The children in Year 6 had a fantastic time at the Enterprise event selling products that they had selected and produced. Working in teams of 4 or 5, each group was given the opportunity to received £10 in an investment to start their own business. The children learnt about the key financial concepts of Cost, Revenue, Profit and Loss before understanding and applying the 4Ps (Product, Price, Place, Promotion) to their own products. Each business produced a detailed business plan to gain their investment before they were allowed to start on production.
Having decided on their roles and understanding the importance of teamwork, the groups worked to produce marketing strategies to entice their target market and engaged in the operational production of their goods. All this hard work culminted in a shopping afternoon, attended by parents and children, where they turned their ideas into sales and profit.
After the event, the children returned to the classroom to count the money in their till, subtract the float and understand their revenue. Finally, they calculated their profit by subtracting their costs. Every team made a profit!
The Dice Train
The children in Year 6 used "The Dice Train" activity from the NRICH website to develop their problem solving and recording skills. While finding solution was responsibly straight forward, recording the solutions on paper so that another group could check them was more challenging!