Participating in writing competitions offers many benefits. Winners or shortlisted authors will usually be offered publication of their work in a digital or print book. Most event organizers offer a a monetary award (a cash prize), which can often be a substantial sum, so it is a great way to monetize your writing talent.
All writing competitions have a deadline, and this is often a good motivator to write and practice your skills. The competitive element can be inspirational, but you have to be good to win! You can write what you want, in your own style, or you can try writing towards a theme or prompt that the organizer provides.
Many organizers of writing competitions offer feedback, which gives you the opportunity to learn and perfect your writing craft. The response you get from the judges offers quick satisfaction, which is much better than many months of silence or not response at all from an agent or publisher when you submit your work through regular channels.
So, if writing to a deadline and theme is something you enjoy, participating in a writing competition is worth trying even if you are just getting started on your writing journey. Writing competitions are easier than standard submission calls (with no theme) or submissions a finished manuscript to a publisher (so you don’t have to write a whole novel). You can write what you want, events are usually simple to submit to, and you could potentially win a nice prize and gain recognition for your work.