Taylor Swift Billboard Red Dress Woman of the Year New York Nicki Minaj Billboard tight Dress Rising Star New York

Taylor Swift was honored as Woman of the Year at Billboard's seventh annual Women in Music event in New York yesterday, and the 21-year-old starlet is the youngest artist to receive this award. "I would go through every single page and every single chart and just daydream about what it would be like to see my name in there someday," she said during her acceptance speech. "And today I walked in to flashing camera bulbs and all these important people in music, and I thought, 'I guess that's what it looks like.'"

Nicky Minaj was also honored at the event, receiving the Rising Superstar award. Minaj told ABC News' Robin Roberts during an onstage Q&A that she's dealt with plenty of rejection before hitting it big in the music biz. "I've had a lot of doors closed in my face," she said. "I'm no different than any struggling artist that just tried one last time." Nice work ladies!