The Student Room Group

Young Enterprise advice

Can anyone who took part in v young enterprise plz let me know v role u did and if u would recommend or not, as im rlly struggling with v role i should i pick.
I was thinking or managing director but that was taken real quick
- sales director, finding ways to increase customers and sales
- finance director, working with money/profits
- marketing director, promote business through creative ways to stand out from others
- operations director, making sure products are transported safely + check health and safety rules
I've checked all with what they do/responsibilities as u can see from above , but pls correct me if i'm wrong with my summaries with what the job does and i still haven't got a clue, any advice would be greatly appreciated.

thank you!
Original post by AnimalLoverSimba
Can anyone who took part in v young enterprise plz let me know v role u did and if u would recommend or not, as im rlly struggling with v role i should i pick.
I was thinking or managing director but that was taken real quick
- sales director, finding ways to increase customers and sales
- finance director, working with money/profits
- marketing director, promote business through creative ways to stand out from others
- operations director, making sure products are transported safely + check health and safety rules
I've checked all with what they do/responsibilities as u can see from above , but pls correct me if i'm wrong with my summaries with what the job does and i still haven't got a clue, any advice would be greatly appreciated.

thank you!

This definitely bring me back.

I intially opted for the finance director role, but I was voted out for a better guy (depsite me being the one studying maths). I later settled for the marketing director role.

Most of the time, we had fun in the company because we were all mates at college/school. When we were doing our minutes, we more or less poked fun and made them as funny as possible. You will have a supervisor in your company throughout most of the duration of the operations, so you can't cause mass chaos and mayhem.

Young Enterprise is not a difficult thing; it's nice to pass the time and to get a Level 2 qualification out of it (although it won't mean anything in the workplace other than a side interest)

Which role you opt for will depend on where your interest lies. None of the roles will stretch you beyond what you know at GCSE and it won't exactly make you stress beyond what you can tolerate. If you tell me about you as a person (personality, strengths, weaknesses, likes, dislikes, etc.), I would be able to suggest the roles that are more suited to you.
Original post by Anonymous
This definitely bring me back.

I intially opted for the finance director role, but I was voted out for a better guy (depsite me being the one studying maths). I later settled for the marketing director role.

Most of the time, we had fun in the company because we were all mates at college/school. When we were doing our minutes, we more or less poked fun and made them as funny as possible. You will have a supervisor in your company throughout most of the duration of the operations, so you can't cause mass chaos and mayhem.

Young Enterprise is not a difficult thing; it's nice to pass the time and to get a Level 2 qualification out of it (although it won't mean anything in the workplace other than a side interest)

Which role you opt for will depend on where your interest lies. None of the roles will stretch you beyond what you know at GCSE and it won't exactly make you stress beyond what you can tolerate. If you tell me about you as a person (personality, strengths, weaknesses, likes, dislikes, etc.), I would be able to suggest the roles that are more suited to you.


Thanks for replying! Strengths- confident, friendly, hard working, persuading people I actually persuaded one person to join the enterprise even though officially v deadline passed she is now in v some team as me
Weaknesses- I think ppl might see me as a little pushy as I want to make sure everything's done and there are no gaps and as a result, I may come across as bossy but not rude never that.
Likes- I've always been interested in business when I'm older I would like to have my own, reading
Dislikes- having to do too small of a job, I like to have a fairly big role when taking part in something
I don't really hate anything, I'm okay at maths (was considering taking it for a levels), btw I would consider myself an introvert but when there is a job to be done (and need to be more talkative) or with close friends I do become an extrovert and would be described as funny when I show this side.
I was talking to my mum and she said to think of doing sales or marketing, I'm just trying to find v difference as they do have a lot in common, but I think that marketing focuses on attracting as many potential customers and sales would be making sure that the potential customer actually buys something.
But overall I rlly don't know what to pick.
If u had enough time with finance part, what did u think of it Ive been told that it can boring, and what about the marketing part as well did u regret what were your favorite thing about it.
Thank you again for replying!!:smile:
(edited 1 year ago)
Original post by AnimalLoverSimba
Thanks for replying! Strengths- confident, friendly, hard working, persuading people I actually persuaded one person to join the enterprise even though officially v deadline passed she is now in v some team as me
Weaknesses- I think ppl might see me as a little pushy as I want to make sure everything's done and there are no gaps and as a result, I may come across as bossy but not rude never that.
Likes- I've always been interested in business when I'm older I would like to have my own, reading
Dislikes- having to do too small of a job, I like to have a fairly big role when taking part in something
I don't really hate anything, I'm okay at maths (was considering taking it for a levels), btw I would consider myself an introvert but when there is a job to be done (and need to be more talkative) or with close friends I do become an extrovert and would be described as funny when I show this side.
I was talking to my mum and she said to think of doing sales or marketing, I'm just trying to find v difference as they do have a lot in common, but I think that marketing focuses on attracting as many potential customers and sales would be making sure that the potential customer actually buys something.
But overall I rlly don't know what to pick.
If u had enough time with finance part, what did u think of it Ive been told that it can boring, and what about the marketing part as well did u regret what were your favorite thing about it.
Thank you again for replying!!:smile:

