THE third annual Future Business Magnates competition got underway in Durham yesterday.

Year eight pupils from nine schools in north Durham are taking part in the challenge to come up with the best money-making scheme.

Teams of between eight and 12 students will work with experts from local industry, pitting their wits against each other.

They will operate as a professional company, and tackle six challenges designed to test their business acumen.

The launch was held at Durham University's Collingwood College, compered by Durham FM's Peter Grant.

Guest speaker Geoff Cook, the coach of Durham County Cricket Club, brought the Friends Provident Trophy with him to symbolise the importance of teamwork.

He said: "You cannot win trophies with a team of batsmen, a team of bowlers or a team of wicket keepers. Everyone has their role to play.

"We make sure that there is constant communication right through the cricket club, from the coaches to the chief executive, through all of the players, so that everyone knows what is happening - and that is what you must do.

"You will have arguments and fall out from time to time, but as long as you stick together, I am sure that all of the schools and the businesses will have a venture that is worthwhile."

The competition has been expanded since last year and now includes three Chester-le-Street schools, Hermitage School, Park View Community School and Roseberry Sports and Community College.

Former rivals Fyndoune Community College and Durham Community Business College have amalgamated to form the Durham Federation.

Judges award points for research, teamwork, creativity and originality, time management and planning, as well as for overall quality.

Councillor Bob Wynn, Mayor of Durham, said: "It is fantastic that students are able to get experience of running a real business.

The qualities that they pick up from that will hopefully enable them to start a business or contribute to an existing one and that can only benefit the city."

The competition is sponsored by The Northern Echo, City of Durham Council, Lafarge and Yorkshire Bank.

Last year, it was won by Belmont School Community Arts College with the idea of turning old jeans into bags, pencil cases and other accessories.

The winning school will get the trophy and £3,000 with £100 for each member, including the school mentor.

The culmination of the commerce competition will be a gala dinner at the luxurious Ramside Hall, near Durham.

You can follow the success of the teams by logging on to http://www.thenorthernecho.co.

uk/business/magnates/