As part of Entrepreneur week, year 6 started work on the ‘Fiver challenge’. The Fiver Challenge provides a highly interactive, fun way of introducing financial numeracy, resilience and teamwork in learning for primary school pupils. Pupils have 2 weeks 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.
The Fiver Challenge…
- Helps to instil resilience from a young age by challenging pupils to work outside their normal parameters
- Builds early foundations for pupils to develop core skills including team work, problem solving and communication
- Introduces pupils to an understanding of finance, budgeting and the importance of money
- Provides opportunities for pupils to become involved within their local community network
Today the teams have been watching The Junior Apprentice, looking at how to work effectively as a team; they have also been researching costs, financial planning and carrying out market research in school.
Tomorrow they will be walking to the Gallagher retail park to purchase items for our businesses. Each team has £5 to spend wisely!
What do you think is the most important aspect of managing a business? Why? How will you apply this in your team’s business idea?