Tenner Tycoon Challenge for Staffordshire pupils

Schoolchildren in Staffordshire are being encouraged to start a business using just £10 by an MP.

Cannock Chase MP Aidan Burley has announced his support for a scheme, called the Tenner Tycoon Challenge.

The campaigning charity Enterprise UK will be lending hundreds of thousands of pounds to young people across the UK to encourage them to start up their own businesses. The Tenner Tycoon Challenge was launched by Dragon's Den entrepreneur Peter Jones.

Those taking part will receive £10 and be challenged to make as much profit as they can in a month.

This year, a theme of the challenge is to give something back. Participants are encouraged to donate some of their profits to charity.

The scheme, supported by the Peter Jones Foundation, has been a huge success since it launched in 2007.

Previous winners have made their money in diverse ways such as fashion shows, cookery books and concerts.

Mr Burley said: "Tenner Tycoon is an innovative scheme that gives young people in Cannock Chase and all over the UK the chance to showcase their skills and ingenuity whilst gaining practical business experience.

"The programme's relevance and importance has never been as great as it is this year — the year that aims to kickstart the entrepreneurial decade.

"With youth unemployment a big problem in Staffordshire, it is vital that we do all we can to encourage more young people to be enterprising and that starts with a reappraisal of the role that enterprise education plays in making this happen.

"Initiatives like Tenner Tycoon aim to inspire the next generation of entrepreneurs and therefore ensure the future prosperity of the UK."

Peter Jones said: "Tenner Tycoon . . . provides an opportunity to experience business and enterprise first hand and learn about being an entrepreneur."