Ernst & Young has unveiled its 10th annual search for the best in the West Midlands, with its Entrepreneur of the Year awards scheme.

Launching the programme, Birmingham-based senior partner Ronnie Bowker warned of "a challenging year for entrepreneurs in a climate of economic uncertainty and the introduction of changes to capital gains tax set for April".

He added: "Despite these challenges, I don't believe they will dampen the region's entrepreneurial drive to do business.

"We will continue to see a wealth of talent enter the 2008 programme and hear the stories of business leaders and their teams who are driving the success of UK entrepreneurialism." Some of the top entrepreneurs in the country have been picked out as winners in the past, including Nick Sanders of CompAir (2007), Tim Brookes of Bravissimo (2000), and Stephen Thomas of Golden Bear Products (1999).

Over the last decade, more than 100 leading businesses in the West Midlands have been shortlisted as finalists and 26 went on to be crowned national winners.

Overall, more than 2,000 entrepreneurs from across the UK have entered the EOY awards.

Former winner Mark Hales, of Birmingham-based Claimar Care group, said: "I think that business over the next few years is going to become increasingly difficult.

"With uncertainty surrounding the economy and the added difficulties surrounding the credit market, many entrepreneurs may well find themselves asking why they should continue to take risks. The change in capital gains tax is also bound to make people more risk adverse.

"Winning Ernst & Young's Entrepreneur Of The Year Awards significantly raised both my own profile and that of the company."

The scheme was founded by Ernst & Young in the US in 1986 and the awards now take place in more than 40 countries across the globe.

UK Entrepreneur Of The Year operates in four regions and regional award winners progress to a national final. The national sponsor is the London Stock Exchange.

The awards are endorsed by the Department for Business, Enterprise and Regulatory Reform, the British Chambers of Commerce, the Design Council, the Institute of Directors, the Young Presidents' Organization, CAN, Community Action Network, ICAEW and The Prince's Trust.