Chinook Entrepreneur Challenge

New Region!!

2012-01-27T12:50:00.000-08:00

It is with great pleasure to welcome Community Futures East Parkland to the Chinook Entrepreneur Challenge!

CEC 2012

2012-01-03T12:17:00.000-08:00

Today is the official first day of the 8th Annual Chinook Entrepreneur Challenge!

A lot of details are still firming up. Watch for minor changes to the eligibility that will allow for more businesses to participate. Also, we've upgraded the handbook to include working material to help you finish your business plan - a crucial step towards being successful in running your own business.

We are so thrilled to have ATB Financial join us as a Platinum Sponsor. CEC and ATB are natural partners as both aim to assist small and medium sized businesses grow throughout rural southern Alberta.

Because of their generous contribution, we are able to offer a $10,000 Grand Prize to the winner of the 2012 Chinook Entrepreneur Challenge. Other prizes are being offered too. ActionCoach, the number one business coaching firm in the world, is offering packages to Finalists to see new businesses in our communities excel. Also, CJCY/CJOC and ClearlyInteractive are giving marketing packages!

Training is going to be so valuable as you ponder your early steps. Come to a session and have an interactive discussion with professionals in different industries to get current, relevant information.

All you've got to do is REGISTER! (which is totally free)

Questions?
Email: info@chinookchallenge.com
Phone: 403.320.6044
FACEBOOK US

Check back because this is where you'll get up-to-date information on the training and competition!

Congratulations Pink Tie!

2011-06-24T14:58:00.000-07:00

Stopped by the Pink Tie Events store this week, what a super fun place to visit!
Congrats ladies!!

2011 CEC WINNERS

2011-06-10T07:47:00.000-07:00

(advance to 6:50 for CEC coverage)

pssst.... we have Finalists!!

2011-05-30T12:15:00.001-07:00

CONGRATULATIONS TO:
Earthstone Concrete Countertops and Creations
Pink Tie Events
Platinum Garages

These three individuals/groups will be presenting in front of a panel of Judges on June 9!!

Way to go to all our Competitors! We received record number of submissions this year and each showed genuine promise as sustainable businesses!
Screeners offered excellent and thorough feedback. Competitors can request their feedback/scoresheets and are invited to participate again in 2012!!

Mark Monday on your calendar!

2011-05-26T11:29:00.000-07:00

I know many of you are expecting a big announcement!!
Because of the overwhelming response and the quality of the plans (Great Job, Everyone!), reserve screeners were called in!
Screeners are saying the plans were strong, engaging and they enjoyed being able to participate at this stage.
Evaluations are coming in and I expect we’ll be able to announce the Finalists (3) on Monday!
CHECK BACK!

CEC 2011 now closed

2011-04-29T13:42:00.000-07:00

Congratulations to all our competitors!
Screeners will be reviewing plans through May and we'll be announcing our finalists by the end of the month.
Final presentations and awards ceremony will be June 9 at Lethbridge Lodge.

Thank you to all of my readers and good luck competitors!!

:)

It’s the Final Countdown!!

2011-04-28T08:13:00.000-07:00

Weeks have turned in to days and the submission deadline TOMORROW!!!!

2:00pm SHARP

Lots of participants have been asking if they can get help with the finishing touches of their plan, they want expertise to add that final polish. By all means, bounce your idea and plan off people who will give you quality information, especially those who will take you to task on difficult points.

Call now to see if your local Community Futures office has a Business Analyst who can help you hammer out any of the final business details.

Questions about your competition submission? Contact the project coordinator at 403-320-6044 or info@chinookchallenge.com

GOOD LUCK TO ALL COMPETITORS!!!

The Pre-Screen

2011-04-14T09:13:00.000-07:00

May I be honest on here?

So far, we’ve received business plans early this year. GREAT JOB TO THOSE WHO SUBMITTED ALREADY!!

This is the first time I’ve seen competition submissions before the training wrapped, so kudos! But let these early birds sing a cautionary tale, for not one would have passed the pre-screen!

