A year has passed since Serendipity, a company set up by students at De La Salle Sixth Form, won the 2005 Young Enterprise HSBC Company Programme competition. A year on, Alexandra Cachia, managing director of Serendipity, describes her experience as unique journey and a springboard for 12 individual careers.
"I remember all those stressful nights wracking our brains to find solutions for problems, the endless hours at the production house, those late night meetings... the exciting memories preparing for the national trade fair, meeting the judges and the night of the final presentations. I don't think I was ever that nervous in my entire life right up until the last moment when they announced the winners!"
Serendipity was the first De La Salle College team to win the HSBC Young Enterprise Company of the Year Award. The company, which Ms Cachia describes as "a fun company with a heart of gold", produced innovate wooden antiquity storage boxes.
Ms Cachia said her experience thought them how to plan ahead, organise the time properly and work as a team, listen and respect other peoples' opinions.
"We learnt how vital the business plan was throughout the year. We definitely improved our problem-solving skills. Wrong wood, crackling that won't crack, crooked lids, customer deadlines... but we found a way to fix it. We kept trying new ideas and learning new tricks, not from our successes but by making mistakes and trying again.
"Best of all we enjoyed the look on our customers' faces when we delivered their boxes. From the start of young enterprise we set out on a mission. Eight months down the road, we 12 young students look back and cannot recognise each other. Winners or not, one thing is for certain - we are no longer green."
Kane O'Flaherty, marketing director of Serendipity, also looks back with a smile and thinks of the Young Enterprise programme as an asset on his CV.
"It was only after going through the experience that I understood how important and useful each and every part of the process was. My role enabled me to develop my knowledge in the marketing department which aided me in school work, as well as my Matsec examinations.
"Our nine-month journey was a real awakening of what the business world really is. Each team had to strive to reach their individual goals through hard work, teamwork and dedication. The fact that we were running a company at such a young age and competing against friends is an unforgettable experience. Looking back, it is amazing how the team developed.
"Young Enterprise was truly a growing experience, and has surpassed my expectations of what a preparatory business programme should be. Young Enterprise has taught me skills that I will find useful throughout my life. It is a chance to experience first-hand the real world instead of following instructions out of a textbook," Mr O'Flaherty said.
Next week will see a new company being declared winner of the 2006 Young Enterprise HSBC Company Programme competition. The winners will go on to face competition from students from other European countries. Last year, Serendipity competed against other students from all over Europe during the finals which took place in Oslo, Norway.
Mr O'Flaherty said: "When comparing our small country to the other larger countries competing against us, we realised that although our team was chosen from among only 14 teams, we were still able to outshine the rest who were chosen from thousands of companies.
"After nine months of hard work, stress and dedication, each team feels like they have gone all out and given their utmost to this inspiring journey. However, in order to stand out from the rest, one must be innovative, inventive and original in every aspect of the business. Confidence on stage also plays a major role; it lifts the team up and portrays them as professionals," he said.
Ms Cachia's word of advice is to follow her company's 10-step recipe: "Invent innovative products, use your time wisely, identify your strengths, build on your strengths, turn up the power, mobilise your team, use your head, use your heart, sell products that don't come back to customers who will come back, and finally, show gratitude... Overall, always look for ways to do things better, faster and smarter".
Earlier this week, the students from 16 companies presented their business plans, final reports and audited accounts, and were interviewed by the judging panel.
Kevin Attard, country manager at Oracle, who is heading this year's judging panel, said that the level of the Maltese students taking part in Young Enterprise is very encouraging and is improving from one year to the next, not only within the local competition but also at international level.
"The determination and enthusiasm these teenagers put into this competition is impressive despite the high academic pressures they all face at their age. Apart from business acumen, this experience helps them as well to manage stress and prioritise better, all essential skills that they will treasure when they shall move into the industry in a few years time.
"Going through the whole phases of a company lifecycle, from inception up to the liquidation, including most of the functional aspects of an organisation, such as marketing, finance, IT, human resources, production and sales, the participants widen extensively their industry-related knowledge base on top of their acquired academic studies.
"It is also encouraging that most of the YE companies find space for corporate social responsibly within their agenda, a social aspect that is gradually increasing its momentum within industry," Mr Attard said.
The finals will be held at the Hilton next Tuesday. The winning company will represent Malta in Interlaaken, Switzerland, during the European finals of the 17th Junior Achievement Young Enterprise Company of the Year Competition between August 1-5.