Young entrepreneurs from primary schools across the UK this week celebrated their success with Sir Richard Branson at the Fiver Challenge Awards Ceremony in London.

The Young Enterprise Fiver Challenge provides pupils, aged five to 11, with £5 for one month and encourages them to create their own mini-businesses.

The awards, introduced by former Blue Peter presenter Liz Barker, got off with a bang as the Drum Café gave a 30-minute drumming master-class for the children attending the ceremony, who played along on provided bongos.

In an exercise of mass audience participation, each award was announced with drumrolls from the crowd as the business-savvy children were handed their awards by Virgin boss Sir Richard Branson and Lord Young of Graffham, the Prime Minister’s enterprise adviser.

Sir Richard said: “The Fiver Challenge is a great way to introduce young people to the idea of enterprise and enable them to develop key skills like team work, communication and creativity. They also get to see what can be achieved from such a small sum of money and how that small sum can quickly grow.

“We’ve seen some really innovative ideas here today, and I’m hugely impressed with what the pupils have achieved.”

Lord Young said: “Enterprise education is about more than teaching children to be entrepreneurs. It is about encouraging them to develop qualities, skills and a positive outlook that will benefit them in life.”

“Fiver shows primary school children can
be introduced to enterprise education and enjoy the challenge of setting up mini-businesses.”

Aimed at primary school children, the Fiver Challenge was created by education charity, Young Enterprise and supported by Virgin Money and the Department for Business, Innovation and Skills. It attracted more than 30,000 entrants from 450 primary schools.

Throughout June, the children engaged with their local communities and made some impressive profits from their business ideas.

Among the winners was Barlows Primary, Liverpool, for their business, POP. They sold ‘poppies of peace’ in small biodegradable pots for people to plant in memory of the First World War and won best group in the age five-to eight category.

Other winners included Elm Class at Weald Infant and Nursery, Harrow, North London, for their ‘school disco’ which won them most profitable business; and Grasby All Saints CE Primary, in Lincolnshire, where pupils created handmade gifts, winning them the best community engagement award.

Also present was Michael Mercieca, chief executive of Young Enterprise, who said: “This is the first year of the Fiver Challenge, and seeing what these pupils have achieved, with just £5, is very inspiring. Young Enterprise empowers young people to develop key skills such as communication and resilience that will help them throughout life, and Fiver is the perfect introduction to that.”

Main pic: Sir Richard Branson and Lord Young award the most profitable business idea to Weald infant and nursery pupils