1. finance
2. bank

Student Enterprise
– How to stand out
this year
Encouraging, recognising and rewarding
young entrepreneurs
Win a share of
£55,000
prize money
Contents
Section 1: Welcome and introduction
Welcome message ............................................................................................ 03
Who is this guide for? ...................................................................................... 03
Section 2: About RBS ESSA
Overview ................................................................................................................... 04
Why the RBS ESSA? ...............................................................................................
(Enterprising Students Society Accreditation) ............................ 04
Spotlight on success ........................................................................................ 05
The RBS ESSA at a glance ........................................................................... 05
The benefits of the RBS ESSA .................................................................. 05
Section 3: Accreditation
Introduction ............................................................................................................ 06
Facts and stats ..................................................................................................... 06
ESSA workshops ................................................................................................. 07
Getting involved ................................................................................................... 07
Section 4: Awards/Competitions
Overview ................................................................................................................... 08
The RBS ESSA Awards ................................................................................... 09
– Categories ................................................................................................... 09
– How to enter ............................................................................................... 10
– The RBS ESSA facts and stats ...................................................... 10
– Case studies ............................................................................................... 10
The RBS EnterprisingU Competition ................................................... 11
– Overview ....................................................................................................... 11
– The benefits of RBS EnterprisingU ........................................... 11
– How to enter ............................................................................................... 11
– Case studies ............................................................................................... 11
Section 5: Guidance
Overview ................................................................................................................... 12
Managing your society ................................................................................... 12
Treasurer’s toolkit ............................................................................................... 13
Section 6: Find out more
Where to go for more information/
contact details ...................................................................................................... 14
Contents
2
SECTION 1: WELCOME AND INTRODUCTION
The recognition
you deserve
At RBS Group we are committed to supporting entrepreneurship, helping
you at every stage – whether you’re an inquisitive student or a successful
entrepreneur. We go beyond banking services and work with a variety of
partners to ensure even more young people can start up and succeed
in business.
The RBS ESSA (Enterprising Student Societies Accreditation)
is unique because it’s not just focused on enterprise societies.
Instead it encourages students, from any society and any university,
to recognise and develop their entrepreneurial skills. The RBS
EnterprisingU then allows them to take those skills a step further
and help turn their dreams into a reality. By supporting these initiatives,
run by Find Invest Grow (FIG), we are recognising the wealth of up and
coming business talent in the UK’s universities and doing what we can
to support the nation’s young student entrepreneurs.
So if you’re helping run a successful student society, or you have a
great business idea up your sleeve, get involved with the RBS ESSA
and the RBS EnterprisingU. It’s time to get the recognition
– and the rewards – you deserve.
Ian Cowie
Chief Executive, Business
and Commercial Banking
RBS Group
Michael Maddick
Head of Early Career
RBS Group
Who is this guide for?
• I f you are involved in the running of a student society, there’s information in this guide about the RBS
ESSA Accreditation and Awards scheme – how they could benefit your society and the students who run it.
For more information, see pages 8-10
• I f you are an individual with a great business idea – or perhaps already running a business at university –
check out the RBS EnterprisingU Competition run by FIG to discover how your business could really go places.
See page 11
•T
his guide also has helpful information to help society treasurers and chairs run their societies in a financially
responsible way. For more details, see pages 12-13
Welcome and introduction
03
SECTION 2: ABOUT RBS ESSA
Encouraging enterprise
at UK universities
We are proud to support the RBS ESSA,
an organisation dedicated to supporting
young entrepreneurs
The RBS ESSA is an initiative from FIG and is sponsored by RBS Group
and LinkedIn. It is a nationwide scheme aimed at rewarding enterprising
student societies and the teams behind them. Through national
competitions and workshops, the RBS ESSA will promote and encourage
further enterprising activities within these societies. The aim is to
increase the overall level of young enterprise throughout the UK.
Why the RBS ESSA?
The aim of the RBS ESSA is to keep alive the spirit of enterprise in
universities across the UK. Until now, entrepreneurialism wasn’t being
sufficiently rewarded or recognised.
Throughout the country, visionary students are running highly successful
societies, applying sound business thinking and entrepreneurial initiative.
These are the students with the drive and the ability to make a positive
difference to the wider economy once they move on from higher
education. As one of the UK’s leading banks, RBS Group was keen to
support an initiative that would help such students achieve even more.
