IoD Midlands Spring

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Keep up to date at www.iod.com/westmids and at www.iod.com/east-midlands News 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 12 www.iod.com/emidlandsevents
IoD supporting university students in the West Midlands John Phillips MBE FIoD First, I would like to thank our friends at the University of Wolverhampton who have worked tirelessly throughout the pandemic to allow IoD members to facilitate virtual student mentoring. This has been supplemented by group sessions with the students, looking at CVs, selection interviews and the current job market. IoD members have acted as mentors to undergraduates studying business subjects with an emphasis on future employability and soft skills. We will be staying close to the students this summer with the aim that they should all find employment which is commensurate with the academic qualifications they will shortly be receiving. I would like to thank Dr Jenni Jones from the University of Wolverhampton for her outstanding work and enthusiasm in supporting us through what is our 11th Year of this fantastic programme. There have been extra challenges during the pandemic and it has not been easy for many of our students. We have, however, arranged as much extra support as possible and it is our intention that all our young people will eventually find high value employment. I would also like to thank Dean Kavanagh, Chairman of IoD Coventry and Warwickshire Branch who has taken the programme with Coventry University in a slightly different but important direction by supporting postgraduate business students. Finally, a huge thank you to our marvellous IoD mentors who have given of their time so freely and with so much enthusiasm! We very much hope that the academic year for 2021/2 will see us returning to near normality. If anyone would like to help with our work please do not hesitate to contact me personally through Sophie, our Senior Branch Manager. Our mentors all say they get huge satisfaction from being part of the scheme – gaining as much from it as the students do. Giving something back: the buzz of being an IoD mentor John van Geest Research Centre. Founded by John and Lucile van Geest, the research centre seeks to “save lives and speed recovery by improving the diagnosis and treatment of cancer.” The Centre at Trent University has been made possible through the donations totalling £17 million from the John and Lucille van Geest Foundation. Upon completion of the challenge, all students participating receive free IoD Student Membership, which gives them access to the IoD Regional Event schedule as well as national student events. They also gain access to an unrivalled network of business acumen through the contacts they make throughout the event. We are looking for IoD East Midlands members to get involved with our student groups on the £10 Challenge. The amount of support the students need will differ from group to group, but from experience they usually meet their mentor initially on launch night, perhaps once mid-way through the Challenge and then at the celebration event. Between those dates they keep in touch via WhatsApp or email. The student helpline is something new that we are trying with student members, where our members are encouraged to help students from time to time with queries they might have. This will be a good way to support young people and an amazing thing to participate in. It will be an opportunity to offer the students practical real-world advice and help them understand more about the business world and the role of directors. We’re sure that it will also enable them to be more prepared for the world of work once they graduate. If you are interested in supporting this year’s Enterprise Challenge or know of someone who would, email tasha.macgilbert@iod.com with your details. If you have any questions then please feel free to get in touch! What do mentors involved in previous Enterprise Challenges think of the experience? We asked Clive Bridge to offer some pointers to other IoD members. “The IoD Enterprise Challenge is a great example of how business can partner with education and help build awareness of what running a company is all about. “This was my first year as a Mentor. As well it being hopefully helpful for the students, it was great fun. The Group I worked with,‘Calm Candles’, chose to manufacture and sell a variety of scented candles. This meant they had to think about a whole range of issues: design, procurement, manufacturing & packaging, marketing, finance, etc. They then had to present a credible business plan in order to be allocated their initial seed money. “While the competitive element gives students that added motivation and interest, the real benefit is that it provides invaluable learning about the various aspects of the business world. This brings to life the challenges and excitement of being in business far more than lectures and texts book can. The fact that all money raised goes to the Van Geest cancer charity makes it even more worthwhile. “Overall, a great initiative and one that I would definitely recommend to others for next year!” www.iod.com/westmids/events 13
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