July 24 2014 Latest news:
Friday, June 13, 2014
Young business bosses of the future set out their stall in a Norfolk market place yesterday - at the tender age of 10.
Forty five pupils at North Walsham Junior School have each been given £5 under a Virgin Money backed initiative to encourage entrepreneurs under the age of 11.
They used the cash to pump prime cottage industries making items including pebble people with painted faces, hand-sewn hair bands, felt flower badges, bug hotel, cup cakes, biscuits and - with the World Cup in mind - red and white England thread bracelets.
And yesterday the Year 5 children ran a market stall to sell their goods - seeking to recoup their costs and head towards profit.
Teacher Emma McGuinness said several items - including the bug hotel and craft characters - sold out.
“Customers were impressed by the quality of the goods.
“We got the children to think about making something that was well-presented like in a shop, with cellophane and wicker wrapping.
“But the ideas were theirs, and most of the work was done at home with the support of parents - because the scheme is supposed to encourage independent enterprise.”
Most of them worked in small groups to pool cash and ideas.
“Some also had the confidence to go out in tot he market place and do banter, like ‘try it and buy it’,” added Mrs McGuinness.
Thirty one of the youngsters were involved with the market stall and all were now in profit after a day’s takings of £280.
But one lesson learned for the future came when some of the cup cakes melted in the heat.
School work linked to the scheme saw the children learning simple profit and loss accounts, costing and stock control.
The pupils will now look to reinvest their takings into more ventures before the end of June deadline - including manning another stall at the town fun day on June 29 as a “final push.”