Make £5 Grow – Fostering entrepreneurship in children

Recently, children from Passion for Learning’s Enrichment Clubs participated in Virgin Money Make £5 Grow Programme. The programme gives young people aged between 9 and 11 years old the opportunity to take a loan of £5 each from Virgin Money to start their own mini business.

The children in this case split into small groups where they combined their loans to purchase supplies and spent the following weeks making their products. This included clocks made from vinyl records and pencil toppers. Every child got involved with some aspect of the project, whether it was making, selling or handling the finances which allowed us to identify the children’s strengths and talents.

Fostering entrepreneurship in children builds an early understanding about the fundamental concepts of business.

Mrs Sue Finch, Headmaster of the Westminster Primary school commented.

The Make £5 Grow project enabled our children to design, make and sell products. They made effective pitches at Virgin Money in Chester and were able to gain real experience of selling and making a profit”, Mrs Sue Finch, Headmaster of the Westminster Primary school commented.

Children from Westminster CP School in Ellesmere Port and St. Clare’s Catholic Primary School in Chester recently got the chance to develop entrepreneurial skills with Virgin Money’s ‘Make £5 Grow’ programme and amazed many with the profits they made.

Daniel from Westminster CP School said:

I made the clocks and they were sold at the shops. It was fun, and I learnt that it is not too bad to be a shopkeeper. Also, how important customer service is.

Stalls were set up in Grosvenor Park in Chester during the summer and recently at the Chester Cathedral to showcase and sell the children’s creations to passers-by. The total profit came to an impressive £557. Using the profits, the children chose to spend an afternoon at the Cheshire Ice Cream Farm, where they spent their time eating ice cream, exploring the play facilities and having fun.

Diane Clark, Founder and Managing Director at Passion for Learning added:

We are so grateful to all the team at Virgin Money, who have got behind this project all the way. It is clear how much they want to make a difference to the local communities in Chester and Ellesmere Port by helping children to learn new skills and better understand the wider world. We know this experience will stay with the children for a very long time and we hope it will help them to develop their own ambitions for the future.

You can also find out more on our Make £5 Grow website or to register and run the programme.  There is also this great video which is not only informative but also very entertaining