Welcome to the Fiver Challenge, Young Enterprise’s FREE nationwide challenge for 5 - 11 year olds.
If you are a primary school in England and Wales your Challenge dates are Monday 5th June - Friday 30th June Scotland and Northern Ireland Fiver Challenge dates are Monday 15th May to Friday 9th June 2017.
The Fiver Challenge provides a highly interactive, fun way of introducing financial numeracy, resilience and teamwork in learning for primary school pupils. Pupils have 1 month to set up a mini business and create a product or service they can then sell or deliver at a profit and engage with their local community.
Young Enterprise can help kick start your Fiver Challenge by running a half day masterclass for your participants, the cost is £300 for a typical class size. We will help them to plan some great ideas for their business and understand what it means to be enterprising and to identify their key skills including team work, problem solving and understanding finance to get the most out of their Fiver Challenge.
What are the key dates for Fiver?
- 20 March 2017
- May - 02 June 2017
- 5 June - 30 June 2017 or 15th May - 9th June for Scotland or Northern Ireland
Fiver Challenge takes place
- 9, 16, 23 & 30 June 2017
- 7 July 2017
National Competition entry deadline
- 14 July 2017
Winners invited to awards
- September 2017
We have designed the programme to support primary teachers in leading and facilitating this challenge and have ready to deliver, practical opportunities to introduce pupils to key employability skills from business planning to marketing and selling!
Step 1 - Here's a fiver!
Each business is pledged £5 from the Fiver Bank. There is a maximum payment of £250 per school/organisation. Please be aware funds are limited and will be allocated on a ‘first come, first served’ basis.
Step 2 - Get it going
They use this start-up capital to get their enterprise off the ground, working in a group or as individuals.
Step 3 - Keep it going
They have the whole month to make as much profit as they can from their fiver whilst also aiming to engage with the local community.
You’ll have access to online resources which explain the challenge and how you can run it with your pupils, including activities for curriculum support, case studies and more.
Pupils have a downloadable workbook to help them keep track of their progress, as well as a logbook which they can use to enter the national competition.
Step 4 - Payback...for the future
At the end of the month, each team works out their finances and repays their pledge. This means that the £5 pledge is repaid + a suggested 50p legacy donation to the Fiver Bank so more young people can participate next year in the Challenge.
Step 5 - Keep the profit
The participants are in full control of the profits they have earned and should decide themselves what they would like to spend them on - for example, donate their money to a charity or local cause of their choice, activities for school or the classroom, or a school trip or day out.
Why should we sign up?
Fiver is a great way to help your students develop key skills such as team work, problem solving and creativity. You can find out more about the benefits of Fiver on the Why sign up page.
Fiver Challenge National Competition
The Fiver Challenge is not only about creating a business but it is also about making a positive difference to young people, in schools and local communities. What better way to showcase this than with a competition?
Throughout June 2017 there will be weekly competitions to keep pupils engaged and motivated. These are simple to enter and aim to showcase all the hard work that teams are doing.
The weekly competitions are linked to different stages of the business set-up and only require an upload of image or video clip.
09 June – Logo Design
16 June – Sales Pitch
23 June - Advertisement
30 June – Pop-Up Shop
For this reason, it is essential we are given permission to use images of students on our website or participants will not be able to enter the competitions.
The national competition will be based on the completed student logbooks. Whilst we hope that all participants will have the opportunity to enter the competition, only 3 logbooks per school can be entered for the national final. Teachers are asked to shortlist from all their teams and submit the best 3 log books for national entry.
Judges will look at the student logbooks plus supporting photos/evidence and choose the winners according to criteria; including levels of enterprise and teamwork demonstrated and community engagement.
There will be an Awards Ceremony in September 2017 for all winning participants and teachers. Winners will be notified in July 2017 so that travel and permissions can be arranged.
There are two age categories for the competition:
- 5–8 years
- 9-11 years
With 6 awards:
- Most inspiring individual 9-11 years
- Best overall group 5-8 years
- Best overall group 9-11 years
- Most profitable business idea 5-8 years
- Most profitable business idea 9-11 years
- Best community engagement 9-11 years
What happens now?
- Organisations register on this site to participate in the Challenge
- ‘Welcome’ email sent to registered organisation
- Organisation returns payment form
- ‘Important details’ email sent to organisation to confirm registration and login details for unique web account
- Organisations login to their unique web account, register their teams and access the resources
- Young Enterprise will issue the funds to the organisation from the Fiver Bank prior to the challenge commencing (subject to availablity)
- An email notification will be sent to the organisation to confirm payment has been made
History of Fiver
The nationwide challenge for 5-11 year olds was launched in 2014 by Young Enterprise.
In June 2016 we ran our third Challenge with almost 50,000 young people taking part.98% of teachers reported that Numeracy and Financial Education were the main contributors to pupils’ learning. 95% of teachers believe that all young people in the teams they supported developed at least one of the key skills tested, with Money Management, Teamwork and Communication reported as being the most developed. 100% of teachers indicated that their pupils enjoyed taking part and 94% of teachers said that Fiver was a good way to introduce enterprise education to their pupils! To find out more about the impact of the Fiver Challenge please see our Report for 2016.
Young Enterprise is the UK’s leading charity that empowers young people to harness their personal and business skills. We work directly with young people, their teachers and parents, businesses and influencers to build a successful and sustainable future for all young people and society at large