On Sunday, the teams will pitch their ideas to a panel of judges and a winner will be announced.
Head of the Young Enterprise Scheme, Ian Musson, said this was the second year running the event.
"The programme is designed to teach students about business in both countries and encourage a worldview."
Musson said the challenge will require teams to work effectively within a team, think creatively and act entrepreneurially.
It will give them experience in connecting with students from across New Zealand and Japan, real-world business experience, knowledge of cultural and business etiquette across the different countries, and experience in pitching in front of a panel of judges, he said.
He said the challenge will provide insight into how business operates in New Zealand and Japan, encouraging participants to think about business on a global scale.
"Students will learn and develop their soft skills, often referred to as employability skills, such as resilience, teamwork and communication, which will provide benefit no matter what pathway they may choose to take.
"The challenge will look into product development and market opportunities providing real-world experience to the participants."
Otumoetai College's Seth Turner said it was his first time taking part in the challenge.
"I am so excited to go to Wellington. I haven't travelled around New Zealand so that in itself will be an experience."
The Year 12 student said he hoped to go to university next year to study a Bachelor of Business and gain a double major in business management and accounting.
Turner, 17, said this weekend's challenge will be a great opportunity to meet some like-minded business people.
"We are all people who have a passion for business. It will be good to meet the organisers too and make some connections because you never know where that will help you in the future."
Turner said he was passionate about how the Japanese culture affects their business practice.
"They have a really unique style of doing business, things like having a meal before talking business.
"I am excited to talk to businesspeople from Japan and delve into how they do business and how we can integrate some of their business practices into New Zealand."
Tokoroa High School Year 13 student Tiana Manu-Griffin said she had been interested in Japanese culture since she was a little girl.
The 17-year-old said she had been taking Japanese classes since Year 9.
"I took this opportunity as a sign to use my knowledge."
Manu-Griffin said she hoped to study business and Japanese at the University of Waikato next year and BizVenture will help her to build her knowledge and experience.
"It will give me a few more skills that I can use for the future."
It was also Aquinas College Year 13 student Khushman Khakh's first time taking part in the challenge.
The 17-year-old said she was hoping to study business and law at university once she graduated from college and the challenge would help her gain the appropriate skills.
"It is a great opportunity. I can see how businesses not only in New Zealand but around the world approach things.
"It is important for businesses to understand different cultures."
Khakh said she hoped to gain experience from talking with like-minded young entrepreneurs at the challenge.
"I am going to go in with an open mind and take as much out of it as I can."
BizVenture Japan was created through the partnership between Young Enterprise Trust, North Asia Centre of Asia-Pacific Excellence and Education New Zealand in 2021 to offer a dual-country business challenge between New Zealand and Japan.
