Warren Buffett teaches kids how to become successful business owners

4th annual Grow Your Own Business Challenge announced Monday at UM

CORAL GABLES, Fla. ā€“ The countdown is on for the next winner of the Grow Your Own Business Challenge for kids.

"Once a kid gets that bug, that idea, they become excited," said Norm Goldstein, CEO of Kids for Kids.

The challenge is part of Warren Buffett's Secret Millionaires Club program, the purpose of which is to teach kids at an early age the basics of finances and starting your own business. The national online competition kicked off Monday at a special launch event with the University of Miami's Launch Pad and the School of Education & Human Development.

More than 100 elementary and middle school students in Miami-Dade County took part in the announcement of the fourth annual challenge.

"I've made thousands and thousands of dollars off of this product," said last year's winner, Jake Johnson.

At just 15 years old, Johnson, from Charlotte, North Carolina, is already a business owner, running a company that specializes in custom bow ties.

"The Grow Your Own Business Challenge was a great way to not only get my foot in the door with entrepreneurship, but officially launch (my business) in only about a month," said Johnson.

Johnson beat out about 4,000 other kids nationwide in last year's competition.

"I've always been known as the bow-tie guy," said Johnson. "So I just went home and started."

And just like with Johnson, this year's challenge is to get other kids started, and inspire them to think outside the box.

"What this is all about is to become entrepreneurial and successful around the world," said Goldstein.

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About the Authors:

Amanda Batchelor is the Digital Executive Producer for Local10.com.