What would you do with $20? Buy a coffee and a cake? What do you think a student from Year 5 would do with it – buy a lot of lollies? Would you expect them to start a business? Well, that’s exactly what enterprising students at Knox are doing.
The Knox School has joined The Foundation for Young Australians $20 Boss initiative which is a ten-week program where students are loaned $20 to start a business. This is a genuine business proposition that comes with risk and uncertainty. A variety of businesses have successfully started. Lunchtime food stalls are always popular with other students and do well. Other businesses include car washing and car detailing and product design and production.
The students are responsible for their own business plans, business management and financial accountability. Re-investment of funds to build profit must be considered once the business is running. Students gain experience of making bookings, creating loyalty programs, fulfilling orders and genuine physical hard work. They learn about the importance of teamwork, and expectations from each other as well as themselves. Even how to manage sick days or conflicting commitments to keep customers happy.
Any profits made at The Knox School are divided, half is donated to a future fund to support student entrepreneurial activities and the other half returned to the students. What the students learn through this process can then be applied in the classroom, or indeed, throughout their lives.
Are you ready to take the challenge? Contact our Registrar today.