Thousands Introduced to Enterprise by 20-year Competition

The UK’s longest-running inter-school enterprise competition is celebrating 20 years.

More than 2,400 Year 8 students from 40 County Durham schools have taken part in Future Business Magnates (FBM).

Over six months each team of eight, supported by a local business, takes part in a series of challenges to develop a product or service to solve a particular problem whilst learning what it takes to run a business. 

In the past eight years Durham County Council’s business support service, Business Durham - which runs the competition - has also introduced nearly 10,000 Year 7 students to enterprise through FBM Freshers and this year, for the first time, 250 primary school children have taken part in FBM Market Makers and 200 Year 9 students were involved in a creative enterprise project. 

“We know from our conversations with local businesses that one of their key challenges is whether they going to be able to get the talent, the skilled people who are going to work in their business and run them in the future,” said Sarah Slaven, the Managing Director of Business Durham.

At the same time, she added, “The FBM competition enables young people in the county to acquire practical knowledge about finance, law and presentation skills which will help them through life even if they never start a business.

 “Year after year with FBM we see how creative and mature they are – often way above their years – and that gives you a real sense of hope for the future.”

To mark FBM’s 20th anniversary the 11 teams are taking part in the competition’s first Pitch Day at the Beamish Museum. 

Mystery shoppers will mark them on their customer engagement, the quality and design of their product or service and the overall look of their stand as they respond to this year’s challenge of “Re-imagining the High Street”. The points they earn will go towards deciding the overall winner.

The Co-op has worked with FBM teams for more than a decade.  Ian Hindle, the Distribution General Manager for its Birtley depot, said: “We have been privileged to support such a fantastic programme that enables students across the county to be involved in the competition driving innovation and engagement for all students and teachers involved.”

It has also had a positive impact on Co-op staff.  “We have enjoyed watching our own depot colleagues grow in confidence when they support the programme, collaborating with the teachers and students and helping schools with their business ideas and plan,” he said.

Fourteen years ago Ben Muxworthy was a member of the Park View School team from Chester-le-Street who won FBM with their product, a frozen yogurt. 

He is now a Director of Timba Floors and Boards, a multi-million pound import and wholesale business based near Stanley, and believes learning about core business principles through the competition is invaluable for the students whatever career they choose.  

For others, he said, FBM might just open a new door.  “It’s a chance for them to actually understand business a bit more and see if it's a potential career path for them,” said Ben. “It’s a great competition.  It’s not just the buying and selling and seeing how much money you can make, it’s about your understanding of marketing principles, task delegation and little bit about finance as well.”

The team from Ben’s old school is busy preparing for Pitch Day at Beamish.  Park View School’s Head Teacher Andrew Finley said: “FBM symbolises everything that I would want in a competition to really develop students’ potential. It puts them in enterprising situations and helps build their entrepreneurial skills.

“Those skills - such as leadership, organisation, resilience, initiative and communication which are so valued by business.”

There are two Pitch Days, on the 21 and 22 May, before the teams take part in their final task – a Dragons’ Den-style presentation in front of a panel of business experts – in June. 

The overall and category winners will be announced at a special awards ceremony at Hardwick Hall which is hosted by journalist and broadcaster Charlie Charlton.