hey - I did young enterprise. What happened with us was that we were paired with a neighbouring girls school (mine is all boys) and we were split into two teams of 5 girls and 5 boys per team (not that important).
The idea is that you meet up outside school hours, and think of a good/service to produce and sell (either buying and selling for profit, getting people in china to make it cheap and then sell it for a profit, hand-make it and then sell it, etc...). As a team, you'll designate a team leader, head of marketing, IT, finance, and so on - its almost exactly like in The Apprentice. You'll have to market, sell, research, make, package, and pitch your product. You get invited to fairs where you sell your product, and eventually to competitions, where there are prizes for best presentation, best report, best product, etc.
As you progress the competition gets tougher and the teams you are up against will have some pretty decent products which you may even think of buying! You get invited to some serious venues (we went to Google HQ in London) and teams get knocked out if they don't do well or make enough money.
I'd say that, although I don't know what the EP qualification is, I would definitely do young enterprise - we had some negative experiences because we didn't like the girls and they didn't like us, and our product was handmade candles which, although they sold OKish, took forever to make, so make sure you've got a great product and a great team
PLUS (and this is a big plus) any money you make you get to keep (after tax is deducted) and share between your team - we made around £1000 profit, which, after taxes, meant that each of us received around £85 cash (not to mention that you can also put it on your CV/UCAS form).