Liahona team bags first prize for youth in business [1]
Monday, November 15, 2010 - 13:39. Updated on Saturday, May 10, 2014 - 15:01.
FOUR Tongan students have won a trip to go to New Zealand this week after creating a winning business plan manufacturing trendy handbags for Tonga's "Youth in Business Dream Big Challenge 2010."
Liahona High School's Polytexture team: seventh formers, Kepueli Huhane, Alexandria Finau, Susan Walter and Faeamani won a five days trip from November 15-20 as their grand prize in the inaugural event under a program initiated by the Tonga Chamber of Commerce which gives students an opportunity to learn how to run a business
The Polytexture team, operating their business out of Liahona, said on November 11, their bags sell for $18 pa'anga each and had to date generated up to $500 in sales revenue. "This comes in and rotates into paying the salary of our six employees who are students and buying of material for our handbags," they said.
They will take their bags to market and sell in New Zealand and are still accepting local orders as well.
In New Zealand the Polytexture team will meet other teams competing in the Young Enterprise Scheme, a school-based business program in New Zealand Secondary schools, and share experiences about their successful business plans.
Seed Capital
The Youth in Business Dream Big Challenge began when nine competing schools presented their business plans to judges on May 24. The judges were Robina Nakao, Paula Taumoepeau, Fr 'Aisake Vaisima, and Arthur Hubbard, Chair of the Bankers Association.
On May 31 initial seed capitals were awarded to the four finalist teams to set up their businesses, manufacture their products and start selling them to the public.
Liahona High School was awarded a seed capital of $3,000 with their business proposal for "PolyTexture". 'Apifo'ou College was awarded $2,000 pa'anga for Hepi Jojo Sparkling Looks, designing original screen-printed T-shirts. Tupou High School received $1,500 for Organic Greens that grows and sells organic seedlings and plants. And the Ocean of Light received $1,000 for Project Faith to manufacture coconut desserts.
The seed capital was the start of the competition and teams were given the opportunity up to the end September to use the capital and develop their businesses and manufacture their products.
Marketing strategies
According to the Tonga Chamber of Commerce, on September 27 the judging was based on monthly financial reports and on the oral presentation where the students described their activities and marketing strategies to the judges.
Paula Taumoepeau said the judging was particularly difficult and that all the teams deserved to win. Some business plans were considered to be of higher quality than some business proposals presented to the banks for financial support.
On September 30, the Liahona Polytexture team was announced as the winner during a final prize giving ceremony held at the Air New Zealand office in Nuku'alofa.
The program organized by the Tonga Chamber of Commerce and Industry in partnership with the Secondary Schools Principals Association and the Ministry of Education and sponsored by the New Zealand High Commission, TCCI and local businesses.