Make £5 Grow - Virgin Money
Make £5 Grow is an initiative run by Virgin Money aimed at children aged 9-11. Virgin Money provides lesson plans, fun activities and resources to support pupils and also provides a £5 loan per pupil to get them started.
Our two teams were called Art Base and Café Park
Art Base – Thikshi, Aayushi, Zaina, Daniella, Simran
‘This initiative was so much fun. We learnt about what a float of money was, buying stock, breaking even, making profit and we worked together on our business plan. And now, some of us are thinking of becoming business women when we grow up.
Another thing we learned, which will be essential for the future, has been about vital teamwork skills, and working collaboratively and it has definitely boosted our confidence; we learnt about loss and profit, carrying out research through surveys to find out what people wanted and where we would make the most money!
When we deducted our loan and float, our takings reduced!! This experience taught us that we could make a lot of money but in business, a lot of deductions have to take place before profit could be made. So, we learnt not to expect to get a lot of money. We invested £25.00 plus a £5.00 float (£30.00) and we made £78.40 profit.
Café Park – by Eliza, Aleena, Nehal, Henna
‘Whilst building our business, we have learnt key essential life skills of an entrepreneur, for example, planning, budgeting, contributing and collaborating. Also, how to manage money, to understand about losses, breaking even and profit.
To begin with, in our group of four, we were given £20. We came up with an idea to create a small café called Café Park. Which was named after our school!
We each took a responsibility to make a treat at home. In conclusion we made £165.15 however, when deducting our loan and float our profit reduced to £140.15, however we were really delighted with our efforts and achievements.
We will be able to spend our money on items for our playground that the whole school will be able to enjoy.’
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