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Feedback from: “Should we make New

Year’s Resolutions?”

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“Whenever I start a New Year Revolution, I always stick to it for the 2

or 3 days, then just give up.”Turing House School

“It's important to get involved in something like this and set a personal goal, but the

best part is a the end of the year you can look back and say I did that!”

Uckfield Community Technical College

“When you challenge yourself you have something to do and you feel

involved and it will benefit you.”Sutton Coldfield Grammar School

The majority of young people think we should make resolutions. Social media has been full of people talking

about their resolutions this week, from politicians to celebrities. As a school, why not look back at a previous

topic, like our Blue Planet debate, and consider making a resolution to cut down on plastic this year?


If you had £50,000, would you set up

your own business?

4

Learning objectives for today


Keywords

• Investment: the act of putting money, effort or time into something and expecting

to get more back in the future. E.g. if you make an investment in your future by

going to university, you pay money and put effort in expecting to get this back

eventually.

• Debt: money that is owed to someone else.

• Interest Rate: the money that a bank or lender charges you to borrow money from

them. E.g. If the bank has a 1% interest rate it means every year they charge you 1%

of what you borrowed.

1. To explore the cost of setting up your own business and going to university.

2. To evaluate whether you would start your own business.

• Quiz

• Why is this a debate?

• Head to head: going to university VS starting your own business

• Activity 1

• Activity 2

• Activity 3

• Call to Action

• Vote!

Issues to consider


You will need a

calculator for some of

the activities in this lesson.


In this lesson, you will be put into two teams.

Team A and Team B will go head to head,

completing separate activities to help them

argue that their team’s choice is the best

investment of £50,000. At the end of the

lesson, each team will try to convince their

teacher to invest the £50,000 in them. To find

out which team you will be in, take the quiz

on the following slide…


Individual Activity (5 mins)Choose a, b, or c for these

questions. Be as honest as you can. At the end add up your

score to find out which team you are in.

1. Do you like to be in charge? a) Yesb) Noc) Sometimes

2. Do you get bored easily? a) Yesb) Noc) Sometimes

3. Can you work with no encouragement? a) Yesb) No

c) Sometimes

4. Are you good at turning bad situations into good ones? a) Yesb) No c) Sometimes

5. Do you prefer to do one specific task or many tasks at the same time?a) Many at the same timeb) One specific taskc) Depends

6. Unexpected surprises are funa) Trueb) Falsec) Not sure

7. It takes a lot to make me stresseda) True

b) Falsec) Not sure

8. Being rich is important to mea) Yesb) Noc) Don’t know

Tally up your score:

As = 1 pointBs = 2 pointsCs = 3 points


9-16 points17+ points?

You can

choose a

team.

Team name:

……………………………

TEAM A TEAM B

0-8 points

Use your score to find out if you are in Team A or B. Sit in

your team. You should have roughly the same number

of people in each team.

Team name:

……………………………

Team A will argue that

setting up a business is the

best investment of £50,000.

Team B will argue that going

to university is the best

investment of £50,000.

• Quiz



• Activity 1

• Activity 2

• Activity 3

• Call to Action

• Vote!

Issues to consider



Why is this a debate?

There are always different

opinions in the news about

university… Debt: Money that is owed to someone else.

1

Pair Discussion (2 mins)If the government leant

you £50,000 to spend on

anything you wanted,

what would you do with it?

The government lends young

people the money they need

to pay for university. They can

also lend young people

money if they want to start a

business, which 55% of 16 to 25

year olds want to do.1

2

University debt can reach

£50,000. Today you will

explore if you would ever

consider using the same

amount of money to set up

your own business…

3

• Quiz



• Activity 1

• Activity 2

• Activity 3

• Call to Action

• Vote!

Issues to consider


12


TEAM A TEAM B

Activity 1: What is the cost of setting up your own business?

Activity 2: Could you set up your own business?

Activity 3: What is the best investment of £50,000?

Activity 1: What is the cost of going to university?

