The competition, aimed at entrepreneurs studying the BTec national diploma in business and retail, will see ten teams start up and run their own business for six months.

Once their time is up, students will present their business’s plans and financial results to Tom Harrison, chairman of Mortson Assets, in the style of the hit BBC Two programme.

Morston Assets is the developer behind the Yours South Lynn Millennium Community, a mixed-used development which will include housing, retail space, a state-of-the art enterprise and entrepreneurship centre and a new college campus.

Once the South Lynn community is finished, the winning team will be offered a business unit rent-free for a year, should they wish to continue with their business.

Teams are already working hard on their ideas ready to unveil them next week, when they will each receive £100 from the Norfolk Charitable Trust, which supports economic development through research and grants.

The trust provides small and new businesses with free accommodation for up to two years through its Sexybiz scheme (space exclusively for young businesses) to help them on their way.

The proposed enterprise centre will have space for the Sexybiz scheme and it is hoped some of the businesses created through the competition will be among the first tenants.

excitement

Ms Isobelle Robinson, lecturer in the BTec national diploma in business and retail, said: “This competition has given the students a real taste for enterprise and they have enjoyed perfecting their business ideas in small teams ready for the launch.

“The buzz of excitement within the groups has been inspirational and the quality of work produced so far has been amazing. Between them, the groups have created a number of promotional initiatives including websites, launch parties and enlisted some of the local media and are now showing a profit for their businesses.”

Mr David Taylor, head of sustainable development at Morston Assets, said: “This competition provides young, ambitious and innovative entrepreneurs the opportunity to start up a business and we hope there will be much to celebrate over the next six months.

“Encouraging local entrepreneurs and enterprise to develop and succeed is central to our vision of developing 21st century sustainable communities where each job is important and respected.

“The business-biased community ethic we develop in our Yours projects provides the support and encouragement to businesses whether new or established.”

The students will be presenting their business ideas at the college today.