Last week, during student development week the Year 11 business students participated in “The Dragons’ Den” as a culmination of the marketing and finance topics that they have been studying as part of their IGCSE course.
The students were tasked in pairs with creating a completely new business idea for a product or service and come up with a brand, price, pricing strategy, a place to sell it and a promotional strategy to create customer and brand awareness. Once they had all this in place, they were required to come up with a realistic marketing budget to pay for it all.
The students created some brilliant business concepts and have worked very hard to perfect their ideas and finish within their budgets. The business ideas ranged from luxury make-up boxes to water recycling barrels for charities working in less economically developed countries.
Now the final challenge awaited them. The teams had to enter the BISP Dragons’ Den on Wednesday 5 November to present their business ideas.
This setting is modeled on the popular UK Television series in which budding entrepreneurs get three minutes to pitch their business ideas to five multi-millionaire “Dragons” willing to invest their own cash for a stake of the company in return.
The students were excited to know who the panel of “dragons” would be and were only told on the day of their presentation whom the mystery “dragon” was.
The school was very happy to have Mr David Mayes who is our very own business academy consultant to join Ms Taffe who is our very own IGCSE co-ordinator and myself (Mr Pearson) on deciding whether it was worth investing in these businesses.
To do this, there were three criteria being judged; overall business concept and idea, quality of presentation and application of the business theory to their plan. Afterwards, the Dragons chose the top 3 business ideas to invest in and these teams will be presented in an upcoming school assembly in the near future.
Overall, all of the students were winners as they did a fantastic job and showed such creativity and business acumen. I’m sure that there is the next Dragon amongst our business studies students and they should be congratulated for showing such confidence in their first business “pitch”
I would like to thank all of the year 11 Business students for their hard work and Mr. Mayes and Ms. Taffe for being such great dragons.
Next year’s Year 11 business students, be ready for the Dragons’ Den!
For more information, contact Tim Pearson: [email protected]