I'm thinking sales, but borderline operations if you're very organised. Sales more likely because you seem more outspoken.
Do note, introversion doesn't mean you're quiet or shy; it means you have a hard time talking to a lot of people and in social interactions you need a lot of time to recharge. Extroversion means the opposite. There is such a thing as a shy introvert.

I don't regret the role that I did, but I was going to study accounting at the time, and I thought my skills would have been of better use in finance (the guy who got the role wasn't even considering finance or accounting). The person in charge of finance just kept records of the ins and outs, and you didn't even need to know double entry bookkeeping to do it.
In marketing, I did most of the marketing research and marketing in general (for us it was to research the cost of materials, discuss marketing implications of how we would sell, looking at possible products we can sell). I found it a bit fun. There weren't any specific marketing promotions that we worked on because we were designated market stalls at certain places to display and sell our products.
The sales director more or less was finding ways of how we can sell more of the product. It wasn't really that much.

I agree with your definition in terms of marketing vs sales. Marketing is more about promotion and attracting customers whereas sales was more about pushing sales. In our case, the marketing role was broader, even though I didn't do that much.

The finance part can be a bit monotonous, but you're not doing accounts day in day out, so it's fine. If you're OK with record keeping and simple maths, you're good. And no, you don't need to know A Level maths to do accounting professionally, let alone in Young Enterprise.
Having said that, I am a maths fan and I do encourage people to pick up maths at A Level, so I am biased.

Just as a side note: if you intend to take on the MD role, you need to be more outspoken. Whilst we're in a YE scheme, we don't need to take things seriously. In the real world, you need to step things up.

I do recommend the marketing director role if you want a broader education on product promotion and research. I definitely say you learn more through marketing than sales. However, if you're looking for a role that is best suited to your personality, sales or operations is my best guess. In any case though, I don't think you would have to stress about it too much. It's a bit of fun and games, and you don't have to take it too seriously.
If you do pick a role that isn't quite to your liking, take it as a learning experience and learn that particular aspect of the business. If you do find the role to your liking and you excel in it, then consider it noteworthy for a role later in life.

As a side note, I do have qualifications/certifications in both marketing and accounting, as well as plans to set up my own business. None of these have any relation to my experience in YE though. So, if you want, I can give you insight to how the YE can possibly translate to the real thing.
Original post by Anonymous
I'm thinking sales, but borderline operations if you're very organised. Sales more likely because you seem more outspoken.
Do note, introversion doesn't mean you're quiet or shy; it means you have a hard time talking to a lot of people and in social interactions you need a lot of time to recharge. Extroversion means the opposite. There is such a thing as a shy introvert.

I don't regret the role that I did, but I was going to study accounting at the time, and I thought my skills would have been of better use in finance (the guy who got the role wasn't even considering finance or accounting). The person in charge of finance just kept records of the ins and outs, and you didn't even need to know double entry bookkeeping to do it.
In marketing, I did most of the marketing research and marketing in general (for us it was to research the cost of materials, discuss marketing implications of how we would sell, looking at possible products we can sell). I found it a bit fun. There weren't any specific marketing promotions that we worked on because we were designated market stalls at certain places to display and sell our products.
The sales director more or less was finding ways of how we can sell more of the product. It wasn't really that much.

