Government Injects £50,000 into Second Tycoon in Schools Contest

Government Injects £50,000 into Second Tycoon in Schools Contest (England)

Tycoon in Schools was set up in 2012 by businessman, entrepreneur and television personality, Peter Jones CBE, with a personal investment of £100,000.

The competition is designed to encourage school-age youngsters from across the country to start their own business. The intention is to inspire pupils to pitch business plans to their tutors, in the hope of receiving seed funding.

Now in its second year, the competition has received backing from the Department for Business, Innovation and Skills, with a funding injection of £50,000 to help roll out the campaign and encourage more school children to take part.

If successful in their bids, students will have one month in which to commence trading and make a profit from their enterprise. Participants will compete for a place on the Tycoon League Table, by making as high a profit as possible.

Schools taking part in the contest will be given a loan of £1,000 to be allocated to those pupils who have displayed entrepreneurial aspirations. At the close of the competition, the students will repay their original loans to the Tycoon Bank, and remaining profits can be used by the school or donated to local charitable causes.

Schools across England may apply for funding through this scheme, on behalf of their entrepreneurial students.

Speaking about the launch of the second Tycoon in Schools, Peter Jones CBE said:

“Last year’s Tycoon in Schools competition was a huge success, and I am more determined than ever to ensure that enterprise and entrepreneurship remains a key focus of Britain’s education system.

“I was thrilled with how many teams got involved last year and hugely impressed by their enthusiasm throughout the competition – I can’t wait to see the new businesses and young entrepreneurial talent that emerges this year.

“It’s fantastic that Tycoon in Schools has received support from the Department for Business, Innovation and Skills and the competition is set to be even bigger and better this year.”

The deadline for registrations for the 2013 Tycoon in Schools Competition is 5pm on Monday 9 September 2013.

Click here for more details (opens in new window).

Source: 10/06/2013

Are you one of the 7 million UK homeowners whose home needs repairs?

If you’ve been dragging your feet when it comes round to doing those home repairs – for whatever reason – you’re not alone.

Secured homeowner loans provider Ocean Finance recently did some research and found that 7 million homeowners in the UK admit their home is in need of some repairs, but haven’t got round to doing anything about it.

The biggest reason to delay home repairs is money. More than half (54%) of the people we asked can’t afford to pay for the necessary work. That means they run the risk of their home falling into further disrepair while they struggle to get the money together.

However, some people just haven’t got round to it (40%) or they need to find somebody else they trust to do the work for them (24%).

The most common repairs people needed were:

  • Repairs to fences and boundaries (32%)
  • Painting the outside of the house (30%)
  • Painting/repairing exterior windows (27%)
  • Sorting out damp or mould (26%)
  • Replastering certain areas (26%)
  • Cleaning or repairing blocked gutters (26%)
  • Sorting out an overgrown garden (23%)

Some of these may sound like small, aesthetic problems, but some of them could become very costly to fix if left for a long time. It could even be dangerous to leave some home repairs untouched. If you’re not sure about certain repair jobs, it’s worth asking a qualified expert their opinion.

And, it’s worth keeping up with your home repairs as Ian Williams from Ocean Finance said: “Keeping on top of maintenance around the home is vital to protect the value of your property.”

Sir Tom Hunter shares his entrepreneurial experiences

 Sir Tom Hunter is one of the richest men in Scotland. The son of a grocer, he began his career by selling trainers from the back of a van.

This led him to build up a chain of sports shops which he sold to JJB Sports in 1998, making over £250m.

He is known for his extensive charity work and has pledged to give away £1bn in his lifetime.

In this video he discusses his advice for young entrepreneurs with pupils at Oakgrove Primary School in Glasgow.

Useful Tips For Financial Success From Parents To Their Kids

Management of finance is an important aspect of one’s life and as parents, you should make sure that your child starts learning about it from a very young age. Listed below are a few steps that you can take to teach ways of effective financial planning to your children.

Financial success - teaching your child about money image

1) Use the piggy bank method

It is perhaps the most interesting way by which your child learns about money management. There is no point in telling him about the usefulness of saving money, or about the ill-effects of overspending when he is too young, for instance 2 to 5 years old. Therefore, use the piggy bank. Give him a dollar or two each day and ask him to deposit it in the bank. As he is rewarded with a large sum of money at the end of the month or so, he automatically will be inclined towards saving more for the coming days. Therefore, the first lesson of financial planning, i.e., the “usefulness of saving” is learnt.

2) Set Financial Goals for him

As your child grows a little older, say 7 or 8 years old, start setting short-term financial goals for him. Continue giving him a certain amount of pocket money and ask him to save up for an expensive toy or a short holiday trip that he wants. In case of the holiday trip, you can ask him to save enough money so that he can sponsor the lunch at one of the most well-known restaurants of the place you are visiting. Setting short-term financial goals from a young age always helps. In this manner, your child is slowly prepared to set long-term financial goals (like higher education) and save money accordingly.

3) Show Them the Way

Only setting monetary goals and asking your child to work on them will not be sufficient. You have to guide him as well. For instance, if you are asking him to save up for a bicycle, keep dropping hints on how he can cut down on his expenses. Ask him to cover the way to school on foot (if he can) instead of taking a cab. He does not really have to live on abstinence. However, you can definitely advise him to cut down on his entertainment costs, or his expenses on food (keeping in view that it does not harm his health) until he buys the bicycle.

4) Prioritization of goals

When your child reaches his teen, you should gradually start teaching him about the importance of prioritizing his goals. He might have got whatever he wanted as a little child but now is the time to bring about a change in his thinking. In future, there will be times when he will have to make grave choices as far as fulfilling his own wishes are concerned, for instance between an expensive car and an equally exclusive holiday trip. Therefore, start preparing him for these types of situation in life. Advise him to spend wisely. Today, if he is given a choice between keeping aside some money for his higher education and spending the same amount for a short trip with friends, he should be able to judge which is more important for him.

5) Career Tips

As parents, you possibly can’t decide the career path to be chosen by your child. It will depend on his choice, talent, and his ability to make the most of the opportunities presented to him. All you can do in this case is motivate him to follow his dreams and make sure that he gets the right kind of training that is required to transform his dreams into reality. But it would be advisable if he understands that he should choose a career that is fulfilling (in terms of job satisfaction) and lucrative as well. Only saving up money for future will not do. He should earn sufficiently as well to invest in profitable schemes so that his savings are doubled or tripled.

Marie Nelson is a passionate blogger with expertise on financial matters. The global economic crisis has been the subject of most of her recent write-ups and at present, she is writing exclusively for United Finances.