Open to kids aged 5–11 years across the UK, the Fiver Challenge aims to inspire creativity while challenging them to be entrepreneurial and make a profit. It's really important for schools to sign up to the Fiver Challenge because I think it really will encourage more young people to become entrepreneurial, to learn what becoming an entrepreneur is all about.
And who knows, one day they might go on to build a Virgin company!
I recently saw some of the kids in action while visiting Virgin Money. It was great seeing them work together to make brilliant products and services, and hearing their unique takes on business. They certainly knew how to drive a hard bargain!
I'm really lucky to have the opportunity to meet with and learn from young people, who have wonderful ideas and look at the world in new, refreshing ways.
We also headed to Edinburgh to visit Erskine Stewart's Melville Junior School to talk about entrepreneurship with the students there. One lad asked: "How did you get people to trust you if you didn't do well at school?" Well, all you have in life is your reputation, and you earn trust by providing innovative, quality products and keeping your word.
As for not doing well at school? Well, there is plenty of time in life to make up for that. I truly believe education systems should focus more upon practical business skills for students, so they have more experience when entering the workplace.