Students Timeline 2020 – 2021
The holidays are over!
You’ve agreed to take part in the Young Enterprise business programme and now you are wondering what you’ve let yourself in for!Read more
- Welcome to the new year for the Lothian Young Enterprise Company Programme, which is going to be totally different to previous year’s with the Launch event and training being held virtually.
- Register the Company Young Enterprise UK. There is a registration fee for every company of £100 and this should be paid by the end of September at the latest. Invoice is available via the YEUK On-Line website that will have been your access user and password details from your Link Teacher. Please keep a note of these for future use.
- Think about who is going to be in your business and when you have decided…
- …discuss roles and choose the Directors How you do this is up to you but if there are no obvious appointments based on skills/interests/talent then you could consider secret voting.
- The most successful teams are the organized ones. One key way of being – and staying – organized is to create an agenda for each meeting.
- The Secretary takes minutes (notes) at all meetings and should make sure everyone has access to these. Where you store them for that is key because.
- …every meeting should start with a review of the minutes/decisions of the previous meeting
- You need to start thinking about what your company will do
- Discussions about the company name should be well on their way
- Now that you are organized it’s time to create a Business Plan and Mission Statement.
- The creatives in your team should be focused on designing your company’s logo and website.
- To maximize the benefit of participating in the programme you definitely should join the online Young Enterprise Scotland Launch Event – 1st September (time and details to be advised shorly).
- If you have not already registered your team(s) then it is also time to register company online at Young Enterprise UK website.
- Where necessary you might fund raise to have money to pay registration fee and products. Other option would be for the school to pay the fee and your team to pay the school back at the earliest opportunity.
- Effective teams work out how often they want to meet (normally weekly) and where and how virtual meetings will take place.
- Have you got a business idea?
- You might still be at the brainstorming stage for your product idea – but you need to get moving on this now.
- Once you have your product idea – complete the Online Product Approval Form – Please see further details on the YEUK website. You will need your login details. Look for Resources and scroll down the list for the form. Guidance notes available here.
- Where are you going to keep the company’s money – open a bank account (school or at local branch). Note YEUK is supported by HSBC and a HSBC online bank account could be opened. Please see further details on the YEUK website.
- You will find share certificates online within the YEUK website – for those who want to invest in your company. All Students must buy shares in your own company.
- Due to current Coronavirus situation there will be no Lothian Christmas Market this year.
- YE Trading Station is the only option for selling online. See News post for more details.
- Online workshops will be run in the first week of Oct, Nov and Dec, subjects include digital presence, marketing, leadership skills, branding and mindset training. All will be available on YouTube. I am aware many schools don’t allow access to YouTube in school.
- Allocated roles (if not already done this) – by now you should have a good idea of each team member’s strengths and weaknesses.
- Finalise your Company name. Update details on the YEUK website.
- Considered – and hopefully agreed on – the kind of business you are running and its business plan.
- Mission statement to be written.
- Discussed the budget including profit margins, sales targets and cash flow – and at the same time think about what you are going to do with your profits.
- Created a marketing plan and started to put it into action including thinking about your target market and how to reach them.
- Ensure your operational plan fits with your marketing plan – and start to source or make your product.
- Have you completed the Online Product Approval form – Available on the YEUK online . Please see the website here. You will need your login details. Look for Resources and scroll down the list for the form. Guidance notes available here. This is MANDATORY.
- Establish and manage the lines of communication you choose – text, groups, messaging etc.
- If you still need money to buy your product or materials to make it hold a fundraising event/product. Remember all Students must buy shares in your company.
- Work out what resources you have – people, access to space/materials/tools, time – and what you still need.
- Undertake market research before you make any final decisions.
- Consider your digital presence e.g. social media, website.
- Online workshops will be run in the first week of Nov and Dec, subjects include digital presence, marketing, leadership skills, branding and mindset training. All will be available on YouTube. I am aware many schools don’t allow access to YouTube in school.
- By now things should be starting to happen quickly
- The product should have been delivered or should have been produced.
- Make sure that whoever is responsible for keeping financial records has all sales recorded and the cash is accounted for. Use the YEUK website to record all financial transactions. It will save you time in the long run.
- Where possible try to sell you products at school events and maybe at other local charity events if they are being organised.
- Use the YE Trading Station facility. See News post for more information.
- Think about your Company Report.
- Record your work for your 1 minute video.
- Build your stock.
- Online workshops will be run in the first week of Dec, subjects include digital presence, marketing, leadership skills, branding and mindset training. All will be available on YouTube. I am aware many schools don’t allow access to YouTube in school.
- Update all finance records with products sold and keep it up to date.
- Focus on other Christmas sales opportunities.
- Continue production where necessary
- Produce a year-end trial balance.
- Reconcile actual sales with sales records.
- Plan for next year sales of stock that is left over e.g. Valentine’s Day.
- It’s time to prepare for the final stages of the competition.
- Agree New Year selling opportunities.
- Continue to fulfil customer orders.
- Make up a Draft annual Company Report.
- Research and practice interview techniques.
- Plan for the presentation at the Awards Night (virtual or face to face).
- Start preparing your powerpoint presentation.
- Discuss Strathclyde University Exam in February.
- Take the Strathclyde Business School exam – NB : not compulsory. The exam has to be taken between ?? February and the ?? February – dates still TBC and all students should take it at the same date and time.
- Start preparation for Area Awards night using guidelines/rules provided by Lothian Area. Please see information when available here.
- Criteria for the Company Report.
- Write and submit your final Business Report. Return your Company Report in Adobe Acrobat PDF format only via email by Friday 26th February.
- Register for the interviews (virtual or face to face), decide on who will attend and continue to practice interview skills.
- Finalise and rehearse presentation for the Awards night. Date is still to be confirmed, however will be towards the end of March.
- Start to think about winding up the company. Wind up fee MUST be paid when the End of Year reports are completed.
- Where appropriate consider paying provisional shareholder dividends?
- Pay all debts and collect all payments due to company.
- Continue to record problems and solutions ( this will provide good material for your interview).
- The end of year Awards Event will be held in March – date TBC. Before that you need to
- Attend the Interview (dates to be confirmed in March – watch for the Eventbrite invitation to book your date and time) and following that get ready to …
- Send in your Powerpoint Presentation by Tuesday ?? March, so that it can be built into the overall presentation.
- ….make your Company’s Presentation at the Awards Night.
- Celebrate with the other companies that took part!
- Distribute any profits your company has made.
- Pay shareholders back with a dividend if possible.
- Check YE wind up fee for payment from the financial records. Please use the YEUK finance package as this calculates the wind up fee automatically.
April – May
- It’s time to wind up the company and sell off excess stock and assets.
- Final accounts should be prepared and audited and bank account closed.
- Remember, if you have not already done so, to pay the YE Wind Up fee to Young Enterprise Scotland.
- Details of how to do this is available when completing the End of Year accounts on the YEUK online website.
- Pay dividends to any shareholders.
- Finalise the distribution of profits.
- Please finalise the End of Year accounts prior to school holiday breaks and examinations.
- And if you are the winning company for Lothian – get ready for the national competition which is to be held in June with the venue TBC.
And now that you have done all of that – Congratulations! You have now successfully finished the Young Enterprise Scotland Company Programme.