It’s the summer holidays and I love the creativity of coming up with projects and fun family time with the kids. I especially love it if I can add some financial life skills into the mix too as that is often so absent in our current school curriculum.
We’ve been pulling ideas out our Magical Mystery Tour box for over 20 years but this year we’re having a lot of fun playing our imaginary version of the ‘Dragons Den’.
It’s gone down a treat and is sparking my youngest’s entrepreneurial interest, creativity & inventiveness. The game highlights the systems, processes and challenges of getting a product to market. It also raises financial concepts of risk, reward & value.
So here’s the two ways we ‘re doing this, this summer:
Imagine Dragons’ Den – Game
Decide which Dragon you each are (bagsy Sara) and what experience and investment choices they have/like/want.
Watch an episode (the latest series is on BBC iplayer) and listen to one of the Pitches.
Pause the episode and discuss, this gets animated in our house:
- How much you will (or wont) invest and Why
- What percentage of the business would you want for that Investment and Why
- Weigh up what are the risks, could it a good investment, are there barriers to entry. Do they have intellectual property, is it unique?
- Is there a need for it, what problem does it solve, what else could they use it for?
- Consider if it is costly to produce, manufacture, bring to market and the effect of that on profit.
- Suggest what you’ll do to help the entrepreneur and why you are the right fit as an investor
- or are you “Out”.
Play the remainder of the Pitch to see how accurate you were and tally up who was closest to what the Dragons actually did.
Imagine Dragons Den – Project
My sons have 5 weeks until the last day of August, to devise a potential imaginary business, product or invention.
On the last day of the school holidays they’ll be pitching these to our family Dragons (that’s my husband, my parents and me!) to see if they can secure an ‘investment’ and backing for their idea.
We will video their pitch along with theme music! I can’t wait to see what my budding entrepreneurs come up with and whether we decide to invest in their imagination. I also hope these creative and critical thinking skills serve them well as adults in the future.
P.S. For those in the financial world, we discussed making sure we had our emergency savings and own investments in place first before taking this level of investment risk!