04/27/2012 11:52 am ET Updated Apr 27, 2012

Young Entrepreneurs Honored By NFIB

The National Federation of Independent Business' Young Entrepreneur Foundation gave out 130 scholarships to high school seniors, ranging from $1,000 to $5,000. Of the top five, one student will receive the 2012 Young Entrepreneur of the Year award and an additional $10,000 scholarship for their entrepreneurial endeavors.

The foundation, which was formed to raise awareness among young people about the importance of entrepreneurship and private enterprise, provides mentors and classroom materials to help educate students of all disciplines about operating a small business. The foundation uses a three-module curriculum that is available free of charge.

"The entrepreneurial spirit is alive and well in America and we at the NFIB Young Entrepreneur Foundation could not be more confident in our next generation of business owners," Kurt Summers, chairman of the NFIB Young Entrepreneur Foundation Board of Directors, said in a statement.

The top five finalists, who were awarded $5,000 scholarships, will be honored at the NFIB Summit in Washington D.C., in May, where one will be chosen as Young Entrepreneur of the Year.