Module 10: Enterprise

Fundraising/enterprise ideas• Many schools run fundraising events. These

are ideal for learners to experience ‘real life’ activities which cover the statements specified in the ‘Manage money’ element of the numeracy component of the National Literacy and Numeracy Framework (LNF).

• The following learner outcomes (in bold) may be covered by a well-planned fundraising event.

Routes to learning in the LNF

Manage money

Learners are able to:

A steps • give a coin in exchange for an item after observing others do so in role play shop (may have no notion of coin’s value but will engage in the social interaction).

B steps • point to choice of item from two or three in role play shop then give coin(s) in exchange

• find coins from a limited collection which are the same as ones shown by the adult.

C steps • give money in exchange for an item in a real shop when coins and choice are prepared in advance

• sort coins according to one attribute, e.g. colour, size or shape.

If applicable for your learners, are there opportunities in your teaching for the above skills to be developed? Add your ideas to the Manage money planner.

LNF learner outcomes

Manage money

Manage money

Learners are able to:

Reception • use 1p, 2p, 5p and 10p coins to pay for items.

Year 1 • use different combinations of money to pay for items up to 20p

• find total and give change from 10p.

Year 2 • use different combinations of money to pay for items up to £1

• find totals and give change from multiples of 10p.

Manage money

Learners are able to:

Year 3 • use different combinations of money to pay for items up to £2 and calculate the change

• order and compare items up to £10• record money spent and saved.

Year 4 • use money to pay for items up to £10 and calculate the change• order and compare items up to £100• add and subtract totals less than £10 using correct notation,

e.g. £6.85 – £2.76• manage money, compare costs from different retailers and

determine what can be bought within a given budget.

Year 5 • order and compare the cost of items up to £1 000• add and subtract totals less than £100 using correct notation,

e.g. £28.18 + £33.45• plan and track money and savings by keeping accurate records• realise that budgeting is important.

Year 6 • use the terms profit and loss in buying and selling activities and make calculations for this

• understand the advantages and disadvantages of using bank accounts

• make comparisons between prices and understand which is best value for money.

Manage money Learners are able to:

Year 7 • use profit and loss in buying and selling calculations• understand the advantages and disadvantages of using

bank accounts, including bank cards• make informed decisions relating to discounts and special

offers.

Year 8 • carry out calculations relating to VAT, saving and borrowing

• appreciate the basic principles of budgeting, saving (including understanding compound interest) and borrowing.

Year 9 • calculate using foreign money and exchange rates• understand the risks involved in different ways of saving

and investing• describe why insurance is important and understand the

impact of not being insured.

Extension • use and understand efficient methods of calculating compound interest

• understand and demonstrate the real-life process of foreign exchange

• understand and calculate income tax.

Big Ideas WalesWhat is Big Ideas Wales?

Big Ideas Wales is a campaign to encourage young people to be more entrepreneurial and to help those interested in starting a business.

The campaign is managed by the Youth Entrepreneurship Team within the Welsh Government.

The following slides provide an indication of how the campaign can develop entrepreneurship with learners in the primary and secondary sectors.

For more detail and resources visit http://ms.fs4b.wales.gov.uk/sub_sites/big_ideas_wales.aspx

The following slides share some fundraising and

enterprise ideas trialled by teachers in schools in

Wales.

Fundraising/enterprise ideas• The headteacher gives £10/£20/£50 to each class in an assembly. Each class holds a money-raising event. In a follow-up assembly they return the £10 along with any profit made.

• ‘Grow £1’ – Each child is given £1, they have to find ways to grow it, e.g. make and sell items, offer a service, pool their money to start a business with other learners.

• Learners bid for a specific amount of money in order to start up a particular enterprise, e.g. pitch a bid for enough money to hire a bouncy castle or to buy items needed to run a car wash. After the event, they return the money along with the profit.

• A competition to see which group/class can raise the most amount of money.

• Grow seeds – Each child is given a pack of seeds, can they make money by growing them and selling the produce?

‘Making money grow’ ideas (recommended by teachers)

Offer a service or put on a show/event/competition• Car wash.• Sports competition and charge learners to enter, e.g. tennis, table tennis, penalty shoot out, fun run. • Doing chores at home/in school.• Sponsored events.• Put on a show or talent contest.• Afternoon tea dance.• Disco.• Nail bar.• Face paints.• Own clothes day – learners pay to wear own clothes. • Quiz.• Fete/fair games, e.g. throw a sponge at the headteacher, treasure map.

