Durham City Local Strategic Partnership through its Economic and Regeneration Group has created this futuristic competition to bring together the City's businesses, schools, colleges and universities.

Future Business Magnates, FBM is as fun competition with an important business message and opportunity.

Challenge 1 : What do I need to make it in business?

73%

List and explain the key skills and characteristics that are needed to be succesful in business. Why do you need these skills and characteristics? What can you do if you don't have them all?

Challenge 2 : What do the departments do?

69%

Find out what each of the following departments in business do and give real examples to show that you understand; Marketing / sales / purchasing / accounts / production / customer service

Challenge 3 : Our business!

73%

Explain what kind of business you would like to set up. What will it do, make or sell? What will you need to buy or organise before you start training? What will the business name be? You have £5000 saved up to put into the business.

Challenge 4 : Our location

73%

Where will your business be located? Why have you chosen this location? Which locations did you consider but reject and why?

Challenge 5 : Flog it!

86%

Who will buy your product or service? What kinds of people are they? How do you they want it? Who is your competition? Why will people prefer to buy your product or service and not your competitors?

Challenge 6 : Advertise it!

66%

Create a letterhead, business card, and two page website to help promote your business and let customers know who you are. Describe any other kinds of advertising you plan to do and sayhow much it will cost and why you think it will work.

Challenge 7 : The Cash

84%

How much will it cost to get up and running? Is the £5000 enough? If not, where will you get the rest? What about rent, materials, equipment, wages? Produce a cash flow forecast for the first six months of trading.

Facility for joker

N/A

This is a once only chance to double the available marks for any one challenge. MiM chose to use their joker on Challenge 3.

Visit from judge

—

A judge will visit all teams once and can award up to a further 100 points.

Full 30 min Presentation Pre-Dinner

88%

Full presentation to judges on afternoon of Awards Dinner.

• anticipated 30 mins

Awards Dinner

N/A

Awards Dinner followed by the announcement of the winning team and the first runner-up.