IT really is now or never. You have only eight days left to enter the Sunday Times Bank of Scotland Corporate £35m Entrepreneur Challenge before the deadline at midnight on May 19.

In what is the most valuable prize ever awarded to British business, Bank of Scotland Corporate will be providing seven regional winners from across the country with up to £5m of interest-free funding for three years to enable them to grow their business and realise their dreams.

Peter Cummings, chief executive of Bank of Scotland Corporate, said: “From the applications we have received so far, it is clear that Britain undoubtedly has a rich seam of business talent and entrepreneurial spirit.

It gives me great confidence to know that there are a lot more exciting entrepreneurs out there than you would think, keeping Britain at the forefront of world commerce.”

In addition, all the companies shortlisted in each region will enjoy networking opportunities at high-profile dinners to announce the local winners.

Networking has been proven time and again to be one of the best ways for ambitious entrepreneurs to take their businesses to the next level.

In a survey of 250 UK entrepreneurs, Bank of Scotland Corporate found that an overwhelming 81% of respondents saw networking as either fairly important or very important to their business. Only 4% said that networking was not important.

Those who extolled the importance of networking said that the main benefits were to meet potential customers, suppliers and investors. The other benefits of networking included the opportunity to meet other people in similar situations and to get advice on issues affecting their business.

One respondent, Peter Taylor of The Town House Company, said the advantages of networking were that “it keeps us in the mind of our customers”, while entrepreneur Michael Smith of Orb International KMS said that networking meant he could “learn from other people”.

The best networkers don’t stick to one group but mix with a variety of people who will fulfil their different needs.

To be eligible to enter the Entrepreneur Challenge your business must have a turnover of at least £2m and at least two years of continuous growth in profits and sales. The business can be in almost any industry sector, with one or two exceptions. The key to success is to inspire our panel of judges and prove that you have the determination to succeed.

You can find out more about the Entrepreneur Challenge and download an entry form from www.theboschallenge.co.uk .

You can also follow the progress of the competition at www.timesonline.co.uk/entrepreneur .

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