Doors will be open between 3pm and 6pm, at the Emsworth Crescent venue (behind Morrisons).
Go along, grab a stall, and test out your ideas and the market for your goods and services.
Expert advice will also be on hand for anybody thinking about setting up their own business.
There will be prizes for the best business idea on the day and ongoing mentoring support towards setting up and making your business a reality.
As well as budding entrepreneurs the event will be an opportunity for local businesses to promote their goods and services, and for community groups to raise much needed funds for their work.
Local schools are involved, with children and young people running stalls to sell items made at school.
Any unemployed residents looking for work can also find out about an exciting employability programme starting in the area called 'Get Ready for Work'.
City of Wolverhampton Council has teamed up with a number of partners to deliver one to one coaching and mentoring support, work related courses, links to employers and pathways to work opportunities in warehousing, construction, customer services, hospitality, catering and cleaning.
Residents are encouraged to attend the Community Enterprise Event to show their support to local businesses, community groups and schools.
There will be an opportunity to buy goods and services from a number of entrepreneurs promoting arts and crafts, jewellery design, cake decoration, beauty treatments, floristry, natural health products, fashion clothing, complementary therapies and lots more.
The event is being organised by the council's Economic Inclusion Service in partnership with Pendeford Action Liaison Scheme (PALS), St Paul's Church, Aldersley High School, St Paul's Primary School, Access to Business and City of Wolverhampton College.
Councillor John Reynolds, Cabinet Member for City Economy, said: "This event brings together all generations from the local community and gets them working together.
"Most importantly, it is an opportunity to help unemployed people in the area get a foot on the ladder and access some key support services."
Sylvia Simpson MBE, Chair of PALS, added: "This event is all about encouraging enterprise within local communities.
"We want to give people the opportunity to try out any business ideas they may have and receive expert advice from the City of Wolverhampton Council Economic Inclusion Service and Access to Business.
"In particular we want to encourage residents to use local businesses and boost the local economy, keeping people in work during these challenging times.
"Furthermore any unemployed residents can come and find out about an employability scheme to get people ready for work, which will be starting in the area."
- released: Friday 5 February, 2016