BUSINESS-MINDED students are being urged to take part in the national enterprise competition Tycoon in Schools 2015.

The contest has been launched by Dragon's Den star Peter Jones and challenges pupils to set up their own real-life companies.

The prestigious competition was won two years ago by students from Avonbourne College in Bournemouth who set up a business called Funnelling 4 Fuel.

They used recycled cooking oil as fuel to run their college minibuses and won an investment of £1,000 to take their business on to bigger things.

Each team is urged to submit a detailed business plan and is given a loan of up to £1,000 before setting out to raise as much profit as possible during a set trading period.

Peter Jones Foundation CEO Alice Barnard said: “We encourage as many schools as possible to get involved and reap the benefits of this unique practical experience. For the first time, we have decided to open the challenge to primary schools as well as secondary, so that we can share the rewards of enterprise education with children from a younger age.”

Last year’s £1,000 investment prize money was tripled and split between three finalists at a ceremony in Buckingham Palace in March.

Funneling 4 Fuel, 2013 winners, have just been nominated for the Observer’s Young Green Champions award.

Mrs Barnard added:“What has been really encouraging is seeing past participants continuing with their companies and achieving great things beyond the close of the competition.”

Recent research conducted on behalf of the Peter Jones Foundation found that many schoolchildren admire entrepreneurs more than they do doctors, teachers and politicians.

More than 40 per cent of a sample of past Tycoon in Schools participants said they admire entrepreneurs ahead of any other profession, while more than a quarter hope to one day set up their own businesses.

Speaking about the results, Mrs Barnard said: “It is great to see that so many young people are seriously considering entrepreneurship as a career path. Since the competition began three years ago, we have seen that more and more schoolchildren consider self-employment as a viable option for the future.

“To ensure we are preparing our young people to achieve these aspirations, we must equip them with the skills they need to thrive in the 21st century workplace.”

If you are interested in taking part in Tycoon in Schools 2015, please visit tycooninschools.com/registration-interest.