A group of fourth year Saltus Grammar School students have proven they have what it takes to run a successful business after completing the Young Enterprise Company Programme.

The Young Enterprise (YE) programme was set up in the UK in 1963 by the late Sir Walter Salomon based on the American Junior Achievement Programmes.

The programme entails young people aged 15 to 19 setting up and running their own company over the course of one academic year.

They elect a board of directors from among their peers, raise share capital, and market and finance a product or service of their own choice.

At the end of the year they liquidate the company and present a report and accounts.

Formal recognition of the skills and abilities developed through YE are offered via an examination which all YE participants are invited to sit.

The Mission of YE is: "To inspire and educate young people to understand and value the role of business through practical business projets and skills for personal success, lifelong learning and employability."

Approximately 20 countries participate in some form of the YE initiative and it was introduced to Bermuda by former Bank of Bermuda president and former president of the Institute of Directors Charles Von Johnson. "It has been humming along ever since," said Victor Garcia, Bermuda's YE director and board member of the Institute of Directors, who are the prime sponsors of YE.

Mr. Garcia explained that there were four main elements to the programme; a trade fair before Christmas, an exam in March each year, a company presentation in front of an audience, and the submission of a report on the company.

The exam is a case study of a YE business that has gone wrong, and students have to analyse the business and suggest improvements to the budget, marketing and so on. The exam is set by Cambridge University and is GCSE Level equivalent.

Two YE companies operated from Saltus this year, supervised by business teachers Dawn Maranzana, in charge of "Visions", and Zoe Waller, in charge of "Platinum Enterprises."

Ms Maranzana's team consisted of managing directors Richard Hillen and Kristan Law, marketing directors Mandy Oliver and Stephanie Adderley, financial directors Gregory Rose and Mark Amaral, operating directors Stephen Kenny and Chad de St. Paer, personnel directors Jessica Cabral and Jessica Harvey, sales directors Stephanie Adderley and Anna Terceira, ICT directors Chelsea Burns and Angelyne Frederick and company secretaries Clemmentine Stubbs and Angelyne Frederick.

All but two of these students successfully sat the YE exam gaining at least a pass, nine students achieved credits and Kristan Law gained a distinction.

For the first time ever in Bermuda, Visions won first place in all three categories: Best Stall at the December Trade Fair, Most Innovative Product and for the best Company Report and Presentation. Visions received a trophy and $100 for the Saltus library for each category.

At the end of the YE year, Visions had secured a net profit of $903 which was returned to shareholders as dividends along with their original investment.

Throughout the year the company produced and sold a variety of goods including Christmas decorations, luggage tags, picture frames, Valentines day products and bandanas as well as offering various refreshments at Saltus musical events.

Visions had the support of two business advisors, Nigel Godfrey of Scandinavian Reinsurance and George Jones formerly of Promisant and held their trade fair outside The English Sports Shop.

Managing Director Richard Hillen summed up the thoughts of many of the students when he said: "It was a fantastic experience which enabled all the achievers to gain an idea of how an actual business is run. We were able to appreciate just how difficult it was to manage a business, and perhaps more importantly, were able to feel how great it was when the business succeeded. It was an experience that all of us will take with us for the rest of our lives."

A second Saltus company, Platinum Enterprises won third place for their stall and second place in the company report and presentation. At the end of the program, Platinum Enterprises had secured a net profit of $445.50 from selling pencil cases and bags made from recycled denim, various merchandise related to the Pipin Saltus drama production as well as running a carnation delivery service at Saltus for Valentines Day.

Students from Platinum enterprises included Sophia Stefanatto, Sarah Faiella, Andrew Beech, Paul Archer, Logan Alexander, Ian Frith, Dominique Simons, Aisha Bassett, Raquel Liverpool, James Adams, Tyasha Smith, Claire Howard and Shannon Lawrence, all of who sat the YE exam and all were successful in gaining wither a pass os a credit.

Managing director of Platinum enterprises Tyasha Smith said: "I have come to realise that owning, instructing and managing a company is never easy. The terms commitment, communication, understanding and organisation are the key factors to running a successful business."

The companies are set up with 500 shares and must pay a registration fee of $75 to YE. They all have corporate accounts at a Bank and all materials and start up packages are supplied by YE Bermuda.

Supporting the students are five major local companies from which volunteers work with a YE company. Mr. Garcia explained that the advisors help with areas such as legal issues, such as advising against holding bake sales in case of dodgy baked goods and resulting lawsuits!

Although the students are not paid, Mr. Garcia said: "The pay is in the profit as they are all shareholders."