I agree with your definition in terms of marketing vs sales. Marketing is more about promotion and attracting customers whereas sales was more about pushing sales. In our case, the marketing role was broader, even though I didn't do that much.

The finance part can be a bit monotonous, but you're not doing accounts day in day out, so it's fine. If you're OK with record keeping and simple maths, you're good. And no, you don't need to know A Level maths to do accounting professionally, let alone in Young Enterprise.
Having said that, I am a maths fan and I do encourage people to pick up maths at A Level, so I am biased.

Just as a side note: if you intend to take on the MD role, you need to be more outspoken. Whilst we're in a YE scheme, we don't need to take things seriously. In the real world, you need to step things up.

I do recommend the marketing director role if you want a broader education on product promotion and research. I definitely say you learn more through marketing than sales. However, if you're looking for a role that is best suited to your personality, sales or operations is my best guess. In any case though, I don't think you would have to stress about it too much. It's a bit of fun and games, and you don't have to take it too seriously.
If you do pick a role that isn't quite to your liking, take it as a learning experience and learn that particular aspect of the business. If you do find the role to your liking and you excel in it, then consider it noteworthy for a role later in life.

As a side note, I do have qualifications/certifications in both marketing and accounting, as well as plans to set up my own business. None of these have any relation to my experience in YE though. So, if you want, I can give you insight to how the YE can possibly translate to the real thing.

We had a meeting today and I put my hand up for v sales, but also another person did as well (v one I persuaded), but I don't yet know if I'm the director or we'll both be directors, as I had to leave early. Quite a few people put their hands up for finance. I had gone in the meeting thinking I would choose marketing as you said it's broader and so on, but 3 people had already chose it so I thought that there would be too many if I put my hand up as well. The Managing director had said she was forced to take the job so if anyone wanted to take it to put their hand up but I don't know what on earth I was thinking and why I didn't put my hand up but I was surprised and started thinking that if I would be able to do it/ the workload but by the time I'm close to making my decision she moves, last night I spent so many hours researching on other roles. I don't know, I really feel stupid, as I feel that it was an opportunity to get the role I had wanted from the start but because I had doubts (I barely did any research on the MD role as I thought they were happy with it), now I'm just making excuses for why I didn't have the guts to put myself as MD. Anyways I'm really sorry if I'm not making any sense, my brain cells aren't v best at helping me put a sentence together. Do u think I should look into v role more if I really do feel that it's the one and I can talk to the current MD and explain if she ever decides to change roles for whatever reason could she consider me as a replacement.

Yes, insight sounds great!

Again thank you very much for replying, I really appreciate it.
Original post by AnimalLoverSimba
We had a meeting today and I put my hand up for v sales, but also another person did as well (v one I persuaded), but I don't yet know if I'm the director or we'll both be directors, as I had to leave early. Quite a few people put their hands up for finance. I had gone in the meeting thinking I would choose marketing as you said it's broader and so on, but 3 people had already chose it so I thought that there would be too many if I put my hand up as well. The Managing director had said she was forced to take the job so if anyone wanted to take it to put their hand up but I don't know what on earth I was thinking and why I didn't put my hand up but I was surprised and started thinking that if I would be able to do it/ the workload but by the time I'm close to making my decision she moves, last night I spent so many hours researching on other roles. I don't know, I really feel stupid, as I feel that it was an opportunity to get the role I had wanted from the start but because I had doubts (I barely did any research on the MD role as I thought they were happy with it), now I'm just making excuses for why I didn't have the guts to put myself as MD. Anyways I'm really sorry if I'm not making any sense, my brain cells aren't v best at helping me put a sentence together. Do u think I should look into v role more if I really do feel that it's the one and I can talk to the current MD and explain if she ever decides to change roles for whatever reason could she consider me as a replacement.

Yes, insight sounds great!

Again thank you very much for replying, I really appreciate it.

Yeah, let the MD know. However, if the role was set to a fair vote, you might not get a second chance. Having said that, it's better than not asking.

In terms of insight, I could probably write a book about it (I'm putting together a course on business growth, so close enough).
The pointers to get you started is that the real thing involves a lot more responsibility, a lot of legal stuff, a much higher workload, and tighter deadlines.

