| Year 5
This term, Year 5 have been working hard to develop their ideas for products to make and sell as part of their Business Enterprise project.
Business Enterprise is so important in schools because it is focused on individuals and teams, and their potential to achieve. It helps provide a bridge between the world of work and the school environment, allowing personal finance and entrepreneurial skills to develop. In addition, it reinforces basic skills in literacy, maths and ICT, linking these skills to real applications.
In Year 5, the children worked in teams of five or six with a budget of £25 or £30 (£5 per child.) The children spent time thinking about the cost of resources and a variety of techniques to attract different customers.
Last Friday, the day arrived where the children's products would be put to the test. Final preparations took place in the morning with advertising posters, pricing strategies and sales pitches learnt. The children’s stalls looked amazing and the customers arrived shortly after lunch. There was a buzz of excitement as the children started selling their items.
At the end of the day, the results were in. Overall, the children made a massive profit of £415. The children will now take time to reflect on how they worked as a group and as an individual in their group. They will also think about what went well and what they would do differently next time. The children will also discuss how they intend to spend their earnings.
All of the skills that they have employed over the Business Enterprise sessions have helped them to develop a better economic understanding, a range of creative approaches to problem-solving and an appreciation of consumer power, which are all important life skills that can be employed in a range of different subjects and activities in the future.