By creating a forward-thinking national accreditation and awards
scheme, the goal of the RBS ESSA is clear: to encourage,
recognise and reward young student entrepreneurs in the UK.
“The jobs and growth of the future will
be built on the efforts of the people who
are prepared to take a risk, roll up their
sleeves and start and grow a business”
David Cameron,
July 2011
About RBS ESSA
4
Spotlight on success
University of
Manchester Ski
and Snowboard Club
The University of Manchester Ski
and Snowboard Club is expecting
to have 700 members recruited
this year, compete in over 5
championships and take around
500 students to the Alps. As well as
organising trips and a busy social
calendar, the club also manages its
own merchandise operation.
Be recognised, be rewarded.
Enter the RBS ESSA awards
for a chance to win a share of
£55,000 prize money
See page 09
The RBS ESSA at a glance
•T
he RBS ESSA is a national accreditation and awards
scheme for student societies
• The RBS ESSA was created by Find Invest Grow
Nottingham University
SIFE (Students in Free
Enterprise)
•T
he scheme encourages, recognises and rewards student
entrepreneurship
This society, which raises over
£10,000 a year, empowers people
through entrepreneurship by
delivering community projects at
home and abroad. One of their
projects includes ‘Future for Jaffna’, a scheme which aims to help
people in Northern Sri Lanka create
successful small businesses after
years of civil war.
• S
ocieties can enter Bronze, Silver and Gold awards
see page 9 for more details
Newcastle University
Rugby Society
Alongside a busy season of fixtures,
Newcastle University Rugby Society
works hard on the business side of
things. It had a turnover of £12,500
in 2010-11. The society raises
sponsorship from large graduate
recruiters, holds fundraisers, sells
kit and has even created their own
mini-training programme for club
sponsorship secretaries.
• S
ocieties can apply for accreditation for free
see page 10 for more details
What are the key benefits of the RBS ESSA?
• A national accreditation, recognising your entrepreneurial talent
• R
eceive an RBS ESSA certificate for your committee members
• A key differentiator for your CV
• The chance to compete for a share of £55,000 prize money
•T
he opportunity to have articles written by your society
published in The Independent
•A
n invitation to the RBS ESSA awards, attended by top UK
employers and sponsors including RBS, NatWest, Coutts,
LinkedIn and The Independent
About RBS ESSA
5
SECTION 3: ACCREDITATION
Get accredited – stand
out from the crowd
The employment landscape for graduates has never been tougher.
To compete in this environment, students will need to work hard to
differentiate themselves. Employers need to be convinced that you’ve
gone that step further to demonstrate ability – beyond the lecture halls.
Employers will be looking for qualities that
set you apart from all the other high calibre
candidates. The RBS ESSA will mark you out
as being part of an enterprising organisation,
where you have put your planning,
management and business skills to good use.
In short, the RBS ESSA can help give you a
competitive edge.
Facts and stats: getting
down to business
• C
ompetition for graduate jobs is tougher
than ever
• 6
0% of the UK’s 2.5m students will leave
with a 2:1 or First (HESA – Higher Education
Statistics Agency 2009/2010)
• The vast majority will have a student loan
• 7
5% will go on to be self-employed or start
their own business within the next 10 years
(Russell Group, Alumni Statistics 2009)
• O
ver the past 5 years, students starting
their own business has increased by 50%
(eGov and NCGE survey 2010)
• O
nly 16% of students get any type of
enterprise development during their study
(ISBE/NCGE report 2010)
Accreditation
6
The RBS ESSA Workshops – inspiring you
to succeed in business
Over the coming year, the RBS ESSA will be running workshops at
100 UK universities. Called ‘Why Be Enterprising?’, the workshops
will aim to harness and develop the entrepreneurial skills of students.
•T
he RBS ESSA Workshops will double the number of students
receiving enterprise education.
•W
orkshops will equip students with the knowledge and skills
to start running their own business.
•T
hese skills will also enhance a student’s attractiveness to
graduate employers and help a CV really stand out.
Getting involved – it’s easy
The application process is simple. To sign your society up to the
RBS ESSA, just follow the two steps below:
1 R
egister your society for RBS ESSA at therbsessa.com
for FREE.