Marketing is a changing landscape at the moment with the advent of social media and AI. What was uneconomical in the past is now feasible and ridiculously cheap. If you stick to the old ways of doing things, you will go the way of Toys 'R' Us (not saying everything in the book is wrong, but a lot of things are outdated and don't reflect the current market). Where you would be doing your product research in YE, you would be picking your product and just trying to sell it with no testing of the market. In practice, this is more or less business suicide; we sample, test, poll and gauge paying customers before even thinking of going in. Gone are the days where you have an all or nothing attitude, unless you have investors involved (think Dragon's Den).

In finance, you will be spending a lot of time looking through the books and data entry. Anything below director's level is more or less data entry, aside from management accounting where you might get opportunities to talk about the books and work on ratios. The YE finance director would just do a handful of entries. In the finance department, we do this day in day out. It's either chasing up debt from customers, delay paying suppliers, or putting the books together. Numbers can fluctuate in medium and large companies because you can get a number of entries every hour updated on your system. In small businesses, this is less extreme and you can probably update the figures once a week if you work quickly.

If you're starting up your business, you're either doing everything yourself (so no defined director roles like you do in YE) or you partner with other people in your startup. Having capital to put into your business is great, but often you have to do without. There's a term in the business world called bootstrapping (not the IT term, the business term) where it means you do everything on a shoestring budget. Sometimes you might be fortunate enough to get business loans from the bank, but this is rare unless you really work on your credit score.
If you think you can get investors to drum up some seed money for you to go out and play with and see what works, you're more or less dreaming. Pitching to investors is hard for one, and 2 investors are always looking for solid returns. There's a lot of downside risk (especially when there's no proof of concept) for them because they can lose all the money they put in (it doesn't how much it is, the point is you're likely to lose their money). Trust and confidence is paramount in the finance world. People can be skeptical and rude, especially when they have to look through a whole list of applicants and only a handful of them are worth the time.
You might be lucky to be eligible for certain business grants, but they're hard to find and they can have high criterias, which is understandable because you don't want businesses to fling away taxpayers' money like no tomorrow.
The rule of thumb is you will be expected to do a lot for very little money when given. Where possible, avoid taking money from investors. Where possible, don't be reckless with debt. If the money you take on doesn't earn you money from Day 1, think carefully about whether you should take it on.
In short, when it comes to financing businesses and investments, being resourceful is almost a mandatory trait.

Let me know if the above is helping, or scaring you completely.
Original post by Anonymous
Yeah, let the MD know. However, if the role was set to a fair vote, you might not get a second chance. Having said that, it's better than not asking.

In terms of insight, I could probably write a book about it (I'm putting together a course on business growth, so close enough).
The pointers to get you started is that the real thing involves a lot more responsibility, a lot of legal stuff, a much higher workload, and tighter deadlines.

Marketing is a changing landscape at the moment with the advent of social media and AI. What was uneconomical in the past is now feasible and ridiculously cheap. If you stick to the old ways of doing things, you will go the way of Toys 'R' Us (not saying everything in the book is wrong, but a lot of things are outdated and don't reflect the current market). Where you would be doing your product research in YE, you would be picking your product and just trying to sell it with no testing of the market. In practice, this is more or less business suicide; we sample, test, poll and gauge paying customers before even thinking of going in. Gone are the days where you have an all or nothing attitude, unless you have investors involved (think Dragon's Den).

In finance, you will be spending a lot of time looking through the books and data entry. Anything below director's level is more or less data entry, aside from management accounting where you might get opportunities to talk about the books and work on ratios. The YE finance director would just do a handful of entries. In the finance department, we do this day in day out. It's either chasing up debt from customers, delay paying suppliers, or putting the books together. Numbers can fluctuate in medium and large companies because you can get a number of entries every hour updated on your system. In small businesses, this is less extreme and you can probably update the figures once a week if you work quickly.

