Thousands of children between the ages of five and 11 will be loaned £5 and challenged to start their own businesses, as part of a new scheme by the Young Enterprise charity.
The Fiver Challenge, which will start in schools in June, will give children the chance to invest their £5 in goods or services to start their own business. The children can keep any profit they make or choose to donate some of it to fund next year’s scheme. An awards ceremony will be held for the best performing businesses in September.
The announcement of the scheme comes after enterprise advisor Lord Young announced a review into integrating entrepreneurialism into education.
Enterprise minister Matthew Hancock said “The new Fiver Challenge and Lord Young’s upcoming Enterprise Education review support the government’s drive to build a culture of enterprise and I hope this will inspire a new generation to consider entrepreneurship as a career option. From my experience kids can be incredibly enterprising, I can’t wait to see what ideas they come up with.”