MTV has announced it's ordered a new The Apprentice-like reality competition series starring 50 Cent.

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The currently untitled reality series will follow 16 young men and women living together and competing against each other while learning from the rapper and business mogul.

During each episode the contestants will compete in a series of challenge designed to test their "savvy, street smarts, manipulation, power and the art of winning," according to MTV.  At the conclusion of each episode, 50 Cent will eliminate contestants by testing what they've learned so far in the competition.

The show's winner will receive a full scholarship to an undergraduate or graduate business program, depending on his or her academic status and accomplishments.

MTV previously aired a The Apprentice-like reality series in 2004 called The Assistant, which featured comedian Andy Dick searching for a personal assistant.

The untitled reality series starring 50 Cent was one of four new reality series ordered by MTV.  The network also ordered Buzzin', which will follow musical artist Shwayze in his personal and professional life; Busted, which will offer a behind the scenes look at youth who break the law; and Making the Rock Band, a spin-off of its Making the Band reality series.

The untitled 50 Cent project is executive produced by 50 Cent; Michael Hirschorn, Stella Stolper and Chris Choun for Ish Entertainment; and Chris Lighty for Violator Management.