If you're starting up your business, you're either doing everything yourself (so no defined director roles like you do in YE) or you partner with other people in your startup. Having capital to put into your business is great, but often you have to do without. There's a term in the business world called bootstrapping (not the IT term, the business term) where it means you do everything on a shoestring budget. Sometimes you might be fortunate enough to get business loans from the bank, but this is rare unless you really work on your credit score.
If you think you can get investors to drum up some seed money for you to go out and play with and see what works, you're more or less dreaming. Pitching to investors is hard for one, and 2 investors are always looking for solid returns. There's a lot of downside risk (especially when there's no proof of concept) for them because they can lose all the money they put in (it doesn't how much it is, the point is you're likely to lose their money). Trust and confidence is paramount in the finance world. People can be skeptical and rude, especially when they have to look through a whole list of applicants and only a handful of them are worth the time.
You might be lucky to be eligible for certain business grants, but they're hard to find and they can have high criterias, which is understandable because you don't want businesses to fling away taxpayers' money like no tomorrow.
The rule of thumb is you will be expected to do a lot for very little money when given. Where possible, avoid taking money from investors. Where possible, don't be reckless with debt. If the money you take on doesn't earn you money from Day 1, think carefully about whether you should take it on.
In short, when it comes to financing businesses and investments, being resourceful is almost a mandatory trait.

Let me know if the above is helping, or scaring you completely.


I decided not to ask the MD, I think it was me being in the heat of the moment and so on. I'm quite happy with my role, and the person I will be working with seems pretty cool.

Dragons den is so cool, my favourite dragons are Peter, Tej, Deborah and Sara, wbu? I'm planning to watch the episode tonight. Ngl its sometimes funny when they start sweating and get a handkerchief out to wipe their face.

Anyways, during the meeting, we were told by our advisor to think of a product that could be bought for £1 and then sell it for £2.50, what do u think?

Economics' teacher told the class that we need to try make as much money from 1p, I've done a bit of research on the dark web, but haven't found anything yet, he said there are few rules as well: nothing illegal (kinda ruined my original plan), nothing unethical, pay taxes, no trading in school, I was thinking that its something like start off with a paper clip but with the penny instead and trade in shops to get something good and then I could sell it on ebay. I remember the YouTubers would get rlly good stuff at the end. Do u think that's a good start?

Thanks for the advice it is helping, tbh I think I understand most of it.
PS. Sorry for replying late
Original post by AnimalLoverSimba
I decided not to ask the MD, I think it was me being in the heat of the moment and so on. I'm quite happy with my role, and the person I will be working with seems pretty cool.

Dragons den is so cool, my favourite dragons are Peter, Tej, Deborah and Sara, wbu? I'm planning to watch the episode tonight. Ngl its sometimes funny when they start sweating and get a handkerchief out to wipe their face.

Anyways, during the meeting, we were told by our advisor to think of a product that could be bought for £1 and then sell it for £2.50, what do u think?

Economics' teacher told the class that we need to try make as much money from 1p, I've done a bit of research on the dark web, but haven't found anything yet, he said there are few rules as well: nothing illegal (kinda ruined my original plan), nothing unethical, pay taxes, no trading in school, I was thinking that its something like start off with a paper clip but with the penny instead and trade in shops to get something good and then I could sell it on ebay. I remember the YouTubers would get rlly good stuff at the end. Do u think that's a good start?

Thanks for the advice it is helping, tbh I think I understand most of it.
PS. Sorry for replying late


Simon Woodroofe, Peter Jones, and Theo Paphitis are among my favourites.
I don't particularly find some of the reactions from the entrepreneurs funny. It takes a lot of courage to put yourself out there, let alone on TV. It also takes a lot of self belief and faith in your product to pitch in front of investors. Sometimes the investors can be wrong, but often they are right.
Very few people have the courage to continue persisting in taking a risk in their ideas and later found out they suceeded, proving mostly everyone else wrong.

When we put together our product, we were working with a 50p cost and a £1 sales price. A £2.50 price vs £1 cost is good cost structure. However, I don't know what the market is like for £2.50 products.
As you have virtually no fixed costs (you shouldn't), your only costs would be the cost of making the product. The financial risks are low, and the margin is relatively high. You would want something similar in principle when running your own business, because it's easier to:

1.

Cover fixed costs with relatively high margins

2.

Offer discounts should you ever need to (not always recommended)

3.