2 C
hoose the award you wish to compete in to win prize money for your
society. The more enterprising your society, the more money it stands
to win. If you have any questions please email the RBS ESSA team at
[email protected]
Accreditation
7
SECTION 4: AWARDS/COMPETITION
Be rewarded
for your efforts
As part of our commitment to encouraging student enterprise,
The RBS Group is supporting two distinct schemes: the RBS ESSA
Awards and the RBS EnterprisingU competition. Both are designed to
encourage you to use your initiative, apply entrepreneurial skills and
develop your business ideas.
So why not take a closer look and see if you’re up for the challenge?
There’s cash – and plenty of recognition – to be won.
The RBS ESSA Awards
The RBS ESSA Awards scheme aims to reward and recognise
the UK’s most enterprising student societies and the teams
behind them.
To enter, firstly you need to register to be an RBS ESSAaccredited society (registration is free).
There are three RBS ESSA award categories:
Gold
Silver
Bronze
Enter the one that most closely reflects
your level of enterprising activity:
the total prize money is £55,000.
Awards/competitions
8
Gold
Silver
Bronze
Prize
Prize 1
Prize
£30,000
£10,000
£10,000
Awarded to the most
Awarded to the society
Awarded to the society
enterprising student
for the most innovative
for the most viewed
society.
fundraising activity.
creative video.
• £
15,000 for the winner
• £7,000 for the winner
• £5,000 for the winner
• £
5,000 for the runner-up
• £
1,500 for the
• £
1,000 for the 2
• £
2,000 for the
5 semi-finalists
2 runners-up
Prize 2: £5,000
Awarded to the society
runners-up
• £
500 for the 6
semi-finalists
running the best series
of events.
• £3,000 for the winner
• £
1,000 for the 2
runners-up
How to enter
To find out more about the RBS
ESSA, how to become accredited
and how to enter the awards,
visit therbsessa.com
Awards/competitions
9
The RBS ESSA
Facts and Stats
• The RBS ESSA was launched in
September 2011
• The RBS ESSA is open to 2.2 million
students nationally across 144
universities
Case Studies
Newcastle University
Rugby Club
Keen to enter the Bronze Award,
the club produced a video, which
features the 1st and 2nd XV. It was
shared on Facebook and Twitter
and generated 10,000 views in
just 2 weeks.
University of Bristol
Boat Club
Chasing Bronze, the Club is planning
a packed calendar of events in 2012,
including their varsity race and ball
complete with official weigh in and all
you can eat. Club members have also
become part of the RBS “An Indian
Summer” fundraising competition.
Manchester
Entrepreneurs
(Manchester
University)
Going for Gold, Manchester
Entrepreneurs’ activities include skills
workshops, speakers events and
business competitions, all aimed at
helping members develop business
acumen while still at university.
They are a committed community
supporting enterprising students
in development of businesses, both
during and after university.
How can I get involved?
Visit: therbsessa.com
Follow us on twitter: @ESSAtweeting
Check out the RBS ESSA channel
on youtube:
youtube.com/user/essacontest
Join us on facebook: facebook.com/RBSESSA
Join the RBS ESSA group on the professional
networking platform: linkedin.com
Awards/competitions
10
Case Studies
Where might EnterprisingU take you?
The aim of RBS EnterprisingU is to help young entrepreneurs
develop their ideas further and ultimately secure funding and
make them commercially viable, as the following case studies
illustrate:
A moving story
Name: Douglas Higgins, Founder,
Mujo Mechanics
The RBS EnterprisingU
competition
As captain of the university rugby first team and a student of
mechanical engineering, Douglas Higgins saw the potential to
incorporate an independent moving cam into weight-training
equipment. This would facilitate a fuller body workout, by allowing
two joints to be trained at once. Douglas developed his business
plan through the FIG process.
The RBS EnterprisingU is a scheme designed
to encourage young student entrepreneurs to
develop their business ideas. It is run by FIG
and sponsored by RBS Group and LinkedIn.
MUJO Mechanics now has a patent on the moving cam gym
equipment and is a fully incorporated business with capital
investment of around £400k from FIG’s network of investors.
