Genius Brands International, creators of the TV series "Warren Buffett's Secret Millionaire's Club," has launched the 4th annual Grow Your Own Business Challenge for kids.

The series and annual competition were created to encourage kids to be entrepreneurial and practice good financial habits from an early age.

Sponsored by The Fairholme Foundation, the SMC Grow Your Own Business Challenge is open to kids ages 7 to 14, who are invited to submit original business ideas for consideration.

Last year more than 4,000 kids entered the competition.

Five individuals and three groups will be selected as finalists to present their ideas to Warren Buffett and a panel of judges in May 2015 in Omaha, Neb. One grand prize winner and one grand prize team will each be awarded $5,000. The finalists will also be invited to nominate a teacher who was inspirational in the process to join them in Omaha and win up to $1,000.

"Parents and educators should both play an active part in teaching today's kids about financial literacy and money," says Warren Buffett, chief executive officer, Berkshire Hathaway. "Encouraging young kids to become more involved and take a hands-on approach with their money is a great investment in their future."

Entries must be received at SMCkids.com by Jan. 31, 2015.