The Future Business Magnates competition is made up of various events as described below...
Check out the timetable to see a summary of what will be happening.
Launch Event
Meet the competition. You will be introduced to Future Business Magnates and to your Business Partner. You will hear from last year's winning team and how they became FBM 2011.
3 November 2011 at Xcel Centre, Newton Aycliffe.
Challenge 1: Building a business team
Compete against your opponents and build your own team. This is an interactive one-day challenge involving a range of group activities including indoor and outdoor problem solving exercises and business simulation activities. The day is a competition in itself, with prizes for the winning team and points awarded for the various exercises will be recorded as your Challenge 1 result.
One-day challenge:
16 November 2011 Bishop Auckland College
17 November 2011 East Durham College
Challenge 1 Building A Business Team.pdf
Challenge 2: Our business
Decide and explain what kind of business you would like to set up. What will it do, make or sell? What will you need to buy or organise before you start trading? What will the business name be?
Deadline for submission: Friday 20 January 2012.
FBM 2011 Template Challenge 2.pdf
Are You Ready To Start-Up.pdf
Choosing the right legal status.pdf
How Do I Survive.pdf
Starting A Business When You are Young.pdf
Research and Develop Your Idea.pdf
Market Research.pdf
Setting up a partnership.pdf
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Challenge 3: Developing The Product
This challenge will help you establish how to make your product or service reality. You will have a one-day workshop helping you look at local opportunities, using your mentors, your skills and the possibilities of manufacturing your ideas. Following the workshop, your challenge will be to complete a report showing how you will actually develop your product or service.
One-day challenge: 1 or 2 February 2012 venue: Rivergreen Centre, Aykley Heads, Durham, Co Durham, DH1 5TS.
Deadline for submission of report: Friday 9 March 2012
Develop New Products or Services.pdf
Different Design Disciplines.pdf
How Can I Use Design In My Business.pdf
Product Life Cycle.pdf
Price Your Product or Service.pdf
FBM Challenge 3 Template.pdf
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Challenge 4: Advertise and Flog It
Let your imagination run wild. Create a letterhead, business brochure, DVD or web site to help to advertise your business and let your customers know who you are. Who will your customers be and how do you know? Who are your competitors and why will people prefer your product or service to that of your competitors?
Deadline for submission: Friday 27 April 2012.
A guide to developing a marketing plan.pdf
Design A Successful Brand.pdf
Market Research.pdf
Understand Your Competitors.pdf
Write A Marketing Plan.pdf
FBM Challenge 4 Template.pdf
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Challenge 5: The Cash
This is a one-day challenge followed by the submission of an annual budget plan for your business. The challenge will involve a series of interactive workshops and a quiz, all highlighting the importance of cash within your business. There will be points awarded for the various exercises and following the challenge day you will be asked to submit an annual budget plan (ABP) for your business (this will be marked and scored by the Judge).
Need some help with financial matters? Read our useful documents before you attend Challenge 5: The Cash to gain a better understanding!
In addition, two members of your team will meet the 'FBM Dragons' and try to persuade them to invest in the business. Find out more about the Dragons Den.
See the school groups and dates in this PDF:
One-day challenge: w/c 14 May 2012, Venue Durham University.
Deadline for submission of ABP: Friday 1 June 2012.
An introduction to Tax VAT and NIC.pdf
Business finance terminology.pdf
Choose And Work With An Accountant.pdf
Choose The Right Finance.pdf
How to forecast sales.pdf
Preparing and submitting company accounts.pdf
Price Your Product or Service.pdf
Tax allowable business expenditure.pdf
Understanding financial ratios.pdf
FBM Challenge 5 Template.pdf
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Challenge 6: The presentation
This is a team presentation to a panel of judges. The presentation should last 10 minutes and be a combination of what your business idea is, how it will work and why your team should win. You will need to address what challenge did you find most useful and why? What would you say are the character traits of an entrepreneur? What business skills or other skills did you learn? What would you do differently? What is unique about your business and why you should win FBM? The presentation is followed by questions from the judges.
You should use the opportunity to show what you've learned and achieved during the course of the competition. Find out more about the final challenge day.
Presentation day: 3 or 4 July venue: Thorn Academy of Light, Spennymoor.
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Awards Dinner
The finale of the Future Business Magnates Competition 2012 will be held at the Xcel Centre, Newton Aycliffe, County Durham, on Friday 6 July.