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The next generation of entrepreneurs will receive a bit of inspiration from one of Hip-Hop’s most successful businessmen.

Rap mogul Russell Simmons, along with Kauffman Foundation president and CEO Carl Schramm will launch the Race to BE competition, a contest designed to inspire creativity and innovation in young aspiring entrepreneurs.

Five teams will compete in a series of challenges that reflect prominent fields in various locations.

Among the cities participating will be Los Angeles, which will be the site for challenges in film.

Austin, Texas, will serve as the location for the competition’s film challenges, while New York will highlight challenges in fashion.

One winner will be chosen among the 75 contestants participating in the contest.

The Race to BE competition is the USA component of Global Entrepreneurship Week, a worldwide initiative.

The event, which will take place from November 17-23, is dedicated towards inspiring, connecting, mentoring and engaging young people to become self-starters and innovators that will help grow innovative and sustainable enterprises.

In the US, more than 1,300 partner organizations participated in Global Entrepreneurship Week in 2007, which resulted in 3,707 individual events, which were attended by 481,449 participants.

Simmons and Schramm will be on hand to discuss and officially kick off the Race to BE competition on Oct. 2 during a press conference at the New York Stock Exchange in New York.