Young market traders have tripled their dough after a MyBnk enterprise education challenge.
In just four days, a dozen 15-17 year old music students from SoundSkool went from drawing board to Edmonton Green Market using interest-free micro loans. The Sounds Success team made £120 profit off a £40 loan by trading vintage vinyl records and retro clothing. That is 300% profit!
MyBnk’s Education Officers taught them how to design, cost and sell products, write business plans, give pitches, and budget. UK record sales have grown 62% this year, and young people, ever quick to spot a trend, used their new marketing skills to reel in the punters.
The Mind Your Own Business project, supported by the Blackstone Entrepreneurship Initiative, is helping young people learn key soft skills like negotiating and customer interaction in London’s poorest boroughs.
“The MyBnk experience was great! It has given me a confidence boost, and allowed me to expand my business knowledge and build my social and communications skills – some of us even found it more practical than BTEC in Business which we’re studying for!” Shankade 15.
“The young people were vibrant, energetic and great salesmen. They were well supported by the MyBnk team and the techniques they learnt are essential not just in business, but in life.” Connie Abbe, Youth Worker, SoundSkool.
“This is the power of enterprise! Young people not only learnt vital employability skills, they used their new business smarts to make big profits. Projects like ours are a key first step in young people being their own boss.” MyBnk CEO Guy Rigden.
Want to bring money and business to life for your young people?
Barking and Dagenham, Barnet, Brent, Camden, Greenwich, Hackney, Harrow, Hammersmith & Fulham, Haringey, Islington, Kensington and Chelsea, Lewisham, Newham, Southwark, Tower Hamlets, Waltham Forest, and Westminster.
Get in touch at [email protected] and start today!