I was very privileged last night to have attended the Bank of Scotland, North East Regional Final of their £35m Entrepreneur Challenge and I'm sure that this morning, when the winners woke up, their corporate lives had been made a little bit easier, especially in this current economic climate!
The Sunday Times Bank of Scotland Corporate Entrepreneur Challenge, which is now in its second year, is a nationwide event giving the winners of seven regional competitions an interest-free loan of up to £5m over three years. Which at today’s rates, that’s equivalent to a cash prize of £825,000.
One of the most interesting things about the event was the feedback that the judges gave during their live stage interviews, prior to the winner being announced. Comments made by the two judges we listened to stated that one of the major considerations that they had taken into account when deciding who should win, was literally who could handle £5m of debt the best. As of course, it was only an interest free loan and would have to be paid back. The other consideration related to which company was deemed to be seen as the best 'risk manager' rather than 'risk taker'.
So what makes a good entrepreneur? Is it nature or nuture? Some of the amazing people I met last night were not only inspirational but had stories that were so motivational, it really got me thinking about what traits make a true entrepreneur. I'll share my thoughts as they develop!
Also, have you considered entering any business awards yourself? My own personal opinion is that they are definitely worth entering as not only can you get PR coverage that you couldn't buy yourself, they can add kudos and credibility to both you and your business. If you haven't added this to your business plan then you'll be missing out on a fabulous opportunity that normally money just can't buy! There are an array of awards out there, simpy search online and you'll find them. So get entering.....you've got nothing to loose and everything to gain!
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