Topic: Youth 19 May 2017
Author: Neil Cubley

BizWorld: Meet the 11-year-old start-up upstarts

Mrs Morgan (School Principal & BizWorld Dragon for the day): Overall, what do you think it’s worth?

Geko Games: We need about 30.

Frank (Financial Expert & also a Dragon): 30 Bizbucks? For how much?

Geko Games: For 25% of the company.

Frank: I like the idea so I’d like a bigger stake.

Geko Games: <Whispering> 25%? No, 30%.

Frank: I was thinking more 40%.

Geko Games: 31%!

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The 11-year-old business owners

Question: What’s the only subject taught at secondary level that isn’t offered in primary schools?

Answer: Business.

BizWorld Ireland aims to address this issue.

Fiona McKeon (CEO, BizWorld Ireland): We’re a not-for-profit working in Ireland to bring ideation, creativity and entrepreneurship to primary schools all over the country in the form of tailored enterprise workshops for 10 to 13-year-olds.

Bringing business to the classroom with BizWorld

Denise Dunican (Bank of Ireland): Today, we’re in Scoil Mhuir in Shankill primary school. We have three fifth classes together – thirty-three students – and they’re all taking part in BizWorld. They’re on their second day of the two-day workshop so they’re going to be finalising their materials, going through their business plan and in an hour’s time they are going to be presenting to a panel of venture capitalists and seeking funding for their business.

Meet the Scoil Mhuir start-ups

Bank of Ireland is a headline partner of BizWorld Ireland

Quick Bake team: Basically, we give our cake to the customer and they can go to a section and they can decorate it themselves. So like you could have like sprinkles, you could have flakes and also you can have wedding cakes, Easter cakes, you can have any kind of cakes. Erm, well, a small cupcake would be like €2.50 and a muffin would be like €3.50 and then wedding cakes would be €30. It depends how many layers and what they have on it. In the mornings we would have to get up and bake the cakes and they’d be all fresh. We wouldn’t use the ones from the other day we’d bake new ones so they’re nice and fresh.

Bank of Ireland is a headline partner of BizWorld Ireland

Gecko Games team: Gecko games is a place where you can check reviews on games, you can play games and you can order games. And after 30 minutes of playing games you have to swipe left to do some fitness. There’s inside activities, outside activities in the fitness and a scavenger hunt where you play with your friends either finding things inside or finding things outside. Our slogan is ‘play for a bit and then get fit’.

Bank of Ireland is a headline partner of BizWorld Ireland

Sing team: It’s an app that you can create your own music and you can listen to other people’s music as well. So we have like background music and like clapping and drums and you can sing yourself if you would like. Its €1.99 and if you want 30 background music it’s €4.99.

 Bank of Ireland is a headline partner of BizWorld Ireland

Shop and Create team: You can shop online, you can search and you can look up DIYs and recipes. When you go onto recipes you can say how to make chocolate cake and it will tell you how to make it or it will show you a video. Our slogan is ‘believe it, achieve it, create it’ and David came up with the idea for the slogan and we decided to use it because it’s a good idea for a slogan.

The Class Teacher’s view of BizWorld

Louise Power: I’m a 5th and 6th Class teacher in Schoil Mhuir in Shankill, County Dublin. It’s going really well. First day was great. A little bit of settling in for the kids to understand the vocabulary and terminology connected to making a business and setting up a business. But once all of that was explained the kids have really taken it all on board and just flown with it really. Now, today, they’re well able to do their presentations.

Bank of Ireland is a headline partner of BizWorld Ireland

Meet the Dragons

Prema Bhuiyan (intern): I’m studying Business Studies at the University of Limerick and I’m here on my internship with Bank of Ireland for the next eight months.

Mrs Morgan (school principal): And I’m Mrs Morgan from Schoil Mhuir – I think you all know me well.

Frank Conway (financial expert): I’m Frank, I teach Finance. Any kid that’s going to come up with a business idea has to look in terms of why that idea is going to work and who’s going to buy into it. What will it cost them to produce what they’re doing? And then what will it cost and what will they charge?

The Pitch

Bank of Ireland is a headline partner of BizWorld Ireland

Bric a Brac Shack: We are a small company that sells products for stress. Kids get stressed too.

We sell stuff like stress balls and slime so if you’re nervous you can squeeze them. And we explain how to prevent bullying and how to make sure that you’re not that stressed in class so you can work better and you can be happy.

We try to keep our products affordable between 2 and 5 Biz Bucks. Here are some of our product prices:

Slime:                4 Bizbucks
Stress ball :      4 to 5 Bizbucks
Feather pens:  2 Bizbucks.

 Bank of Ireland is a headline partner of BizWorld Ireland

Doing a deal

Mrs Morgan: I would probably offer you 20 Bizbucks and I would ask you then for a 10% share in your company.

Bric a Brac Shack: Sorry but no – the price is a bit too low.

Frank: I can certainly go higher than that. What I would look at is 40 Bizbucks for 30%.

Prema: I’d like to make an offer as well. I think your business idea is brilliant. Mental health is what it’s all about at the moment and the fact that it is organic. For that reason I’d definitely buy your product over another product. I’d be willing to give you the 50 Bizbucks for the 20% what you offered originally.

Bric a Brac Shack: It’s a deal.

Mrs Morgan: Don’t you want to check with your team? Do you all agree?

Bric a Brac Shack (all): Yes!

 

BizWorld Bank of IrelandThe reaction

Bric a Brac Shack: I think we did really well. We got what we wanted. And I’m very happy. There was a lot of questions. Some of them were kinda hard to answer but it was good.

Interviewer: Was there anything that threw you?

Bric a Brac Shack: When they accepted our deal. <Laughs>

The BizWorld verdict

Denise Dunican: I think they’re going to have learned a lot from the two-day workshop. They’ll have learned a lot about business which isn’t something that’s taught in primary school. They will have stood before a panel of adults and I would hope that they will gain some confidence from that.

Louise Power: The teamwork that’s been presented – cooperative and collaborative learning – has been invaluable. And for kids to work with other kids who they wouldn’t normally be with in the classroom has been beneficial..

Find out more

Would you like BizWorld to come to your primary school to teach entrepreneurship? Find out more about BizWorld here.

Photos: Neil Cubley

Topic: Youth 19 May 2017
Author: Neil Cubley

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