Form larger cash reserves from the profits in case you encounter financial troubles

4.

Absorb shocks from increases in prices, should they ever happen

As I have mentioned before, I don't know enough about the £2.50 product markets to say whether a increase/decrease of 50p will drastically increase/decrease revenues (i.e. I don't know how elastic the market is for the product). Oftentimes markets are inelastic enough that an increase in price won't affect demand that much. It's not that often that you come across markets that are completely elastic, and the smallest price changes would dramatically change the revenues you will get (commodity markets or ones with a lot of competiting products might though).

The reason why you have supervisors in YE is because they are supposed to keep you in check and not do anything illegal or dodgy. When left to our own devices, yeah we can probably make money. However, we can also be unintentionally violating a number of laws and ethics. It's a lot easier to make money when you're ethical and legal than when you're not. If you feel like you have to violate laws to make ends meet, you're usually doing it wrong and you're not being creative or smart enough. You can look for advice or find business mentors; there's nothing in the books that says you have to go at everything alone.

You can try to opt to buy goods at a cheap price and sell them at a higher price (it's called retailing in industry). The question is, what value are you adding to the product? Is it better marketing? Convenience? How you package the product? Do you modify the product? What?
If you're just sourcing products from local shops and then sell the exact same product on another platform like eBay, you can make some money. However, for how long can you keep this up? You're essentially commoditising a product, and commodities are traded on price, dictated by supply and demand (some economics there). If you want to make a product worth something, you need to think what else you can add to it that would benefit the consumer, can sell well, and is in demand in the market. The idea is to separate your product from the rest of the commodities in the market. (Businesses spend millions and billions on both branding and R&D for a reason.)

Given the short timeframe that you have, you won't likely be able to do much to develop a product. You want something simple to sell. Should you want to make your product, you ideally want something that can be made in 10-20 minutes max per product (we made our products ourselves and we made each one in about 5 minutes).
It's unlikely your teachers and supervisors will let you sell on eBay (for one, you need to be at least 18 to sell on the platform). Check with your supervisors, but I think they are going to give you market stalls to sell your products on. These would be arranged on certain days for certain events.

Do not go about your own ideas without checking with the supervisor or your team first. It's a group project and it's supposed to be a learning experience. Don't get me wrong though, taking initiative is great and you often need that when you're starting your own business(es). However, when you don't have a clue about how to go about it, you should check with a lot of things before going in.
Helloo! I want to start off by saying sorry for not answering for 2 weeks the replies I get on student room go through an email account I rarely use and so I was going through the emails as I'm on my half term break so I had some time on my hands. Anyways I literally just saw the email, so Im super sorry.

Yh Peter is top g, I haven't watched an episode with Simmon though.
No I get what you mean about the ones who have really good ideas that solve a problem, but their sales might be too low or they forget a couple of figures. But its only funny when they have a really bad idea with low sales or they just have a bad attitude at start arguing with the dragons.

We decided on a product idea- a journal with TM for teens. I was just thinking tho it might be tacky for 15-17 year olds so I might have to ask why we cant aim it at 11-14 year olds ( I think we could make more sales especially at school with the y7-8 kids as they would be quite new like the idea of buying something from the older kids).
I might have asked you this already but did a lot of people leave in your group, or was it pretty strong all the way.

Anyways I might have worded wrong but making money from 1p was a completely different thing from enterprise, just some random economics home work. I just haven't got s clue how to start, do I invest it which would be rlly bad as it would take too much time to see good money or do I just trade my way to the top and sell whatever object I got in the end which I think is a pretty decent idea.

Original post by Anonymous
Simon Woodroofe, Peter Jones, and Theo Paphitis are among my favourites.
I don't particularly find some of the reactions from the entrepreneurs funny. It takes a lot of courage to put yourself out there, let alone on TV. It also takes a lot of self belief and faith in your product to pitch in front of investors. Sometimes the investors can be wrong, but often they are right.
Very few people have the courage to continue persisting in taking a risk in their ideas and later found out they suceeded, proving mostly everyone else wrong.

