Warren Buffett Picks Winners in Kid Business Competition

Warren Buffett calls them the tycoons of tomorrow. He's talking about the top finalists in the national Grow Your Own Business Challenge competition.

"To see what they come up with it blows my mind. I couldn't have come up with that. I'm so glad I don't have to compete with them," laughs Warren Buffett.

Kids between the ages of 9 and 14 sent in their own business plans to be judged. Monday, May 19th the finalists got judged by Buffett and other national leaders.

Jake Johnson, 15, won the individual competition with his recreation of the bow tie.

In total, over 4,000 kids submitted plans. Johnson said the best advice he could give for other kids across the country is to go for it.

"I would definitely just say don't be afraid to start. Taking that first step, whether it is a clothing product, then don't be afraid to make the first prototype, don't be afraid reach out to different people," said Johnson.

For those that didn't win, Buffett said, "All of history is full of people that didn't finish the first time around."

The winners each got $5,000, and all the finalists also got 10 shares of Berkshire stock.

The competition is part of Warren's Secret Millionaires Club.

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