£5 Entrepreneurial Challenge

Charlotte, Harry, Connor, Eleanor, Charlotte, Tabitha, Kane

Our Aim?

• The Entrepreneurial Challenge first emerged in the US.

• Raise as much money as possible from a £5 starting point within 2 hours

• Stick to the rules of the entrepreneurial challenge – no illegal activity, not allowed to state it is for charity.

• Make use of our learnings over the year – applying methods such as bootstrapping, team work and idea generation

• Give all the proceedings to a charity - 'Rehab Relief Worldwide'

Processes Involved

Idea generation

Planning

Gather materials and set up stall

Go through with event

Initial ideas

• Selling items: Yoghurts, Lemonade, Coffee, Pizza

• Snooker or games evening in college bars

• Auction of donated items

• Holding the library ransom

• Final idea - Face painting for Roses (Didn't need start up financing, materials available)

▸ Testing the face paint designs. Simplistic and quick to paint as many in 2 hours as possible

▸ Created a Facebook event to spread the word about our project

▸ Posting on the event wall to remind people and give more information – location, paint designs etc.

▸ Analysing the Roses timetable to pick the busiest period/location

▸ Chose to set up on the last day before the rugby final by the sports centre.

▸ Games inside the sports hall as well as the rugby final a few hours later.

▸ Lots of customer traffic

Planning

Events Page

Trading stage

▸ Allocated roles to all the team members

▸ Advertising, face painters and money collection (created a work line)

▸ Booked a suitable place to carry out the activity: a stall by the sports center

▸ Painted all of the team members face so that customers could see what it looked like and free visual advertising

“Problems throughout the day

▸ Weather wasn't appropriate for the event planned, got even worse towards the end and ended up finishing earlier than planned

▸ Few people from the Facebook page actually turned up – resorted to pulling in people walking past

▸ Few resources – only had 1 face paint pot

▸ Thought it would be easy to go around the events and carry out the face painting there, however it was too busy to do this

What we learned▸ Asking for donations was successful, although there was no consistency of

donations – ranged from 10p to £3

▸ People who say they are interested or going to come on the event page, don’t always turn up

▸ You can still make a viable amount of profit with minimal or no start up costs

▸ Providing a service seemed a lot more suitable than re-selling products, as it is harder to place a value on a service

• Cut optional expenses • Focus on making money, not (just) saving money • Be smart, not cheap • Use all your resources • Do it in-house • Always negotiate

Weather analysis

Have a banner

Have a wider range of products/services

Create the Facebook

page sooner

What would we do differently

▸ Plan according to the weather and much earlier

▸ Better promotional methods

▸ Offering wristbands, food, other roses event items alongside primary offering

How much did we raise and for who?

▸ £37.82 (including £5)

▸ Charity: Rehab Relief Worldwide

▸ Rehab Relief Worldwide (RRW) is an organization dedicated to supporting rehabilitation professionals (physiotherapists, occupational therapists, support assistants etc.) in volunteer activities in disaster and conflict areas.

▸ RRW have recently been helping those in need in Macedonian Refugee camps, supplying water, clothing and first aid supplies.

▸ As the charity is fairly new, our money will go towards the printing of educational pamphlets for new volunteers.

Was our challenge financially viable?

▸ If we were to instead work for minimum wage for the duration of the challenge, the group would have made £5.30p/h each, totaling £37.10p/h.

▸ Since we raised £37.82 in the hour that we were able to do it, YES!

Thanks!Any questions?