"It was a complete surprise, but a great pleasure and honour," he said.
Beforehand, Sir Tim had addressed the guests as keynote speaker, which was held as an interview by Alastair Porter, chairman of the Queenstown Chamber of Commerce.
Sir Tim shared stories and anecdotes from his career and private life, and encouraged the guests to show determination and value their teams.
"No-one can succeed completely on their own - you need a good team behind you.
My father taught me the management principle of knowing your staff and understanding their work functions.
"Sometimes determination can be more important than skill. And persistence can be worth more than qualifications. The most important thing is to believe in what you are doing.
Mr Porter said he was delighted the first Lifetime Achievement Award went to Sir Tim, whom he called "one of New Zealand's most extraordinarily successful entrepreneurs".
The award ceremony also honoured local companies, with Business Excellence Awards going to NZSki, Queenstown Resort College and D'Or Hairstylists and the award for Supreme Business of the Year going to NZSki.
