Royal Hospital School runners-up in national enterprise competition
A team of six Year 12 pupils from the Royal Hospital School were runners-up in the national enterprise competition, Tycoon in Schools. They made a profit of £1,238.38 after launching their successful clothes brand SOLO. and were invited to Windsor Castle to be presented their prize by HRH The Duke of York KG. The programme is spearheaded by Peter Jones CBE, which gives young people a chance to run their own business and demonstrate entrepreneurial skills.
Tycoon in Schools aims to encourage budding entrepreneurs to get involved in business by giving them a start-up loan of between £50 and £1000 to run a business whilst at school or college. This year the stakes, were higher than ever before with around 400 teams and more than 2000 pupils going head to head. The young tycoons from the Royal Hospital School received £756 as a start-up loan from the Peter Jones Foundation for Enterprise to launch SOLO. their clothing and accessories brand for teenagers. They traded between October and December 2017 and generated a fantastic profit ratio of 164%.
The team was required to submit a business plan, launch in a restricted trading phase and then evaluate their efforts. They used Facebook and Instagram social media channels to raise brand awareness and display product ranges. Nicholas Sim, Managing Director of SOLO. commented: "Our products were very popular across the year groups and we ended up ordering more stock than we predicted. On Black Friday we set up a pop-up shop in the History Department during lunch time and after school to sell our stock at a discounted price which was very successful. We also managed to sell our clothing to friends and family outside of school and our social media gathered a lot of attention."
Tim Brightwell, Head of Economics and Business at the Royal Hospital School, said: "Getting involved in Tycoon has allowed our pupils to demonstrate their entrepreneurial skills, experience the challenges of running their own business and gain an invaluable level of financial awareness. We plan to widen access to this great initiative by introducing the competition into our GCSE Business curriculum next year as well as offering it as a co-curricular opportunity for those taking Business A Level and our new BTEC National in Enterprise and Entrepreneurship Diploma (equivalent of two A level subjects)".
The SOLO. Team
Nicholas Sims - Managing Director
Holly Folkard-Smith - Managing Director
Natasha Neylan - Finance Director
Adam Smith - Production Director
Tzay Rhodes - Marketing Director
Sonya Khrapova - Sales Assistant