Participate and work for competition or not

There is a competition which has the 12th of January to submit the work.
I have been going over this in my head a lot on whether to participate or not.
It would be great, because if I win, I could win some money, plus it would be a really good practice for me and give me a lot of experience.
However, because the deadline is fairly soon and the work would have to be done during the Holiday times, I am afraid it will put too much stress on me and I won’t make it anyway.
Another thought my mind comes up with, is that I have a deadline for uni the 17th and the 26th of January as well and I am afraid I won’t have enough time for those if I work on the competition.

Although, I do think part of it is also me being afraid of the rejection. Because in the time during my studies there have been several competitions, none of which I won and I know there are people out there that are way better than me.
As well as, my work will be less good if I am pressed for time.

But then again, my head goes to the really good things that could come out of it like if I win, the money would have been made with something that I actually want to do and would just be a really helpful resource.

Am I too scared? Or do I just need to accept that there really is not enough time? Or do I just go for it and see where I end up?
I am scared of the stress it will cause me.

I hope you can give me some coaching on how to get out of my debilitating spiralling thoughts.

Answer:

It seems to me that right now you are in this model:
C: Competition
T: It will put too much stress on me
F: Afraid
A: List all the reasons why I shouldn’t do it, think about what will happen as a result of feeling stressed whilst doing this, don’t consider what would bring me a sense of calm
R: Already stressed about doing this
At this point, I’d love for you to think about what you want to feel and think about yourself while you make this decision. If you were to make a decision from that emotional place, and you couldn’t make a wrong one, what would you decide to do in this situation? What is holding you back from making that choice right now?

Notice what role, if any, perfectionism is playing here. If you’re thinking, “I want to do it all at 100% efficiency,” question why and what that would mean for or about you. Come back for more coaching when you’re ready.