A confidence boost? A chance for publicity? A cash prize?

Lloyds TSB, supported by the National Association of College and University Entrepreneurs (NACUE), has launched an Enterprise Awards scheme to find the best university student and graduate entrepreneurial talent across the England, Scotland and Wales. The Awards will recognise and reward the great businesses of tomorrow.

We’ve spoken to some influential and forward-thinking young entrepreneurs about what winning business related award has meant to them beyond the prize they received. Here are five reasons why awards are worth entering…

1) The Experience

Emma-Jayne Parkes and Viviane Jaeger have won a host of accolades for their fashion-based venture SquidLondon. These have included Smarta100 in 2010, the NACUE National Varsity People’s Choice Award in 2010 and the Shell LiveWIRE Grand Ideas Award in June 2009. When it comes to realising the benefits of entering awards initiatives, Emma-Jayne said, “Through being a part of awards’ processes, we have gained valuable skills – like learning how to feel comfortable pitching to a large crowd, having the confidence to stand on stage and, most importantly, thinking on our toes when judges fire questions at you!”

2) Media Relations

Many awards winners will generate an immediate burst of press coverage either regionally or nationally. The Lloyds TSB Enterprise Awards are associated with The Sunday Telegraph, who will in turn provide coverage of the overall winners. This type of exposure can lead to a number of unexpected benefits. But you should try to capitalise on this. Jayesh Hirani of Safer Minicabs and winner of the Shell LiveWIRE Grand Ideas Award in August 2011, says, “My advice would be to follow up with the journalists who write about you and the business to build a relationship with them. “Doing so will mean the fruits of these media relationships could last much longer than the initial PR hit. You could end up becoming a spokesperson or authority on a subject for a variety of media outlets, helping you to keep your name in the media.”

3) Prestige

Winning a high calibre award generates awareness in your brand which can increase your business’ credibility in your market place and beyond. Julia Stafford won the Shell LiveWIRE Grand Ideas Award in August 2011 for her business Wine Pantry which in turn raised their profile for other accolades. Julia explained “winning this award contributed to us being voted one of the Evening Standard’s 1000 most influential companies in London – which was entirely unexpected on our part.”

4) Networking

Attending an awards ceremony is an extraordinary networking opportunity. You have the chance to connect with other business managers – maybe even leading to partnerships, suppliers and customers. For James Sutton, founder of BloomTrigger, winning the ShellLiveWire Live Pitch Competition in December 2011 offered a fantastic platform to build new contacts: “Since being announced as the winner, I’ve made some great new connections from people looking to get directly involved with the project. A lot of these were people at the event, who approached me after seeing my pitch and realising how they could help with the cause.”

5) Attract Talent

MarketInvoice founder, Anil Stocker says that winning the Shell LiveWIRE Grand Ideas Award in July 2011 “has enabled us to recruit a strong team”. People are naturally drawn to award-winning businesses because they want to be part of a “can-do” team and success.”

You’ve seen what those who’ve won awards have to say; now it’s your turn to enter and see what winning the Lloyds TSB Enterprise Awards could do for your business…

If you have won an award for your business then let us know how you benefitted, and share advice on how the Enterprise Award winners can make the most of their success.

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