Activity 2: Could you go to university?


Team Activities (30 mins)The next 8 slides will take you

through 3 different activities

to complete in your teams.

You should spend no more

than 10 minutes on each.

Head to head: going to university VS starting your

own business

• Quiz



• Activity 1

• Activity 2

• Activity 3

• Call to Action

• Vote!

Issues to consider


14


1A: What is the cost of setting up your own business?

Option 1: Crowdfunding

Crowdfunding lets you borrow money from a large

number of people online who each give a very small

amount.

The website you use will

charge you 5% of the total amount you borrow.

Option 2: Government Loan

The Government* offers loans to people wanting to

set up businesses at an interest rate of 6% per year.

If you wanted to borrow

£50,000 over two years, how much would you have

to pay back in total?

Option 3: Bank Loan

Banks will loan you up to £1 million to set up a business.

Their interest rates are 7% each year.

If you wanted to borrow £50,000 over two years,

how much would you have to pay back?

Interest Rate:Money that someone

charges you each year to borrow from

them, as a %.

PRINT ME

Answers

Option 1: £Option 2: £

Option 3: £

How to work out %:

To work out a % of an amount, turn the % into a decimal and

multiply it by the amount.

e.g. 2% of 50,000= 0.02 x 50,000

Does university cost more?A loan for university has an interest rate of 6.1%. If you

borrowed £50,000, how much

would you owe after 3 years?

Once you have an idea for a business you want to start,

there are several options for

borrowing money. Borrowing money is not free. You will be

charged interest. Work out

how much each option will cost you to borrow £50,000.

Careful with option 2 and 3!The interest rate is charged each year, so if you borrow over more

than one year, you need to work out

the interest rate of the new total.

15


Irish student studying in Northern Ireland:

Tuition fees = £4,030 each year for 3 years. What is the

total cost of tuition?

Up to £4,840 can be borrowed each year for

maintenance. What’s the total for 3 years?

How much borrowed in total?*

Non-Scottish student studying in Scotland:

Tuition fees = £1,820 each year for 4 years. What is the


Up to £5,750 can be borrowed each year for

maintenance. What’s the total for 4 years?

How much borrowed in total?**

Student studying in England:

Tuition Fees = £9,250 each year for 3 years. What is the


Up to £3000 per term can be borrowed for

maintenance (9 terms in total). What’s the total for 3

years?

How much will you have borrowed in total?***

S&C:

The interest rate is 6.1% for

student loans. How much

would a student studying

in England owe after 1

year?

1B: What is the cost of going to university?

You can use a calculator. Write your answers in the white boxes.

PRINT ME

The government will loan the money needed to pay for university (tuition fees) and the costs for living including; food, rent and bills (called maintenance). Work out how much these 3

students will pay for their university education in different parts of the UK.

16


Activity 1: answers and discussion

Team A Answers

Option 1: Crowdfunding0.05 x £50,000 = £2,500 +£50,000 =

Total of £52,500

Option 2: Government loanYear 1: 0.06 X £50,000 = £3,000 + £50,000 = £53,000 Year 2: 0.06 X £53,000 = £3,180 + £53,000 =

Total of £56,180

Option 3: Bank loanYear 1: 0.07 X £50,000 = £3,500 + £50,000 = £53,500Year 2: 0.07 X £53,500 = £3,745 + £53,500 =

Total of £57,245

Team B Answers

Option 1: Ireland£4030 x 3 = £12090 + £4840 X 3 = £14,520

= Total of £26,610

Option 2: Scotland4 x £1820 = £7280 + £5,750 x 4 = £23,000 =

Total of £30,280

Option 3: England£9250 x 3 = £27,750 + £3000 x 9 = £27,000

= Total of £54,750

Challenge Question: Interest after 1 year£54,750 X 0.061 = £3,339.75 + £54,750 = Total of £58,089

Although one loan may be

more expensive than the

other, university loans have

different rules, for example,

you don’t have to start

paying back your student

loan until you earn more

than £21,000. Business

loans do not have these

rules.