Good thing they were in touch with the office early and I could get back to them about what was missing.

In most cases, it’s as simple as the submission date on the info page or not having the business/concept name in the header or footer. I can tell you that a common snag is missing an entire section of the plan. Technically, we’ll still accept your submission if it’s missing a section, however, you will score ‘0’, ultimately points you WILL need in order to become a Finalist.

Chinook Entrepreneur Challenge is a dynamic program, but the underlying structure is that this is a competition and we need to adhere to strict rules to ensure fairness to all participants ...that’s why we’ve gotta be so strict!!

Make it easy for organizers and screeners by titling your section headers to coincide with business plan elements found on page 17 -18 of the Participant’s Handbook.

DON’T FORGET THE IMPLEMENTATION SCHEDULE!!

Here’s a copy/paste of the checklist we’ll be using to pre-screen:

o Participant Agreement (signed original received by 2:00p.m. April 29)

o Non-Disclosure Agreement (signed original received by 2:00p.m. April 29)

o Plan Submission Checklist (signed original received by 2:00p.m. April 29)

o Info Page: business name, first & last name of team member(s), address, phone, email, list of employees, submission date

o Table of Contents

o Business Plan: Executive Summary, Product/Service, Market Analysis, Marketing and Sales, Management Team, Manufacturing/Operations Plan, Implementation Schedule, Opportunities & Risks, Financials, The Offering

o Formatting: Arial font, 11pt, letter-sized paper, 1” margin, less than 20 pages, contact info

You can set up a time to come in to your Community Futures office and chat with us about your business plan or competition submission any time!

Session 8 Part 2

2011-04-07T23:38:00.000-07:00

Part 2 of Gillian Nish's informative lecture on business plan elements.

Session 8 Part 1

2011-04-07T23:10:00.000-07:00

Session 8 featured business plan tips from Gillian Nish, President of Execuserv Plus.

Fitting in those financials

2011-04-07T09:36:00.000-07:00

Oh boy! How are we going to fit all that financial information in to just 4-5 pages of your submission?? There is a way!

First of all, I'll tell you that the formatting requirements loosen up in this area. You don't need to follow the "Arial, 11pt, 1" margins, etc" guidelines.

Next, I've taken winning submissions from the past couple of years and pulled out some tips I can give you from their plans:
- On the first page of your financials, introduce what the reader is about to see. Write a summary about the type of statements that will follow, the timelines, the balances and justifications.
- Outline numbering will help you keep the readers thoughts focused. For example, 9.1 Cash Flow, 9.2 Income Statement, etc...
- Use footnotes or denote remarks with justifications where possible. For example, “*B: Salaries-$$$” or “*H: Calculated @ 5% of receivables”
- Be honest with yourself and plan for contingencies.
- Common terms for titling your statements:
o Pro Forma Monthly Cash Flow Analysis for year ending: [Date]
o Pro Forma Monthly Cash Flow Analysis for year ending: [Date, next year]
o Pro Forma Income Statement for years ending: [Date, 3 years]
o Pro Forma Balance Sheet for years ending: [Date, 3 years]
o Break Even Analysis
- Graphs, charts and tables are great tools.
- Use appendices. There’s no guarantee that a screener will review them, but if they see that you’ve included back-up to anything that might pique their interest, they’ll dig deeper. There is a 10-page maximum on appendices.

If you have any tips you’ve used that you think will help out, don’t be afraid to post them here! We love comments from the readers!!

Bad Plans

2011-04-05T10:10:00.000-07:00

I've posted some examples of plans that would not meet pre-screen criteria.
Check them out at http://chinookchallenge.com/seminar.php (scroll to the bottom of the page).

