The world of work is becoming more complex and to ensure that can participate fully in the community young people need a new set of transferable skills. $20 Boss is a unique learning experience that encourages your students to create a real world business while building important transferable enterprise skills including project management, financial literacy, communication, innovation and creativity and problem solving.
Read here for more info on our research and how $20 Boss is a key demonstration of how to equip young people for the future of work.
The program launched in 2015, and since then over 27,750 students across Australia in over 500 secondary schools have participated, 33% which are from low socio-economic areas. In 2018, we hope to work with over 11,000 students.
Last year we received positive feedback from Teachers participating in the program, so much so that 93% of teachers would recommend $20 Boss to their colleagues! Teachers receive a full suite of resources to deliver the program, and last year 78% of teachers found the program adaptable to suit learning needs of their students.
We also get very positive feedback from our young entrepreneurs that participate in the program. Last year, over 88% of students found the program practical, realistic AND fun.
To get your school on board – show them how many other schools have delivered the program, the data snapshot and how the materials are aligned to the curriculum. If they still aren’t budging – flick the team an email and we can chat them through. Sometimes you just need to chat through those roadblocks.
We find this a very common way to deliver the program, working with existing plans for the year. Looking at the feedback from last year, one of the greatest strengths of the program was that it is incredibly flexible and adaptable to work with other lessons and subjects. Go for it! Keep us in the loop – we are always looking to collaborate!
Of course. The reason we encourage Term 2 or 3 is because the students will have enough time to run their business and apply for the National and State Awards that happen later in the year. But we’ve had schools do it all throughout the year.
Of course! More the merrier. We are seeing an increase year on year on community groups, alternative education and local organisations utilising the program with the young people they work with. We just prefer that the people you are working with are young people – so under 29 years.
Just put an estimate for now. If you’ve requested start-up capital we will need to know exact numbers closer to delivery date. We appreciate things change, so if numbers do change – let us know as soon as possible.
The Program Delivery Period is self-nominated by the teacher. If Term 2 – it is from 16th April – 29th June. If Term 3 – it is from July 16th – September 29th. If Term 4 – it is 15th October – 17th December.
We do find this is the part of the process that schools struggle with the most as this is unheard of! We are one of few programs that provide young people real money! We request your schools bank details and then direct transfer, your school then takes out the money and provides the cold hard cash to each student. If this process doesn’t work – we are able to explore other ways such as an invoice or potentially you can self-fund.
Yay! Excellent! We are seeing a rise each year with schools deciding to administer ‘the bank’ in-house instead of through FYA. It still means you’ll be registered – access all full materials and be part of the community. If you need some help in working out how to self-fund, contact the team and we can help troubleshoot and share what other schools have done. It’s super easy.
Each student will receive the $20 start-up capital, and then will pay that $20 back + $1 legacy fee, so there should be no financial input by the school (unless they are self-funding). We recognise not all students will be able to repay this money due to an unprofitable business venture. If so we are happy to discuss repayments on a school-by-school basis.
To support the ongoing growth of the program, the expectation is that students pay back their $20 plus a $1 ‘legacy donation’ at the end of the challenge to keep the program sustainable and maintain a ‘bank’ to support future students.
This can also help students understand the concept of interest when taking out a loan.
That’s ok – just pay back the legacy fee for the number of students that participated and just provide the original start up capital back. Keep us in the loop as numbers change so we can update it from our end.
As tempting as it will be for your students to want to give their business the best possible start, we discourage students from using their own money in order to make it as fair as possible for all participants.
Over 70% of students last year made a profit, with an average of over $500. The highest in history was over $4000 (!). We encourage students to donate any other profit made to a community organisation or charity of their choice, or they can reinvest the funds back into the business, or divest and split among the group.
Last year we saw over 50% of student businesses sell food and beverages (such as juices and milkshakes, baked goods or lunchtime treats). Over 25% made products that have been handmade (such as body care products), upcycled (such as tie dye, jewellery) or recycled (bags, clothing). We also see a rise of services too – such a dog walking, restaurants, car washing and cleaning.
Check out the state award winners for some ideas on what some of the young entrepreneurs made!
While most participants choose to take on the challenge as a group and pool their start-up money, some students decide to go it alone; it’s completely up to them.
With the rise of internet platforms for small businesses to sell their wares, we’ve seen an increase of students continuing their businesses past the formal closure of the program; it’s completely up to the students!
Of course – reach out to the team and we can put you in touch with someone who is working with similar aged students.
The $20 Boss awards are part of FYA’s annual Unleashed Awards which recognise the initiatives that make a difference to our world and the young changemakers who lead them.
The awards are usually in October each year – and there will be both National and State Awards that we encourage your young entrepreneurs to apply for! We will be looking for things like social impact, innovative business idea, marketing and reach, and profit raised. Your students will be eligible for cash prizes and prize packs.
Check out who won last year for some ideas on what we are looking for! More information to come shortly.