The LionHeart Challenge is a programme that takes young people through a series of business challenges designed to hone their entrepreneurial skills and to encourage greater teamwork. Volunteers from a range of professional organisations and businesses help by donating time and knowledge. The final round asked young people to “to conceptualise, design and create a product or device which will become a major aid to fire prevention in the UK.” Members of the GLR were on hand on July 1st at the Emirates Stadium to help make the event a success. Mocky Khan, GLR Chair, and Phillip Preston, Regional Director, East of England and Greater London, were both judges. Steve Revill, Robert Harris, Michael Lowkin, Sebastian Franco, Jay Gorasia and Mark Ganellin were all there to offer advice and guidance.
Thinking through a challenge
Each team had the morning to complete a detailed business plan covering product development, pricing, marketing, and budgets. GLR volunteers were there as mentors, to help teams when they needed clarity on marketing issues. The teams were judged on a range of key criteria including the market potential, profit and loss accounting, product design and team performance. And that’s only a few of the areas the teams were scored on. They also had to complete a master plan, PowerPoint Presentation, an ICT mock-up, an advert, a research proposal and a team report. This project was a huge challenge, one where teamwork was absolutely essential.
A real introduction to business