  We use Multiple Mirror Telescope (MMT) spectrophotometry and Hubble Space
Telescope (HST) Faint Object Spectrograph (FOS) spectra and Wide Field and
Planetary Camera 2 (WFPC2) V and I images to study the properties and
evolutionary status of the nearby (D = 11.4 Mpc) extremely metal-deficient blue
compact dwarf (BCD) galaxy SBS 1415+437=CG 389. The oxygen abundance in the
galaxy is 12+log(O/H)=7.60+/-0.01 or Zsun/21. The helium mass fraction in SBS
1415+437 is Y=0.246+/-0.004 which agrees with the primordial helium abundance
determined by Izotov & Thuan using a much larger sample of BCDs. The
alpha-elements-to-oxygen abundance ratios (Ne/O, S/O, Ar/O) are in very good
agreement with the mean values for other metal-deficient BCDs and are
consistent with the scenario that these elements are made in massive stars. The
Fe/O abundance ratio is ~2 times smaller than the solar ratio. The Si/O ratio
is close to the solar value, implying that silicon is not significantly
depleted into dust grains. The values of the N/O and C/O ratios imply that
intermediate-mass stars have not had time to evolve in SBS 1415+437 and release
their nucleosynthesis products and that both N and C in the BCD have been made
by massive stars only. This sets an upper limit of ~100 Myr on the age of SBS
1415+437. The (V-I) color of the low-surface-brightness component of the galaxy
is blue (<0.4 mag) indicative of a very young underlying stellar population.
The (V-I) - I color-magnitude diagrams of the resolved stellar populations in
different regions of SBS 1415+437 suggest propagating star formation from the
NE side of the galaxy to the SW. All regions in SBS 1415+437 possess very blue
spectral energy distributions (SED). We find that the ages of the stellar
populations in SBS 1415+437 to range from a few Myr to 100 Myr.
