The National Foundation for Teaching Entrepreneurship, based on an American programme, was founded in the US by Silvia Pearson, daughter of Lord Pearson, and aims to teach people aged between 12 and 18 how to start and run their own businesses through hands-on activities in the classroom and on field trips.
At the beginning of the 80-hour course, each student receives £50 and the necessary materials to start and run their own business, including a watch, calculator, sales receipt booklet, and a three-volume reference book containing potted histories of British tycoons such as Alan Sugar and Richard Branson.
The first three lessons concentrate on the pros and cons of being self-employed. Later, students learn how to write business letters and memos, how to prepare basic contracts, to read and understand the Financial Times, open a bank account, register a company with the appropriate office, write a business plan and understand tax issues.
Each student has to start up and run a small business. One decided to try selling lingerie, and another sold baby clothes, a third confectionery.
At the end of the course, there is a graduation ceremony, with small prizes for the most successful businesses.
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