Children have some crazy ideas from time to time, they have some strange ideas and even some outright ridiculous ideas. But now MyBnk, a charity based in England, is giving children aged 12-25 a chance to develop these ideas.
MyBnk works with educational establishments across the country. Their aim is to give young people a chance to develop their basic ideas and change them into real business prospects.
They do this by spending time with the youngsters, then when their idea is foolproof they are awarded a loan of £40 to buy the equipment needed to move forward with their plans.
Once the mini-business is running, the teams have one day to make as much profit as possible, if they make more than £40 the loan must be paid back in full and all the extra profits are shared between the team to do with as they please.
Elle Bingham, 12, London, decided to spend the money on sweets, treats and a raffle. She also roped in her family to help her bake cupcakes for the special one off sale.
“At first MyBnk came into the school to tell us how to manage money better and to explain what the charity does. A few months later they came back and told us about the competition. Me and my friends decided to do a bake sale/sweet sale because we know what other 12-year-olds want. We make £52.33 so that was a £12.33 profit that we got to keep.
“I think that MyBnk is a very successful charity, as they showed us that to start your own business, it can be quite simple, it also encouraged us to think outside the box.”
Elle’s Mother, Tracy Bingham, 48, London, said; “The idea behind MyBnk is really good, and shows youngsters how a simple idea can become a business, although giving £40 to a group of 12-year-olds could be potentially bad.”
Tracy also believes maybe the age for MyBnk should be increased slightl. Although MyBnk disagrees with this on their website they claim 12-year-old children have the ability to create and develop an idea, they just need to be given a chance to do so.