Young men and women intrigued by entrepreneurship can learn more about it during Global Entrepreneurship Week, November 17 to 23. 

The worldwide initiative is designed to inspire, connect, inform, mentor and engage the next generation of entrepreneurs, defined as people under 30 years old.

More than 60 countries around the world have signed on as participants. During the week, a series of events will be held on international, national and local levels. Activities will include invention competitions, entrepreneurship film festivals, networking events, school-based activities and local entrepreneurship summits.

While global in scope, at its heart the week is a local initiative reflecting the customs and entrepreneurial culture of each community. After all, what works in Boise, Idaho might be quite different from what works in Bangalore, India. For example, the Netherlands is launching its version of the week from the floor of Euronext, and Chile is planning a 10K race.

Global Entrepreneurship Week was initiated by the Kauffman Foundation in the U.S. and Make Your Mark in the United Kingdom. Global sponsors are Ernst & Young, IBM and NYSE.

For more information, visit the website. --Eve Gumpel

Imagine being the best in the world at something you love. Or being acclaimed as the greatest of all time. That's what Michael Phelps has achieved--becoming the greatest Olympian after winning eight gold medals in the 2008 Beijing Olympic Games. It all adds up to 14 career gold medals for Phelps. Many are calling him the greatest swimmer of all time.

Entrepreneurs could take a page from Phelps' book when it comes to dedication. To become a focused swimmer, he had to channel his ADHD, for which he took Ritalin as a child. After losing an Olympic event in 2000, at the age of 15, he immediately began training to improve. He swims 50 miles a week and consumes 12,000 calories daily to keep up his almost super-human strength.

That's how many people are defining him: super-human. "He is just a normal person, but maybe from a different planet," Russia 's Alexander Sukhorukov said after Russia placed second to the United States in the 800-meter freestyle relay Wednesday, according to the Associated Press.

The AP reported that another swimmer offered his coach an alternate theory about Phelps' greatness: He's a superior swimmer from the future who traveled back in time to swim off the charts in Beijing.

Many a would-be entrepreneur has had a daydream similar to that scenario: "If only I could be a time traveler, I'd go back, invest in Google and have tons of money for a startup now."

But wouldn't it be so much better to instead think, "What can I do now that will put me in that place in four or five years?"

That's the attitude that took Phelps up a steady ladder of success from the games in 2000, to four yeas ago at the 2004 Athens Games, where he won six gold medals, to today.

The world needs entrepreneurs just as it needs Olympians--both inspire and drive people to be better at what they do. Now is the time to think up your own Olympic-sized regimen. --Elizabeth Wilson

Self-made billionaire Bill Bartmann, an entrepreneur who started seven different businesses, is launching a resource guide aimed at keeping business owners from failing during an economic recession.

At a cost of $100-per-year, business owners or would-be entrepreneurs get access to tips ranging from "what business should you be in" and "how to expand your business" to "basic steps to borrowing money."

More than 30 tutorials presented by Bartmann come with the package. Lecture topics include:

• How to write a clearly defined objective. Determine what you want to accomplish and how to propose a business plan.
• How to write a clear marketing plan. Who will buy, why they'll buy and how they'll find out you even exist.
• How to reduce operational expenses and increase your marketing budget proportionally. Learn how to get a higher return for money spent.

For more information, please visit www.billionaireu.com. --Elizabeth Wilson

If meeting your tax obligations is--well, taxing--you might be interested in a bi-weekly newsletter the IRS is distributing. IRS' e-News for Small Businesses addresses such topics as upcoming tax dates for small business, reminders and tips to assist with tax compliances, plus links to websites and resources.

To subscribe, click here.

The IRS distributes several other newsletters, including IRS Tax Tips and Retirement News for Employers. For a list of newsletters, click here.

About 2 million workers across the United States receive a 70-cent hike in their federal minimum wage Thursday, from $5.85 to $6.55 per hour, according to the Associated Press. It's the second in a three-tiered increase as part of a law passed in 2007. Next year the federal minimum will climb to $7.25 per hour.

Small businesses may choose to pass the cost of the increased wages on to consumers, according to the AP, while many businesses already pay more than the lowest wage.