When we put together our product, we were working with a 50p cost and a £1 sales price. A £2.50 price vs £1 cost is good cost structure. However, I don't know what the market is like for £2.50 products.
As you have virtually no fixed costs (you shouldn't), your only costs would be the cost of making the product. The financial risks are low, and the margin is relatively high. You would want something similar in principle when running your own business, because it's easier to:

1.

Cover fixed costs with relatively high margins

2.

Offer discounts should you ever need to (not always recommended)

3.

Form larger cash reserves from the profits in case you encounter financial troubles

4.

Absorb shocks from increases in prices, should they ever happen

As I have mentioned before, I don't know enough about the £2.50 product markets to say whether a increase/decrease of 50p will drastically increase/decrease revenues (i.e. I don't know how elastic the market is for the product). Oftentimes markets are inelastic enough that an increase in price won't affect demand that much. It's not that often that you come across markets that are completely elastic, and the smallest price changes would dramatically change the revenues you will get (commodity markets or ones with a lot of competiting products might though).

The reason why you have supervisors in YE is because they are supposed to keep you in check and not do anything illegal or dodgy. When left to our own devices, yeah we can probably make money. However, we can also be unintentionally violating a number of laws and ethics. It's a lot easier to make money when you're ethical and legal than when you're not. If you feel like you have to violate laws to make ends meet, you're usually doing it wrong and you're not being creative or smart enough. You can look for advice or find business mentors; there's nothing in the books that says you have to go at everything alone.

You can try to opt to buy goods at a cheap price and sell them at a higher price (it's called retailing in industry). The question is, what value are you adding to the product? Is it better marketing? Convenience? How you package the product? Do you modify the product? What?
If you're just sourcing products from local shops and then sell the exact same product on another platform like eBay, you can make some money. However, for how long can you keep this up? You're essentially commoditising a product, and commodities are traded on price, dictated by supply and demand (some economics there). If you want to make a product worth something, you need to think what else you can add to it that would benefit the consumer, can sell well, and is in demand in the market. The idea is to separate your product from the rest of the commodities in the market. (Businesses spend millions and billions on both branding and R&D for a reason.)

Given the short timeframe that you have, you won't likely be able to do much to develop a product. You want something simple to sell. Should you want to make your product, you ideally want something that can be made in 10-20 minutes max per product (we made our products ourselves and we made each one in about 5 minutes).
It's unlikely your teachers and supervisors will let you sell on eBay (for one, you need to be at least 18 to sell on the platform). Check with your supervisors, but I think they are going to give you market stalls to sell your products on. These would be arranged on certain days for certain events.

Do not go about your own ideas without checking with the supervisor or your team first. It's a group project and it's supposed to be a learning experience. Don't get me wrong though, taking initiative is great and you often need that when you're starting your own business(es). However, when you don't have a clue about how to go about it, you should check with a lot of things before going in.
Original post by AnimalLoverSimba
Helloo! I want to start off by saying sorry for not answering for 2 weeks the replies I get on student room go through an email account I rarely use and so I was going through the emails as I'm on my half term break so I had some time on my hands. Anyways I literally just saw the email, so Im super sorry.

Yh Peter is top g, I haven't watched an episode with Simmon though.
No I get what you mean about the ones who have really good ideas that solve a problem, but their sales might be too low or they forget a couple of figures. But its only funny when they have a really bad idea with low sales or they just have a bad attitude at start arguing with the dragons.

We decided on a product idea- a journal with TM for teens. I was just thinking tho it might be tacky for 15-17 year olds so I might have to ask why we cant aim it at 11-14 year olds ( I think we could make more sales especially at school with the y7-8 kids as they would be quite new like the idea of buying something from the older kids).
I might have asked you this already but did a lot of people leave in your group, or was it pretty strong all the way.

Anyways I might have worded wrong but making money from 1p was a completely different thing from enterprise, just some random economics home work. I just haven't got s clue how to start, do I invest it which would be rlly bad as it would take too much time to see good money or do I just trade my way to the top and sell whatever object I got in the end which I think is a pretty decent idea.


I don't know enough about the journal market and how well they are received by teens and pre-teems, so I can't comment. However, I don't know what the numbers are. If they numbers at least make sense, then at least you have accounted for certain risks.