The benefits of RBS
EnterprisingU
• Access some of the UK’s top business
experts for support and guidance
Fresh food for thought
Name: Alex Neves and Phil Pinnel,
Scratch
• Attend “meet & greet” events with the
chance to take part in workshops
Underwhelmed by their takeaway diets and the rise of the
ready meal, students Alex and Phil saw a gap in the market for
convenience fresh meals, where you get all the ingredients you
need – raw, chopped, washed and weighed. All you have to do
is cook.
•C
ompete for the opportunity to attend
the RBS EnterprisingU Investor Day where 10
finalists pitch to a room of potential investors
With valuable input from FIG, the team were able to refine
their proposition, establish an infrastructure to cope with rapid
expansion and ensure they were primed to meet investors.
•D
evelop your business plan using tools
at findinvestgrow.com
• Win a share of £45,000 to help kickstart
your business
With £210k in investor backing from FIG’s network, a successful
launch in Sainsbury’s and the services of Michelin-starred chef
Michele Roux, the future’s looking rather tasty for Scratch.
To get started
How to enter
visit: findinvestgrow.com
To find out more visit:
rbsenterprisingu.com
To enter the RBS EnterprisingU competition, follow these three steps:
1. R
egister on the FIG website
2. C
omplete the FIG concept analysis framework
3. E
mail your entry to [email protected]
Awards/competitions
11
SECTION 5: GUIDANCE
Support and guidance
for your society
Establishing good financial habits will be important for your society
now and help it grow in the long term. Even though you may be moving on,
you’ll be leaving your society in tip-top shape for future students to enjoy.
From efficient record keeping to maintaining a Treasurer’s Toolkit, we hope
the following will give you good ideas to help manage your society’s finances.
Managing your society and developing skills for the future
The treasurer
Income generation
Your society will need at least one person dedicated to looking after its
finances. Ideally, that person needs to have some financial knowledge
(an accounting or economics student perhaps). Larger societies with
more complicated or time-consuming financial administration may
establish a financial team, including a treasurer, bookkeeper and
possibly an accountant.
The responsibility of applying for grants,
organising fundraising events and generating
income is often divided between society
members. To ensure good communication and
a speedy response to financial opportunities,
you may want to form a fundraising team
reporting directly to the treasurer or chairperson.
Money management
There are a number of tasks involved in running a society’s finances.
These might include:
• annual budgets
• cashflow forecasts
• preparing accounts
• bookkeeping
• cash handling and banking
• paying bills and individuals
• liaising with society members, student union officials as well as outside
organisations such as banks
In addition, the treasurer or another member may be responsible for
negotiating costs with suppliers, stock control in a bar and control of
assets such as vehicles and equipment. It may be appropriate for larger
societies to have a set of general rules to promote good practice – such as
not allowing any committee members to borrow society funds.
Handling cash and cheques
Special attention needs to be paid to the
handling of subscriptions, takings and
payments. All these transactions must be
carefully recorded and monitored. Money
and receipts should always be passed to the
treasurer to bank and file as soon as possible.
You may also set a cash limit for current
accounts and move any extra money to a
savings account with a higher rate of interest.
It’s also good practice to require two
signatures on cheques, petty cash slips
and expense claims.
Setting budgets
Budgets are worked out by the society’s
committee and comprise the expected income
and costs for the financial year. Budgets should
Guidance
12
be reviewed regularly to ensure they are on track, and to work out ways
of stemming any shortfall if they’re not. The treasurer needs to keep
other society members informed of the society’s financial position
on a regular basis.
Planning your budget
tip
p
o
T
e
to los
y
s
a
too e
l
l
a
your
t
It’s
a
h
w
k of
ng.
trac
endi
p
s
ng
ty’s
eepi
k
socie
d
f
r
reco
one o
d
s
’
o
o
t
i
G
,
ntial
e
rate
s
u
s
c
e
c
s
a
i
to
nt.
eys
k
eme
e
g
a
th
n
a
cial m
n
a
n
fi
The Treasurer’s Toolkit
Online banking
lets you manage and track your society’s
money easily 24/7. You can also make and
receive electronic payments.
Whether your student society is large or small, starting out or
long-established, you need to have a budget in place. This budget should
factor in current aims, surprise expenses and long-term goals. And
once decided, it shouldn’t be forgotten. Think of your budget as part of
a business plan. Review it regularly and adapt to meet changing needs
and circumstances. Long-term budget planning should tie in with the
society’s ultimate goal or ambitions.
