Hannah Jones, 21, of Royston, and Kimberley Robertshaw, of Darton, have been put forward in the Young Entrepreneur category of the glitzy ceremony.
They were nominated by Liz Yoxall, a business advisor with the Rotherham-based Business and Education South Yorkshire service.
Liz said the two friends deserved the recognition because they are 'the brains' behind a recycled accessory company called Woollies.
Hannah and Kimberley set it up as part of the 'I Know I Can Barnsley Big Challenge' project in October last year.
The company creates handmade bags, purses and accessories from recycled woollen jumpers which are put through a felting process to alter the texture of the fabric.
Liz said: "The designs and one-off products are varied enough to appeal to their wide target market of women aged 12 plus and each one -off design is made with a certain type of lady in mind."
She said the business is 'very socially orientated' sourcing its materials from local charity shops and jumble sales, reinvesting in the community and recycling and re-using materials.
"This is reflected in their current sales route with products being stocked in Funky Dory and Gallery 2," she said.
Woollies is still in its infancy but Hannah and Kimberley have a small, steadily growing profit which Liz said will ensure the girls can pursue their ambitions of education within the fashion industry and still support themselves.
"Despite their educational goals they have no intention of closing down the business but instead will be running it alongside their studies.
"They will be providing local stores with products on a sales or return basis and booking a variety of artisan craft fairs to ensure the continuation and growth of their business."
Future plans include the introduction of an e-shop to allow them to grow the business no matter where their fashion careers may take them.
Liz added: "This can do attitude and strong business acumen won them the post-16 category in the I Know I Can Barnsley Big Challenge and the Entrepreneurial Student of the year award presented by Barnsley College.
"They have proved to be strong role models encouraging and supporting younger entrants in both competitions."