Class Activity (5 mins)Bring Team A and Team B together. Share

your findings as a class and check your answers. Discuss:

Is university or setting up a business more expensive?

Would you prefer to borrow money for university or starting a business? Why?

• Quiz



• Activity 1

• Activity 2

• Activity 3

• Call to Action

• Vote!

Issues to consider


18


2A: Could you set up your own business?You might have some great ideas, but

getting a £50,000 investment is not easy.

Can you convince someone to go into

business with you? A pitch is a short

presentation which people make to

convince investors to lend them money for

a new business. Use the template below to

create a pitch for a business idea to see if

you have what it takes. Share your pitch

with the team. Would they invest?

Idea: What is your business idea? …………………………………………..You: Why would investors want to

work with you?…………………………………………..

Customer research: Who is your business for?

………………………………………….Marketing: How will you sell your

product?………………………………………….Operations: How will you get your

product to your customers?………………………………………….Market Research: Who are your

competitors?…………………………….................

These answers will form

your six line pitch*, which is all

you have to convince your

investors to lend you their

money! Do you think pitches

are easy?

Competitor:

Someone your business is in

competition with because it

offers a similar or the same

product e.g. Samsung and

Apple.

Innocent Smoothies,

Monzo and Snapchat

were all started by

young people.

If you have ever watched

Dragon’s Den or The

Apprentice, you will have

seen a business pitch!

PRINT ME

19


2B: Could you go to university?

You might have wanted to study

medicine or art since you were 12,

but why should a university offer

you a place instead of someone

else? Apart from the grades

needed to get in, universities will

want you to be able to convince

them you are right for the course.

Questions for interviewee:

Professor 1: Why do you want to

study __________________?

Professor 2: Can you tell me about

your attitude to work?

Professor 3: Tell me about a time

when you successfully worked in a

team.

Professor 4: Can you prove to me

in two sentences you are

passionate about your subject?

Professor 5: What hobbies do you

have that would bring something

to university?

What universities look for:1- Confidence

2 - Passion for your subject3 - Positive attitude to learning

4 - Ability to work independently and in groups

5 - Intercultural awareness

Choose one person in your group to be the interviewee (the person getting interviewed). The rest of you will be professors interviewing them for a place on the course of their choice. Ask the interviewee the questions to the left (and your own) to decide if you

would offer them a place at your university! Remember to think about what universities look for.

If you are a professor,

did the interviewee show they could do all 5 things? Which ones

did they miss?

Interviewee tip:

For each question,

give a clear

example and cover

one thing the

university is looking

for.

PRINT ME

20


Activity 2: Answers and discussion

Starting a business and getting into

university are both tricky. Both require you

to convince others that you will work hard

and be successful, whether these people are your future university professors or

potential investors for your business.

Class Activity (5 mins)Bring Team A and Team B together.

Team A: perform your best business

pitch to Team B.

Team B: Share which questions were

hardest to answer in an interview for

university and your top tips for a

university interview.Discuss:

Which is harder? Convincing

investors to invest £50,000 in

you or convincing professors to

offer you a place at university?

• Quiz



• Activity 1

• Activity 2

• Activity 3

• Call to Action

• Vote!

Issues to consider


22



In real life, you don’t have to choose

between university and setting up a

business. You can do both, or

neither. 80,000 university students in

the UK run a business alongside their

studies!

Team Activity 3Imagine you had £50,000. Would going to

university or starting up a business be the better

investment? On the next 2 slides there will be

facts and statistics about starting up a business

and going to university. As a team, you need to

choose and write down:

a) 2 facts or stats that make your team’s choice

sound like the best one.

b) 1 fact that makes the other team’s choice

sound like a bad choice.Write them down on a post-It.


TEAM A needs: 2 facts that back up starting a business

as the best investment.

TEAM B needs:2 facts that back up going to university

as the best investment.

3A/3B: What is the best investment of £50,000?

