President Obama hosted a group of up and coming entrepreneurs as well as world-renowned businessmen and women at the White House on Monday as part of an event on global entrepreneurship.

The president hopes to promote and increase entrepreneurial projects among diverse groups around the world.

The event, which Latin Post reported on last week, brought together young entrepreneurs from across the U.S. and around the world as part of the administration's Spark Initiative, a group of programs spread across the world to encourage women and young people to enter business.

Held at the White House's South Court Auditorium, the event brought business personalities like Mark Cuban, Barbara Corcoran and Daymond John from the show "Shark Tank" as well as government officials and other leaders of industry.

"We're here today because we believe in the power of entrepreneurship -- the basic notion that if you've got an idea and if you really work hard and you're able to pick yourself up if you stumble a couple of times, you can eventually turn that idea into a reality," the president said.

"And this matters to us because encouraging the spirit of entrepreneurship can help us to tackle some of the greatest challenges that we face around the world."

Amid the many jokes President Obama made, he talked of the hope and possibilities available to, what he calls, "social entrepreneurs." These young men and women from around the world could help tackle their home countries' problems like climate change, poverty, and disease.

With many people under the age of 30 constituting the majority in many struggling nations, hopelessness and poverty spreads among the younger generations, the president explained. Rather than allowing them to turn to terrorism or crime, the president believes they should turn to something beneficial.

"And that's why, from the very beginning of my administration, I've elevated our support for entrepreneurship to make it easier for young people -- and people generally -- to start a new business or a new social venture," he said, touting the Global Entrepreneurship Summits he had held since 2010.

"We've helped small businesses expand into new markets, mobilized new investments, connected emerging innovators with mentors and networks, and expanded access to capital," the president continued.

One of the places President Obama's initiative focuses on is Latin America. The president joked about visiting Bob Marley's home in Jamaica, but explained he was in the Caribbean nation to launch an initiative for young entrepreneurs in Latin America and the Caribbean.

This could benefit the region, which has experienced a slow down in its recent rapid economic growth. The International Monetary Fund explained in October 2014 the region's economic growth had slowed as commodity prices fell and other internal factors.

The president announced nine new business ambassadors to promote the programs and its goals. Among them is Brian Chesky of Airbnb.

He "is going to help the Cuban people navigate new business opportunities as their economy opens up to greater Internet connectivity and modern payment systems, which provides enormous opportunities for individuals inside of Cuba at a time when things are transitioning and changing," the president explained.

He also praised the work of Colombian entrepreneur Jimena Florez, who started her own healthy snacks company with other female entrepreneurs.

"I believe that entrepreneurs like you can make the world a better place, one idea at a time," the president said towards the end of his speech. "And you're going to be how change happens -- one person, one step, one business, one city, one country at a time."