FBM has a track record of helping pupils prepare themselves for the future but it also benefits the businesses, schools and teachers who participate.
FBM assists schools to deliver an understanding of enterprise, creativity and the practical application of key skills, by providing a mechanism for schools to encourage entrepreneurial attainment and to promote social and economic awareness.
FBM enhances awareness of the needs of business and industry in line with “a clear focus on the enterprise skills, experience and qualifications that employers want can support preparation for work. Schools should help pupils gain the confidence to compete in the labour market by providing opportunities to gain the practical know-how and attributes that are relevant for employment” (Careers guidance and inspiration in schools March 2015 – DFE - 00111-2015).
Future Business Magnates offers teachers an opportunity to expand their skills base and experience, and appeals to teachers who have an interest in enterprise or being enterprising within their role.
The FBM process can also encourage cross departmental cooperation within schools. As the competition progresses teams are required to work on a variety of Challenges. Each Challenge will be greatly enhanced if students are able to work with a range of teachers who have varied skills.
Future Business Magnates introduces businesses to the world of education and provides a focus for developing corporate and social responsibility through a structured programme.
FBM offers businesses an opportunity to help young people develop their employability skills and appeals to businesses that are interested in helping the next generation.
Many businesses have reported the benefits of FBM as a tool in their staff development programme and have found it provides a method to enthuse young people about potential careers in their industry.
Companies and organisations can be involved in a number of ways. Some are Business Partners and dedicate their efforts to one particular school team, supporting them throughout the competition.
Other businesses are specialists with expertise in particular business areas and will be available to give advice to all teams upon request. Furthermore, a number of businesses and organisations are involved in the role of sponsor, supporter or as a judge for one of the Challenges.