The federal increase won't catch up with the 23 states that have a higher minimum. Experts say next year 5 million workers will see a boost because $7.25 will meet or exceed their states' minimum. --Elizabeth Wilson

Federal investigators from the Government Accountability Office (GAO) released reports Wednesday indicating that millions of dollars intended for small businesses were misallocated due to a weak application process in a SBA program. A Congressional hearing on the investigation is taking place today.

GAO investigators claim the SBA's Historically Underutilized Business Zone (HUBZone) program, intended to boost small businesses in economically depressed areas with federal contracts, allowed wealthy, unqualified businesses to commit fraud and abuse the program.

GAO's six-month investigation into HUBZone, created in 1997, reveals that SBA rarely makes site visits and doesn't verify facts on applications it receives. According to GAO, it was able to obtain HUBZone certification for four false business firms it created to test the soundness of the application process. 

The report states that since 2006, federal agencies gave more than $105 million to these firms that were acting as primary contractors on federal contracts.

The House Committee on Small Business hearing on the investigation takes place today, in Washington, DC. SBA Acting Administrator Jovita Carranza, GAO Director William Shear and Managing Director of GAO's Forensics Audits and Special Investigations Gregory Kutz will participate as witnesses. --Elizabeth Wilson

President Bush announced Wednesday his decision to appoint Sandy Baruah (bah-roo-ah) as head of the SBA. The decision came as somewhat of a surprise, as the acting administrator was expected to remain in charge until the end of Bush's term. It will be up to Bush's successor to determine whether to keep Baruah in the spot or nominate a new candidate.

If approved by the Senate, Baruah would replace Steven Preston, who was recently confirmed as Secretary of Housing and Urban Development. Jovita Carranza, the SBA's second-in-command as the deputy administrator, has been the agency's interim head.

Baruah is an assistant secretary of commerce. It's not yet known how the move will affect small businesses, but Sen. John Kerry (D-Mass.), chair of the Small Business and Entrepreneurship Committee, says he plans to review Baruah's record carefully to make sure he fits the job.

"The next administrator at the SBA must be ready to offer creative solutions for the current credit crunch, implement programs that will actually help women and minorities gain access to federal contracts and loans, and make sure that small firms have access to counseling and training to grow their businesses in this tough economic climate," Kerry says in a written statement. --Elizabeth Wilson

You've got to love networking on Facebook--its 21 million users do--and now small businesses can get some advertising on the site for free, according to the Associated Press.

Small-business owners should know that the behemoth San Francisco-based Visa is investing in networking, and becoming one of Facebook's 24,000-plus applications already added to the site in the past 13 months.

Visa Business Network debuted Tuesday on Facebook, and the first 20,000 small businesses in the United States that join will be given $100 in advertising credit to use on the site. That adds up to $2 million worth of free advertising Visa will pump into the small business world.

The hang-out site that still has leaps and bounds to go to prove its advertising worth gets the powerful hand of Visa marketing added to its resume in the new business network's launch.

There, entrepreneurs can swap virtual business cards, connect with the 80,000-plus small business owners already on Facebook and even seal business deals.

One of the interactive elements provided by the network includes a Q&A feature headed by five of Entrepreneur's expert columnists who are there to offer solutions to small businesses. --Elizabeth Wilson

If you're mechanically and environmentally inclined, a $10 million prize could soon be yours. The X Prize Foundation is offering $10 million for a super-efficient car. The competition is open to established automakers and unknown engineers, and it's meant to result in cars available for purchase, not just concept cars.

So far, more than 60 teams have signed up for the competition. The winners will participate in a cross-country race in 2009, in which they'll be judged on fuel efficiency, speed, distance and other factors. For more information, check out the website for the Progressive Insurance Automotive X Prize.

Do you think your business idea has what it takes to shake up the business world, but not enough money to make it happen? Then prepare your elevator pitch for PerfectBusiness.com's National Pitch Challenge. The goal of the competition is to find the best business ideas in the U.S., and fund at least 25 businesses across the country. The top 10 pitches will receive a business prize package, consulting services and funding from angel investors and venture capitalists.

"We're looking for serious business ideas from capable entrepreneurs," said Dan Bliss, co-founder of PerfectBusiness.com. "Most professional investors are interested in startups or existing businesses that have potential for rapid growth and large returns on investment."

The top ten pitches will be determined by a panel of business experts and investors. You must be at least 18 years old to enter. Submissions will be accepted from September 1 through December 31, 2008. Winners will be announced on February 2, 2009. Check out the official website for more information. Good luck!