Once again, young entrepreneurs can compete their way into a change to pitch their business ideas to Warren Buffet. Young people, aged 7 to 16, individually or in teams of 2 to 4 can submit their entries to the second annual “Grow Your Own Business Challenge”, with a chance to win prizes and the ear of Buffet through February 15, 2012.

Questions on this year’s application include:

  1. Please enter the title for your entry.
  2. How did you come up with your business idea?
  3. Who and what will you need to get started?
  4. Who will your customers be?
  5. How will your idea work? What goods or services will your business sell?
  6. How much money do you need to set up your business? How do you plan to raise that money?
  7. How do you plan to prepare, sell and market your goods or services?
  8. What makes your new business product or service different from other businesses out there?
  9. What makes your business most likely to succeed?
  10. Giving back: How can you raise money for a community program by creating your own business?
  11. Optional: What is the most important lesson you’ve learned through the Secret Millionaires Club and Warren Buffett “Learn & Earn” program?
  12. Optional: You can attach up to 3 support documents. These could include detailed business plans, research data, or images that support your business idea.

There will be two grand prize winners, one individual and one team. The grand prize winners will each receive $5,000 and a 3 day, two night trip to the Grand Prize Event. Finalists (four individuals and two teams) will each receive $500 and a trip to the Grand Prize Event. Semifinalists (10 individuals and five teams) will each receive $250.

You can see last year’s grand prize winners and their ideas here, and the finalists here.

Originally posted by Dane Carlson on December 13, 2012 in Featured / News.

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