Young Enterprise – benefits all round

Are you looking for a low cost opportunity to support your local community in a way that also benefits your employees?

Swiss Re's Admin Re operation in Norwich believe they have found a way to do this: they are preparing to support Young Enterprise for a further academic year.

Volunteers from the organisation commit to weekly visits to local high schools to act as Business Advisors to a group of students who set up and run a real company as part of the Young Enterprise's Company Programme.

2011/12 marks the fourth year of the partnership between Admin Re and Young Enterprise which has involved sponsorship of the local county finals and regional finals.

Sponsorship of the scheme can lead to shared success. Admin Re were recognised at the 2009 regional Young Enterprise awards for their work with the scheme in Norwich. At the 2011 Norfolk county finals Admin Re students from Thorpe St. Andrew high school received several awards for the performance of their company “Unico”.

Young Enterprise: benefits for students

During the course of the Company programme the students will:

• raise real finance by selling shares
• open and use their own company bank account
• carry out market research
• work together to create their business plan
• develop their own product or service
• market and promote their product or service
• trade with the public
• manage the company finances
• take part in a local Young Enterprise Trade Fair (this year at The Forum)
• compete with other schools and colleges in the company of the year competition

Independent research on Young Enterprise (YE) Company Programme Alumni carried out by Fresh Minds Research published these top ten findings:

• Young Enterprise Company Programme alumni earn up to a third more than their peers
• Alumni are twice as likely to start their own businesses
• Alumni had a greater appreciation of their skills and the opportunities available to them upon leaving school
• Alumni are more passionate about their jobs
• Alumni are more successful in their careers than their non participating counterparts
• YE alumni are more likely to get involved in voluntary work
• Amongst business owning alumni, Young Enterprise was ranked as the most significant experience they drew upon when establishing and building their venture
• Overall, YE alumni felt that Young Enterprise contributed to their skill development more than anything else
• Young Enterprise is not just about preparing students for business – it enables them to develop life skills
• Young Enterprise was the activity that best prepared alumni for work

Young Enterprise runs a range of programmes in addition to the Company programme in Primary schools as well as High Schools and Colleges.

Young Enterprise: benefits for businesses

Employees at Admin Re are keen to get involved in the scheme. Half of the volunteers for the 2011 Young Enterprise programme are first time advisers.

“At the end of year three we conducted a comprehensive review of our engagement with Young Enterprise to ensure that the programme was adding value to the development of our people who took part,” commented Matthew Burrell, from Admin Re's Norwich community team. “What we found is that not only does the programme deliver a fantastic learning opportunity to the young people who take part but the experience develops additional skills in our people that are brought back into our workplace.”

This year Admin Re have been assisted by Young Enterprise to create a charter that asks each volunteer to identify a skill or behaviour that they are going to develop during their participation as well as a number of additional goals for them and their students.

The advisers are supported back in the office with regular business adviser meetings to allow peers to share experiences and ideas.

“Young Enterprise has been a great help in making the process of volunteering with them easy. One thing that was a real support was mapping the opportunities available from the scheme to our brand behaviours” said Mr Burrell, “This has helped our volunteers identify the scheme as a valuable self-development tool”

Sophie O'Connor, Customer Services Representative said ”I really enjoyed theYoung Enterprise experience and have learned lots from the process of setting up and running our own business. When the opportunity came to give something back and continue to support Young Enterprise I was really excited.”

“It is great to be able to support the students andhelp them learn anddevelop over the year. Being a business adviser also helps me to learn and develop new skills too which I can use to help me develop in my career.”

Patty Pye, Team Leader commented “I support Young Enterprise as I enjoy working with young people and helping them in what can be sometimes a giant leap from the school environment to the business environment. The Young Enterprise programme gives them the ability to work together as a team, problem solve, connect with others outside ofnormal education and sometimes gives them an insight on what they would like to do with their future.”

Patricia Hagan, Young Enterprise Manager, explains that the Company Programme is the ultimate enterprise experience in which students, mentored by their volunteer business advisers, set up and run their own company over the course of one year.

“This valuable programme would not be possible without willing volunteers giving up their time to help today's students become tomorrow's business leaders. Young Enterprise is grateful to Admin Re for leading the way in Norfolk.”

Young enterprise: Further information

If you are interested in finding out more about the benefits of sponsoring the Young Enterprise, please contact Patricia Hagan at patricia.hagan@yeee.org.uk.