session 2: ideas to action

Now the fun starts!
After recapping last week's session, Craig took us through some of the first steps to ensure we give lots of thought to the foundation of our business.

First thing to do when developing a business idea is WRITE IT DOWN!
You will likely revisit these thoughts to develop concise strategies to attaining your goal.

Once you've assessed your competitive advantages, take time to do a SWOT analysis. Write a list to see what internal forces you have (STRENGTHS, WEAKNESSES) and external forces (OPPORTUNITIES, THREATS).
If you get stumped, Craig said to think of P.E.S.T: political, economical, social, technological.

We discussed S.M.A.R.T., crisp, clear objectives. He encourages us to use specific words and use focused goals.

Craig gave the group ideas of how to get market research. With technology, it's so simple to get the data firms need to make accurate judgments.

With the right data, calculating revenue (which is different than income, as income is the money left after expenses), market potential and market share becomes about numbers.

This is when we got out the calculators. To see a copy of the exercise and the answer key, visit www.chinookchallenge.com

No session next week

Feb. 24 - session 3: financing vs. funding
Definitely bring your calculator for that!

See you next session!