Budding entrepreneurs face finance challenge (From Durham Times)

Budding entrepreneurs face finance challenge

1:36pm Friday 12th June 2009

• Print
• Email
• Share
• Comments(0)

YOUNG entrepreneurs of the future entered the Dragons'

Den to pitch for investment for their ideas.

The encounter with business leaders at St Aiden's College, Durham, formed part of the Challenge Five in the 2009 Future Business Magnates competition.

The contest came hot on the heels of Challenge Four, with the results looking as tight as ever, with the top four teams separated by only 11 points.

Framwellgate School had a ten-point lead, but Easington in second place were only a point ahead of joint thirds, Hermitage and Roseberry Sports and Community College.

The teams then had to get their acts together for last Friday's challenge – a hot house finance day.

During the day, teams had toprove the finances of their businesses were sound.

The event opened with a quiz dealing with financial terms. Then they had to produce a cash-flow statement based on their ideas.

To scrutinise these were top Durham business people – including Paul Seed, of DFP Services, and Christine Paxton, of JG Paxton and Sons.

Ms Paxton said: "We have had very positive efforts from the children – to a varying degree of standards. They believe in their products, which is important."

Project co-ordinator John Tindale said: "The teams have come up with some fabulous business ideas – things that could work in the real world.

"All the judges have been really impressed by the standards shown."

The competition, now in its fourth year, was initially open to schools in Durham City and Chester-le-Street. This year's competition also features two schools from Easington and one guest competitor from Bangor Academy, in Northern Ireland.

The 12 schools take part in six challenges relating to setting up a business.

The competition finishes with a 20-minute presentation in front of three business people with the winner being announced at an awards night at the Ramside Hall Hotel. The results of last week's round are expected be announced on Monday.

• Print
• Email
• Share
• Comments(0)