practically use many of the skills they have learnt in maths, literacy and across the school curriculum, in a very practical way."

To find out about the enterprise and innovation skills being taught at the University via the School's Glendonbrook Centre for Enterprise Development.