Young college Entrepreneurs share in the profits of success
50 students at Tower Hamlets College this week celebrated the successes of their mini-businesses with a prize giving ceremony attended by social entrepreneur Airey Grant, the founder of Stimuli Development, a company that helps set up entrepreneurial projects within academic settings.
£150 in prizes was handed out by Mr Grant to students who had successfully taken part in the College’s mini-business initiative.
Students from across the College’s faculties were paired in groups and each given a £10 micro loan to start up their businesses and sell their products around the College to students and staff over a two week period.
Their small business ideas ranged from selling homemade samosas, handmade chocolates and drinks to selling jewellery, offering henna and nail painting. Also available were hair and beauty products and a ping pong tournament.
Groups made an average profit of £25 from trading over two weeks and a total of nearly £180 profit was returned from all the ventures.
The brains behind the initiative were two college tutors, Adam Hart and Paul Straitt, who jointly run MADEinE14, the College’s Enterprise Society. MADEinE14 brings students together to explore their enterprise skills and to have the opportunity to hear from leading figures in business to help inspire and interest them in becoming more entrepreneurial.
Adam Hart said:
“We are very pleased by how successful this challenge went. The students really got involved and came up with diverse ideas for raising money; they gained practical experience of what it is like to run a business. Some donated their profits to charity and all enhanced their risk-taking, creativity and confidence.”
Airey Grant, CEO and founder of Stimuli Development added:
“It’s great that Tower Hamlets College are emphasising the importance of academic achievement. At the same time they are providing opportunities to develop enterprising mind-sets – both of which are crucial for today’s young people.”
Killian, Level 1 Science and Maths student, who took part said:
“It was great fun learning how to sell ideas and products and this has really helped me become more confident. Me, Farid and Tanjila already have plans for a bigger project when we come back next year.”