THE search is on for the 1998 Entrepreneur of the Year. The awards, created by the Entrepreneurial Exchange in partnership with Price Waterhouse and The Herald, offer the cream of Scotland's fast-growing businesses a unique showcase to display the talent that drives them forward.

Applications from any wealth-creator who aspires to succeed winners such as Tom Hunter of Sports Division (1996) and John Boyle of Direct Holidays (1997) are invited immediately. The deadline for entries is June 29.

As well as the main category, there are two other categories of award: Emerging Entrepreneur of the Year, last year won by Liam McKenna of Dumfries-based computer recycler R Frazier, and Entrepreneurial Supporter of the year, which went to Professor David Simpson of Simpson Research.

You may be running your own business and wish to nominate yourself. Or you may be an investor, banker, employee or professional adviser working with a business that deserves recognition.

The Entrepreneurial Exchange, the body created by entrepreneurs, says: ''We are searching for those individuals whose extraordinary endeavours have created businesses which contribute significantly to the country's economic and social health.''

The awards will be presented at the annual gala dinner of the exchange in Glasgow on November 26. The winners will each receive a unique bronze trophy before an audience of more than 600, including members of the exchange and leading figures in the Scottish business community.

The judging panel will be chaired by Tom Hunter, managing director of Sports Division, and will include John Boyle, chairman of Direct Holidays, John Anderson, a director of the exchange, Rita Rusk, managing director of Rita Rusk International, David Leslie, a corporate finance partner with Price Waterhouse, Alf Young, Deputy Editor of The Herald, and Peter Cummings, a regional director for Bank of Scotland.

''Success in these awards does not just mean a pat on the back and a trophy,'' say the event's sponsors. ''The Entrepreneur of the Year Awards provide an outstanding opportunity for increased business and new opportunities for growth.''

This may be through a higher profile and wider appreciation of the successful entrants' business or organisation, increased awareness of a company's achievements among potential customers and enhanced recognition from existing customers, reinforcement of a positive image, and a greater understanding of the important contribution which entrepreneurs make to the strength of the economy.

The finalists will be profiled in The Herald in the weeks leading up to the awards dinner. Last year's short-listed finalists for Emerging Entrepreneur were Anne Rushforth of Scotnursing, Ron McCulloch and George Swanson of bar and restaurant group Big Beat, and Chris van der Kuyl of computer games developer VIS Interactive.

In the main award, the beaten finalists were Richard Emanuel of DX Communications, Bill Gammell of Cairn Energy, and David Moulsdale of Optical Express.