As digital environments advance, they present new opportunities for entrepreneurial education and business operations. Gamification techniques are increasingly utilized to help students and future professionals develop and test their skills in simulated business settings, offering practical and engaging preparation for real-world challenges. This research paper investigates the factors influencing participant success in “Bizness24h 2023,” one of Latvia’s largest annual business simulation competitions for young adults, held online and at the BA School of Business and Finance. The study analyzes data from 800 participants, focusing on how educational level, gender composition, regional background, and team leadership impact performance in critical areas such as creativity, idea presentation quality, and visual design. The results show that participants’ educational levels significantly influence creativity and the quality of idea explanations but not visual design. In contrast, the gender of the team leader and team structure affect the visual presentation but do not impact creativity or explanation quality. These findings suggest that when forming project teams, it is crucial to consider educational levels, regional representation, gender of the team leader and team structure, depending on the specific goals and expected outcomes. While the study focuses on participants aged 15 to 25, its findings provide insights applicable in both academic settings and business training programs, enhancing the effectiveness of entrepreneurial education across various managerial levels.