The first team is going to sell a range of flowers with the second one trading in tea.
The students will be submitting their business plans by 20th October 2017 to Peter Jones and then will have access to a start-up loan of up to £1,000.
The teams then enter the trading phase just like a real-life business. This lasts for the seven weeks in the run up to Christmas.
An evaluation report is then prepared by both teams towards the end of December 2017. The competition culminates with the finalists being announced in February/March 2018 and being invited to a ceremony, which in the past has been held at Buckingham Palace. The overall winners of the competition will be announced at the ceremony and presented with their prize of £1,000 to be invested in their business.