‘Making money grow’ ideas (recommended by teachers)

Making/selling ideas• Sell snacks/smoothies/unwanted goods/Fairtrade items/cakes/etc.• School fruit shop – groups of learners plan and run the shop their own way for a week, e.g. selection of fruit, fruit kebabs, smoothies, fruit salad. Which group makes the most profit?• Auction/pledge – written bids on items for sale, highest bidder wins the item.• Fill a teacup/jam jar with items and sell, e.g. flowers, sweets, pens, tea lights.• Eisteddfod – sell Welsh products.• Personalised items – photos, tea towels, mugs, magnets, key rings, calendars and bags.• Birthday or Christmas cards, e.g. handmade, published, personalised. • One football is the prize and learners decide on how they can make the most money from it, e.g. penalty shoot out, raffle, advertising, get it signed by the local team and auction it.• Grow a pack of seeds and sell the produce.

‘Making money grow’ ideas (recommended by teachers)

Making/selling ideas• Open a ‘pop up shop’ selling items to the public. • Make and sell books, e.g. teachers’ favourite recipes, jokes, poems, stories. • CD or DVD of a school concert/songs.• Art gallery and sale.• Jewellery.• Breakfast items/coffee morning/afternoon tea/barbecue.• Market/car boot sale on the school yard.• Models based on Eden project.• Potions and lotions/pamper items.• School garden – growing and selling produce. • Make items to sell from recycled materials, e.g. Christmas decorations.

Ideas for using the money raised

• Use the money to ‘improve’ the school, using ideas suggested by the learners, e.g. to buy class/school equipment, wet playtime games, outdoor play time/sports equipment, ICT resources, items for school garden.

• End of term class trip/treat/party/prom.

• Donate to charity, e.g. equipment for a twin school, water pump.

• Buy an area of rainforest/name a star.

• Share profits – 50% for charity, 50% for class/school.

Record, plan and track money spent and saved

Ideas:• Set a target amount for the learners to raise, e.g. £200

for outdoor play equipment.

• Learners can plan ways to raise the money.

• Record money saved/spent or profit and loss, e.g. learners devise their own ways to record, use balance sheets, spreadsheets.

• Ask the learners or display in the hall the question ‘How much more do we need to save in order to reach the target?’.

Questionnaire

Ideas:

Consider asking learners to plan and carry out a questionnaire before the event to find out the following information.

• What would you like to see/do at an event?

• What would you choose to spend your money on at an event?

• How much would you be willing to pay?

Tried and tested tips for successful events

• Advertise well.• Take pre-orders where possible to cut down on wastage.• Encourage learners to compare prices for materials. They soon realise that by selecting the best price they can maximise profit.• Allow learners to have a non-uniform day for bringing in items to sell at the fete.• Split Year 5/6 learners into small groups to be ‘accountants/managers’ for the other classes in school. This gives them real-life experience working at an appropriate level and also helps class teachers of younger learners.• Practise a stall/event before the actual day in a role-play situation.

Role playTrying out a stall/event in a role-play situation can help the learners to realise and overcome possible challenges. This should help the event to run smoothly.

Examples:

• Pricing and change needed, e.g. if prices are 25p, lots of 5p coins will be needed for change; if items are 99p, lots of 1p coins will be needed; or decide to change the price to £1.

• Are the prices easy for customers to read?

• Do you want to advertise special offers?

• Is a queuing system necessary?

• How many sellers/tills are needed? Where should you place the tills?

• What is the price of 2, 3, 4, 5 items? Would a list of these be useful (e.g. selling calendars at £1.25 each)?

• Do you need carrier bags?

• Would pre-ordering items help (e.g. fruit kebabs, personalised items)?

Successful linksSchools have held successful money-raising events linked with:• Healthy Schools (healthy food/fruit tuck shop/sporting events)• Fairtrade • raising money for a twin school/adopted child in another country• the enterprise group of their local secondary school• local businesses, e.g. local shops for goods, printers/publishers for advertising or printing cards/calendars • young enterprise competitions/initiatives • European cooperation day.

Websites and resources• Big Ideas Wales

A campaign to encourage young people to be more entrepreneurial and to help those interested in starting a business.http://ms.fs4b.wales.gov.uk/sub_sites/yes.aspx

• Enterprise troopershttp://enterprisetroopers.com/

• Dynamo resourceshttp://ms.fs4b.wales.gov.uk/sub_sites/yes/content/dynamo/curriculum_materials/dynamo_1.aspx?lang=en-gb

• pfeg A variety of enterprise resources and case studies suitable for primary and secondary practitioners.www.pfeg.org See ‘Enterprise’, Learning about money in the primary classroom.

• Trade Your Way www.bbc.co.uk/schools/teachers/tradeyourway

• Values, Money and Me – Entrepreneur Challengewww.valuesmoneyandme.co.uk/calculators/challenge.html