This exciting and fun competition aims to build enthusiasm in young people and introduces them to the basics of starting and running a business. School teams are supported by a business partner from a local firm who work with the team throughout the competition, lending their experience and expertise and guiding them in their first business venture.
Future Business Magnates is launched each year in the Autumn term. Each school selects a team from Year 8 who are given a brief to start a business inspired by the theme of the competition. The theme changes each year and reflects the aspects and elements of the current business environment. Each team develops its business idea and participates in a series of six challenges which include everything from team building, product design, marketing and finance. Ultimately pitching their business to a panel of industry experts at the close of the competition before the Awards Dinner at the end of the competition where the winners are announced.
Themes have challenged students to develop a new product for the home which would be manufactured in County Durham, work towards producing a product or service which would help in ‘Connecting County Durham’. More recently teams have been encouraged to ‘Build a Business to Protect the Planet’ harnessing their imagination and creativity to come up with an idea that has a positive impact on the environment.
Following this year’s theme of ‘What a Wonderful World – Can you Make it Better?’, participants will come up with a product which will solve a real problem people are facing today. Teams have been asked to use technology that is either currently available, or yet to be developed and come up with an idea that will help solve the problem and which can be turned into an innovative new business.
If you want your business or school to get involved in inspiring the next generation of business leaders contact us now.
FBM Freshers a Year 7 enterprise experience
Business Durham is eager to expand the experience of young people and we believe that it is never too early to immerse yourself in the business of business. That is why have introduced a new variation on FBM. Designed to introduce year 7 students to FBM and get them ready for the main competition, FBM Freshers is open to all secondary schools in County Durham. This half-day workshop allows a whole year group to find out about how innovative ideas can be turned into successful businesses and teaches the basic techniques students will need to successfully participate in FBM in year 8.
For more information or to register your school to take part visit www.futurebusinessmagnates.co.uk