Somerset Times

Celebration of Entrepreneurship: Year 10 Business Ventures Competition

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Somerset Times Edition

Week 3, Term Four, 2017

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Congratulations to the students of Year 10 Design Business, who recently created and ran their own market during the inaugural Celebration of Entrepreneurship in Week 2. This was the culmination of a whole year of work in which students researched customer needs, developed a product concept, designed advertising and planned how to create and operate market stalls.

The students worked in teams to operate their businesses on campus over two days. Each team had to work together to produce the product, set up their stall and provide customer service during the very busy festival which attracted over 500 visitors from other schools. The costs were financed by a small loan from the College which had to be repaid from the revenues earned. All profits were donated to the College’s partner charities. The team that made the largest donation has earned a cash prize donated by the Bond University School of Business.

The financial outcomes from the market days were outstanding. A total profit of $2,342 was raised for our partner charities. The winning team, The DawgHouse (Brock Hudson, Matthew Sprague, Ray Cheng and Allan Wang), made a profit of $717. However, every team made a profit and all the students involved should be proud of their contributions to the work of the charities.

The Business Venture Competition has been held at Somerset College for a number of years and has become a tradition at the school. However, the depth of immersion in the entrepreneurial experience has significantly increased, as a result of the Celebration of Entrepreneurship. We would like to acknowledge the efforts of Mr Dane Oman and the various departments involved in organising this extraordinary event and making the market possible. We would also like to express our gratitude to the Bond University School of Business for their on-going support of business studies and entrepreneurship at Somerset College.

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