Our group was about 20 odd people strong, and we stuck throughout the duration of the company. On the other hand, we are all friends or know each other on a friendly basis. We had a positive and progressive work attitude.
Don't get me wrong, there can be a lot of conflict between people in teams. Just because you're friends doesn't necessarily mean you will gel well in the workplace. I have came across plenty of examples in my workplaces, where people can leave just because they either don't fit in or they can't feel compelled to do the job well.

Whilst you can make money from 1p if you can find the opportunity to do so, consistent compounding from 1p is incredibly difficult i.e. it takes a very long time. It would just be easier to make a large enough sum of money before you start allocating the money into investments. For one, you can definitely make more than 1p, and starting off with more money makes it easier for money to grow substantially.
I once was attending a seminar held by an financial advisor who gave me a working model for building wealth. (Unfortunately I can divulge on the details due to an NDA, and I honour my agreements and promises.) The main gist of the model is that the more passive the investment the lower rates of return, and the more cash you get the lower the rate of return. In other words, he recommends to trade your way up and then put your money into semi-passive or active investments. If you have a lot of cash, you can put the investment in very passive inveestments.
If you're clear on the difference between active and passive investments, let me know.
That's cool that you did a seminar, when I was younger I would nearly sign up to them but after watching a couple of documentaries on financial gurus I don't see the point in paying (in case the info given can be found in a random business book or the internet and they are just people off).

When you mean lower rates of return is that less profits? So active would be short-term profit, I get the feeling that its less steady/reliable and more risky and passive is for long term but more reliable? So would the elite/rich tend to invest passively, and the average joe would invest actively as they want to make short-term gains?

In my case I got some cash, I would have to invest actively?

This might seem like a stupid question but as interest rates are rising I'm thinking of putting most of my money in a bank account (I have one already but its technically under a parent), so if i put into an account now with the current 2.25% (I think) interest rate, but in let's say in Feburary its risen to 3.25% would the bank be giving me interest based on the new 3.25% or the original interest when I first put it in?

Thank you!:smile:
Original post by AnimalLoverSimba
That's cool that you did a seminar, when I was younger I would nearly sign up to them but after watching a couple of documentaries on financial gurus I don't see the point in paying (in case the info given can be found in a random business book or the internet and they are just people off).

When you mean lower rates of return is that less profits? So active would be short-term profit, I get the feeling that its less steady/reliable and more risky and passive is for long term but more reliable? So would the elite/rich tend to invest passively, and the average joe would invest actively as they want to make short-term gains?

In my case I got some cash, I would have to invest actively?

This might seem like a stupid question but as interest rates are rising I'm thinking of putting most of my money in a bank account (I have one already but its technically under a parent), so if i put into an account now with the current 2.25% (I think) interest rate, but in let's say in Feburary its risen to 3.25% would the bank be giving me interest based on the new 3.25% or the original interest when I first put it in?

Thank you!:smile:

It depends on who you are looking for and what they say. I can't vouch for every person, nor will I lump every person under one category being the same. There are good finance professionals as well as bad ones (the bad ones should be under a lot of regulatory and strutiny), the same way there are a lot of good thought leaders as well as bad ones. I would for example put more weight on listening to Warren Buffett than say Uncle John down the road who makes investment decisions based on hot stock tips.

If you're not clear on what a rate of return is or return on investment, read the following: https://www.investopedia.com/terms/r/returnoninvestment.asp. It's not the same idea as profit, but the principle of getting more money back is still the same.
If you're not sure on the difference between active and passive investment, read the following: https://www.investopedia.com/news/active-vs-passive-investing/ I wouldn't say active is more short term and passive is more long term, because you can have short passive investments (e.g. overnight debt securitites) and active long term investments (e.g. active role in a business that you have a major stake in over 10+ years).

If you have cash, I would recommend learning more about investing and business before investing in anything. The worst thing you can do is to blindly invest in things you have no clue about just because there's prospects of it making money. It's against financial regulations (in most country, but particularly in the UK and US) for investors to go into something that they have no idea about.

That would depend on the agreement that you have signed up with with your bank. I can't comment on this without seeing the agreement. Even when I do see it, I can't guarantee that I would be able to advise you on it. It's best if you contact your bank to double check.

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