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!

First session

What a fantastic turn-out to last night's introduction session. The room was literally overflowing in Lethbridge, and we had great attendance in Medicine Hat and Strathmore.
Hopefully for next session, we'll be adding two more locations.

We talked about a few items in the handbook, specifically the program overview, eligibility, evaluation process and some of the rules. The prize is $15,000 for CEC and $20,000 for YTP, plus

Craig, the CEC instructor, discussed who an entrepreneur is, evaluating business opportunity and elements of the business plan (here's a tip: write your executive summary, you'll be able to write your enthusiasm and overall vision right in).

CEC is open to teams and individuals. This is a great time to start thinking about support network. If participants are interested, we can match you with mentors. Let Desiree know by Feb. 24 if you're interested.

Next week's session is 'Ideas to Action'. We'll be discussing spotting opportunities, feasibility analysis, creating a competitive advantage and getting things done - BRING A CALCULATOR!

It's not too late to register and take in some great FREE training!

www.chinookchallenge.com

Got questions? Post them here, you probably aren't the only person wondering what you're wondering.

farm.tv

Check out farm.tv for a great interview with Darlene Sinclair (General Manager of Community Futures Lethbridge Region, lead organizers of Chinook Entrepreneur Challenge).



http://farm.tv/videos/originals/chinook-entrepreneur-challenge-1/

Register Now!

Happy New Year Chinookers!
We are so thrilled to be announcing the SIXTH ANNUAL CHINOOK ENTREPRENEUR CHALLENGE.
This year promises to be very exciting with the addition of the Youth Technopreneurship Program and a streamlined evaluation, designed to give participants the most best feedback.

Please take a minute to register now at www.chinookchallenge.com

YTP logo

CEC organizers are so thrilled to deliver YTP to Lethbridge College in 2010!
What do you think of the new look?










HAPPY HOLIDAYS!!

Check back after the January 4 launch for registration info.

NEW (and some old) SPONSORS!

**Welcome

to the CEC family**

Servus Credit Union is the 2010 Platinum Sponsor!


Without the help of sponsors, we wouldn't be able to deliver this program, which offers:
* FREE BUSINESS TRAINING
* Content-rich feedback
* $15,000 GRAND PRIZE plus other wonderful prizes like a custom advertising campaign with The Lounge Radio.


Special thanks to our other 2010 partners and sponsors:

Organizing Committee - 6 Community Futures offices of southern Alberta

(Pincher Creek, Taber, Medicine Hat, Lethbridge, Kindersley, Strathmore)

Special Prize Donor - The Lounge Radio & ClearlyLethbridge.com









Silver Sponsor - Young Parkyn McNab






Bronze Sponsors -
Business Development Bank of Canada
Apex Alberta

WELCOME YOUTH TECHNOPRENEURSHIP PROGRAM!!

It's official!
The Youth Technopreneurship Program is coming to Lethbridge College in 2010!!

What is the Youth Technopreneurship Program??
It's an opportunity for anyone under 35 to get a jumpstart on their own technology-, science- or knowledge-based business.

Any Lethbridge College student who has graduated in the last year or about to graduate in 2010 is eligible for the $20,000 prize!! (prize donated by Alberta Advanced Education and Technology)

Register at www.chinookchallenge.com (after Jan 4).

Check back for more information over the next few weeks.

If you have any question, email info@chinookchallenge.com