Irish Nationwide is backing a scheme which allows school pupils to learn about running their own businesses.

The Irish Nationwide Enterprise Challenge began in 2008 and involves teams of pupils at St Ninian’s High School, Douglas, being given ?200 as seed capital which they can use to set up their own enterprises.

Pupils can share any profit they make over and above the seed capital which is returned to the central fund, donated to the school by Irish Nationwide. If teams make a loss it is absorbed by the scheme’s central fund. Irish Nationwide is also topping up the fund with an additional ?500 this year.

Teachers monitor the projects set up by the teams and expert advice is given by staff from the company, as well as other companies including Manx Telecom and Chrystals estate agents.

All of the teams are instructed to act in a moral, ethical and legal manner when conducting their business.

Last time, the pupils came up with a range of innovative ideas to make a profit.

The final event for the current contest will be held at St Ninian’s High School on March 26.

During the judging, each team will be questioned by four judges. As well as the judging, there will also be a chance to recognise the achievements of all the students who took part in the scheme.

Carlton Freegard, Irish Nationwide senior executive, said the company was delighted to support the Enterprise Challenge as it allowed pupils to develop many practical skills.

‘The Enterprise Challenge develops team working, communication, planning and negotiation skills,' said Mr Freegard.

'These are all very valuable business and life skills. The Enterprise Challenge allows the pupils to learn and to stretch themselves in the safety of a semi-real business environment and offers a little fun along the way.’