Entrepreneurialism is a great thing. Starting up on your own is exciting but at the same time there's that phrase: 'on your own'. Nobody is going to pat you on the back for feathering your own nest no matter how hard it's been (nor indeed how many jobs you've provided for other people). There's a point at which you could do with meeting some of your peer group, and this is where entering an award scheme, whether you're the winner or not, starts to become a great idea.
The BT Business Essence of the Entrepreneur competition celebrates the inspirational small businesses making the most effective use of their technology and previous winners of this accolade will confirm that winning it and even being shortlisted is well worth it.
Now in its third year, the Essence of the Entrepreneur competition celebrates a diverse range of businesses, from landscape gardeners to a retro sweet shop. This year a panel of judges headed by Peter Jones, business tycoon and star of TV's Dragons' Den will award one of the 20 finalists the title of outstanding entrepreneur of the year and a £20,000 business grant from BT. The 20 finalists will also be photographed by Rankin, the renowned celebrity photographer who promises to capture their raw passion.
Let's get the obvious out of the way first: the presence of the credit crunch tells anyone that a £20,000 grant that would equip some 40 staff members with a new laptop is non-trivial. In addition to the big prize for the most outstanding entrepreneur, the judges will also be looking for the best female entrepreneur, best male entrepreneur, the young entrepreneur of the year and the most original business concept, so there are many chances for recognition.
There are other benefits as well. Publicity is certainly among them. All of the quality goods or services in the world aren't much good unless someone has heard about them and a profile or two in a National paper ,as you'd get with this sort of award is more than a good start in that direction.
In the case of the Essence of the Entrepreneur award from BT Business, the publicity takes a very particular form. Most schemes end up with an award ceremony and a plaque or trophy that don't actually tell you anything about the business itself. In this instance, renowned photographer Rankin will photograph the winners in every category. As Mick Hegarty, marketing director, BT Business, says: "This is not just about applauding small businesses but also a visual representation of the efforts of businesses." The striking images by Rankin will be exhibited in London's gallery@oxo in January 2009 for all the public to see; you can be part of a piece of art that makes a distinctive visual statement about the business you run in this scheme.
But, there's more to it than attracting extra customers, however, important though this is. Meeting other entrepreneurs during the process is important. Not only is there moral support on offer, there's the opportunity to network, find new suppliers and contacts, get in touch with those people who can really help you and your business thrive. There will also be people more experienced than yourself; this offers the chance to score some informal mentoring on the evening and maybe to set up something more formal as you progress.
Getting to sample the fruits or such labours starts, of course with your application. This needs to be submitted with care rather than simply dashed off. Yes there's a credit crunch out there, with whatever severity it has (and that's going to vary depending on which report you're reading) and remaining profitable in this environment is an achievement. Let's take it as read, however, that everyone applying has done reasonably well. Your application needs to stand out.
An application should, if handled right, work almost as a piece of consultancy in its own right as it will force you to look objectively at the shape and structure of your business before sending it in. No, of course you're not going to put the negatives into your application directly - "We're rubbish at cash flow control" isn't going to win many prizes, that's clear. But if you're rigorous enough the process will highlight any failings to you and enable you to decide what action to take - in fact some entrants to other awards have in the past withdrawn with a note explaining that they didn't feel ready to enter, but that the process had enabled them to transform their business by highlighting areas they needed to strengthen or allowed them to re-evaluate long-term goals.
Ruthless rigour aside, there are other pointers to submitting the award that's going to get somewhere in the listings. Some of these are going to be blindingly obvious but people still get them wrong. Read the criteria for entry and see whether you really qualify and what you can bring to this particular scheme. The BT Business Essence of the Entrepreneur award is aimed at people using technology for their business in an innovative way, for example – so if your idea of technical innovation is to have a website or respond to e-mails in less than two days then once again you need to look at exactly how this has helped. Has it opened up new markets for you, perhaps saved enormous costs and enabled you to pass benefits on to customers? Think about specifics rather than generalities and your chances will be enhanced.
Look also at who is judging the award and what they've said. In the case of BT Business Essence of the Entrepreneur, Peter Jones has already been quoted confirming he's looking for people with long-term strategic plans rather than someone with thoughts about a short-term hit. And being strategic about an entry is as important as being strategic about a business plan.
It's clear that many other benefits will flow from getting the application right. Whether you win the award or not, going through the process will offer an insight into your organisation and its strengths and weaknesses, and allow you to evaluate your business planning to date. The extra contacts, advice and maybe even consultancy will follow as a natural result of a successful entry.
Good luck!
For more details on how to enter, plus full terms and conditions for entry, visit the BT Business Essence of the Entrepreneur website. Closing date for registration is August 31.
The Judges
Peter Jones
A proven businessman and star of the BBC's Dragons' Den, Peter Jones is now looking for entrepreneurs that are making a difference.
John Dunsmere
The managing director of the British Chamber of Commerce Enterprises, the commercial arm of the BCC joins the panel for the third year.
Mick Hegarty
Marketing director at BT Business, Mick is responsible for delivering solutions that enable BT Business customers to harness the power of broadband.
Adam Shaw
Award-winning financial reporter and presenter, he currently presents BBC 2's Working Lunch programme.
Tricia Philips
Now editor of the Daily Mirror, Tricia started on the Evening Standard, moving from news to features where she helped launch the Homes and Property supplement.
James Hurley
James is editor of Growing Business magazine and growingbusiness.co.uk.
Rob Wood
Winner of BT Business Essence of the Entrepreneur in 2007, Rob Wood is the creative director and founder of Music Concierge – an award winning music consultancy.
Jennifer Irvine
The founder of Pure Package, the diet service delivered directly to your door. Jennifer won BT Business Essence of the Entrepreneur in 2006.
Rankin
After establishing counter-culture magazine Dazed and Confused in 1991 with business partner Jefferson Hack, Rankin enjoys a reputation as one of the world's leading photographers.
