IoD Midlands Spring

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IoD Enterprise Challenge is creating
next generation of business leaders
by Tasha MacGilbert
The IoD Enterprise Challenge is a new
version of the IoD £10 Challenge which
has been running in the East Midlands for
over five years, raising money for charity
while helping students from Nottingham
Trent University build their business
experience.
What is the IoD Enterprise Challenge?
Students are split into small groups,
with each group assigned a business
mentor drawn from the IoD membership.
They then bid for a seed capital of up to
£50, and aim to turn this into as much
profit as possible.
The students are expected to use their
business and entrepreneurial skills to
reinvest their seed capital to raise money
for the chosen charity.
It is a challenge that gives the students
an opportunity to gain first-hand
experience in the world of business.
They are helped along the way by IoD
mentors, who guide the students through
the challenge and provide support where
needed. They assist student groups in
reaching the best possible outcome by
sharing valuable experiences that the
students can apply in their own microbusinesses.
Mentors offer a friendly approach, with
unbiased support and direction, providing
guidance and feedback. They facilitate
brainstorming, by providing personal
insight to guide the students, as well as
ongoing support and encouragement
throughout the challenge.
Throughout the challenge the
important thing is for the students to gain
vital skills, with perhaps the most
important, the value of teamwork and
leadership.
For the outset, small groups of students
are formed from different courses. Often
the students will be meeting for the
first time at the launch event and
will need to get to know each
other and learn how to
communicate effectively to get
the critical tasks done.
They will also need to learn the
importance of leadership. Roles
will be assigned in each group with a
single leader appointed. We expect the
students to take ownership of all tasks and
roles – not the mentor!
Want to get
involved as a
mentor?
Email tasha.
macgilbert
@iod.com
Other key aspects of the Challenge
include time management and enterprise.
At the end of the Challenge each group
is expected to discuss their journey and
generate a reflective video to represent
this, with presentations on display at
the Celebration Event.
Students will also have the
opportunity to grow their digital
literacy capability, including
the ability to find, evaluate and
compose clear information
through writing and other
mediums on various platforms.
Where does the profit go?
Profits generated are donated to the
Students find their own winning formula
Previous student winners of the
£10 Enterprise Challenge explain their
business plans
A Drag Show and Lip Sync
Extravaganza!
“We bet on originality for this year’s IoD
Enterprise Challenge, and it paid off,
managing to win the award for the ‘most
money raised’.
“We organised a Lip Sync Competition in
Drag, in a cocktail bar in Soho with a
professional DJ for free. We had three acts
and a four-prize raffle, as well as donations
and tickets revenue.
“Our secret was knowing how to
effectively use our networks and thinking
outside the box. Doing it for a good cause
made it even more rewarding”
This group raised £1,000 for the John
van Geest Research Centre.
Our approach: selling glow sticks
outside nightclubs!
“Our group successfully completed the
IoD East Midlands Enterprise Challenge,
raising the most money for the chosen
charity.
“We hit upon the simple idea of selling
glow sticks outside night clubs.
“For our team, winning the challenge
showed that the simplest ideas, good team
work and organisational skills are
sometimes the most effective and key to
any activity!
This team raised £1,546
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