Funding
Write down every source of income for your society and forecast how
much money you will generate this year. Membership subscription,
grants, sponsorship, fundraising and social activities (events, balls etc)
can all contribute to the pot.
Costs
Add up your projected costs. Some of these will be fixed, others may
vary month-on-month. Accurately predicting your expenses will help
you manage them more easily. Look at past costs and try to work out
if you expect these to be more, less or the same. Work out which are
your greatest costs. Do you have accurate quotes or good estimates
for all of these?
Budget reviews
Petty cash box
The treasurer should review the budget before each society meeting
to provide a clear view of the society’s finances. This is usually done on
a monthly basis. If it appears income will not cover outgoings, prompt
action must be taken – by either revising the budget or increasing
fundraising and other income-generating activity.
for collecting fees and receipts, and making
small cash payments.
Emergency/Contingency fund
Cash book
for recording income and payments.
Receipt book
If possible, your society should have a sink fund or reserve. This is
money regularly put aside to cover one-off expenses, high capital costs
or emergencies. Ideally (although it may not always be possible), your
society should have a year’s worth of expenditure put aside in a sink
fund, although you will not want to restrict money unnecessarily.
to issue receipts for money received.
Marketing
Filing system
Effective marketing will help you attract members, sponsors and donors,
who will in turn bring money to help you run your society – whether that’s
to meet everyday costs or to purchase new equipment. Try to minimise
the costs of your marketing by using volunteers and asking (politely) for
favours from local businesses – possibly in return for favourable publicity.
Any costs you incur should come from existing funds – not from loans or
overdrafts. Lastly, make sure your marketing messages are honest and
truthful – be sure your society can deliver on its promises!
to store financial information, including
previous years’ records.
Guidance
13
SECTION 6: FIND OUT MORE
There’s a wealth of information and guidance
available online – check out the following links
1. RBS ESSA:
therbsessa.com
he RBS Enterprising Student Society Accreditation (ESSA), sponsored
T
by the Royal Bank of Scotland Group and LinkedIn, is a national scheme
which rewards and recognises student societies and the teams behind
them. The RBS ESSA certification is the official stamp of achievement
and recognised by potential employers.
2. RBS EnterprisingU:
therbsenterprisingu.com
If you have a business idea, this competition could make it happen.
Using the FIG process, you will be introduced to a wealth of tools
and resources specifically designed to help your business grow.
3. Find Invest Grow:
findinvestgrow.com
FIG works with young entrepreneurs, specifically undergraduates
and graduates of the past five years, to help them crystallise their ideas,
support them through the development of their business plans and
introduce them to suitable investors.
4. LinkedIn:
Over 150 million professionals use LinkedIn to exchange information,
ideas and opportunities. Join the RBS ESSA group and RBS
EnterprisingU group on this professional networking platform.
5. MoneySense:
rbsmoneysense.co.uk
and moneysense.natwest.com
RBS Group is supporting
the ambitions of young
entrepreneurs in the UK
Our support for enterprise stretches
from our award-winning MoneySense
for Schools programme to start-up
funding, mentoring and dedicated
support for growing businesses.
Our partnerships with Find Invest Grow,
The Prince’s Trust and The Prince’s
Scottish Youth Business Trust help
to ensure that no matter what your
background or stage of life, you have
the best possible opportunity to start
up in business.
LinkedIn.com
LinkedIn are proud prize sponsors of
both RBS ESSA and RBS EnterprisingU.
They want to connect the UK’s most
enterprising students and societies
to help students build and manage
their professional identity, connect
alumni networks and facilitate career
progression beyond university.
With revamped profiles featuring
sections targeted at students, plus a
graduate job network with opportunities
from some of the top employers in the
country, join LinkedIn to connect with
employers, research your industry of
choice and network with alumni.
ree impartial guidance to help you better understand your money.
F
Includes information on MoneySense for Businesses.
6. NatWest small business advice:
startup.natwest.com
Help and guidance on choosing your business sector as well as
set-up admin, red tape and finances. Also includes information
and ideas to help you expand.
7. NatWest Business School:
natwest.com/business/business-school.ashx
Includes free guides from NatWest, including a free business
plan template and webinars on the topics of the moment.
Find out more
14