Look at this graph, especially the list of factors. Which of these factors are unique to university? Which could not be achieved by starting a business?

Could starting a business help with

these?


65% of graduates say university was

the best time of their

lives so far16

Setting up a business is a risky investment

It can be cheaper to borrow money for a business than borrow

money for university

Some students will graduate with more

than £50,000 of debt2

Running your own

business is one of the most stressful things a

person can do

Half of new businesses set up in the UK fail in 5 years

Only 32% per cent of students think they university course

gives good value for money

3A/3B: What is the best investment of £50,000?

University graduates earn £9,500 more

every year than non-

graduates4

Setting up a business is one of the most rewarding things a

person can do

TEAM A needs: 2 facts that back up starting a

business as the best investment.

TEAM B needs:2 facts that back up university as

the best investment.

25


What is the best investment of £50,000?

Good morning. We are Team

………. and we will be convincing

you today to invest £50,000 in

………….....There are many reasons

why we believe our team’s choice

is better investment:

Firstly, …………………………….

Secondly, …………………………

Finally, …………………………..

It would not be a good idea to

invest in team ….. because ………

Thank you for your time.

Group Activity (5 mins) Imagine your teacher is an investor and has

£50,000 only. They can either pay for you to go

to university or they can pay for you to set up

your own business. Use the template to come

up with a 1 minute pitch as a team that will convince your teacher to choose your team.

Practise it and present it to your teacher.

Your teacher

will cut you

off after one

minute!

Tip! Use all the stats, facts and information you have gathered from the activities to make your pitch as good as possible!

26


What is the best investment of £50,000?

The winner of the

£50,000 investment

is…

• Quiz



• Activity 1

• Activity 2

• Activity 3

• Call to Action

• Vote!

Issues to consider


28


Call to action

COMMUNITY

SCHOOL

Write a business plan!

Use this handy guide from the Virgin

Start-up website to complete the

research you need to make a robust

business plan and pitch. Visit the Virgin

Start-up website to see what you would

have to do to secure an investment for

your idea.

http://viewpure.com/kzcQtXA5Gc8?start=0&end=339

Run a Dragon’s Den competition: Practise makes perfect and if you are

going to be a successful entrepreneur, you

will need experience of pitching and

selling your product! Organise a school

wide Dragon’s Den competition and

charge 20p for entrance. You could give

the winning pitch the money you have

raised as an investment!

Click the image to watch a Dragon’s

Den pitch!

0:00-5:39

Sir Richard Branson,

founder of Virgin, offers

loans for young people

wanting to start their

own businesses.

https://www.virginstartup.org/how-to/virgin-startup-business-plan-template

https://www.virginstartup.org/

https://form.unicef.org.uk/register-interest-school-events/?sisearchengine=1022&utm_source=various&utm_medium=email&utm_campaign=pa_outright2017_vfs

http://viewpure.com/kzcQtXA5Gc8?start=0&end=339

NO

29

If you had £50,000, would you set up your own

business?

No

• I would not spend £50,000 on a business

because it is incredibly risky and I would

probably lose my money.

• I would rather spend £50,000 on going to

university.

• Setting up a business is hard work and you

need to have a really brilliant idea to

compete with thousands of other people.

• I think that spending the money on

university is a more worthwhile investment as

you would have a great time and learn

many life lessons by living away from home

and meeting like-minded people.

• Running a business can be incredibly lonely

and stressful as all the pressure is on you.


30

• Setting up a business is hard work but it would

teach you so much about yourself and

challenge you in ways other jobs could not.

• I would definitely consider setting up a business

if I could get a £50,000 investment as this would

be enough to get my ideas up and running.

• So many people have brilliant ideas and they

don’t do anything with them. I would love to try

and turn one of my ideas into a successful

business!

• Setting up a business would be really rewarding.

You could decide when you work, who you

work with and make all the decisions. I like the

idea of being my own boss.

If you had £50,000, would you set up your own

business?

Yes


YES

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www.votesforschools.com

31


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