Sample Plan A
There are so many things wrong with this submission. Basically, before the screener reads your plan, they'll see your plan. Even though the competition structure is somewhat rigid, you can still present a polished, great-first-impression business plan.
This plan does not make a great first impression.
Here are a couple of things this participant missed:
- no Non-Disclosure Agreement or Plan Submission Checklist
- Participant Registration is not original signed copy
- no info page or table of contents
- section headings not aligned/formatting doesn't match
- section numbering mismatched
- font is not inconsistent and not all Arial
- font is not all 11pt
- more than one plan section on each page
- NO CONTACT INFO! <-- this is a personal pet peeve. Please make sure you have contact info on your business plan somewhere. Date everything too, please!

Sample Plan B
- Non-Disclosure Agreement only signed by one team member
- no table of contents
- At first it appears that the plan is more than 20 pages. Upon closer examination, the overage are actually appendices. Please help the pre-screeners out and make sure you have your table of contents in your submission and don't miss crucial information.

Break-Even Point

2011-03-31T08:50:00.000-07:00

One thing we haven't touched on too much throughout the training is the Break-Even Point. There isn't too much use to re-inventing the wheel where so many outstanding resources exist online, but I'll list of few notes then some links below.
- point that you break even
- using fixed AND variable costs
- BEP moves
- watch your fixed costs
- watch slope of revenue vs variable

BEP = total fixed costs [divided by] contribution

or

BEP = total fixed costs [divided by] (selling price - variable costs)
(sorry readers, can't quite figure out how to get blogger to underline or insert mathematical symbols like divided by)

http://www.accountingcoach.com/online-accounting-course/01Xpg01.html

http://www.12manage.com/methods_break-even_point.html

If you are struggling with your calculations, contact your local Community Futures office and ask for an appointment with the business analyst. These people have exceptional skills at assisting entrepreneurs explore their business idea and develop sound plans.

Session 7 Part 4

2011-03-29T21:46:00.000-07:00

This clip features great advice from local entrepreneur Frank Tucek of Fuzo Woodworks & Design.

Session 7 Part 3

2011-03-29T07:18:00.000-07:00

Part 3 features info from Bruce Hall, district manager of Canadian Federation of Independent Business(CFIB).

Session 7 Part 2

2011-03-29T01:07:00.000-07:00

Part 2 of Brent Lloyd's lecture on operations management.

Session 7 Part 1

2011-03-29T00:28:00.001-07:00

A recap of Wednesday's lecture on operations management from Brent Lloyd

Session 6 Part 2

2011-03-21T01:11:00.000-07:00

Part 2 of Using Financial Statements.

Session 6 Part 1

2011-03-21T00:34:00.000-07:00

A few words from Alaina Wells of Lethbridge Vehicle Licensing and Registry on what options are out there for registering your business name.

Session 5 Part 4

2011-03-14T21:10:00.000-07:00

This is the final part of Mark's lecture on bookkeeping.

Session 5 Part 3

2011-03-14T20:16:00.000-07:00

For part 3 Mark continues with his bookkeeping lesson. He takes us into the books of fictional entrepreneur "Martha".

Session 5 Part 2

2011-03-14T19:36:00.000-07:00

Part 2 has Mark Barber of Community Futures teaching us the finer points of bookkeeping.

Session 5 Part 1

2011-03-13T21:15:00.000-07:00

For your review, here's a recap of session 5. The March 9th lecture was titled "Finance 101". In part 1 we'll here from Tyson Dyck of Bridge insurance.

Session 4

2011-03-09T10:32:00.000-08:00

Normally I like to post a edited version of the lecture for you guys to review...Sorry to report that due to technical difficulties we are unable to post one at this point. We'll keep working at it. We hope to have it posted soon.

AWESOME RESOURCE LINK HERE!!

2011-03-04T09:13:00.000-08:00

Check out this awesome resource centre.
There's a fabulous Business Plan Template you can use to work on your competition submission:
http://cflethbridge.com/tr_documents.php

Ok, I can never resist referring to Dragon's Den. Here's a great clip of DD judge and successful entrepreneur Jim Treliving giving tips on making your pitch:

http://www.cbc.ca/dragonsden/videos.html?ID=1827813527

Submission Requirements

2011-03-03T09:02:00.001-08:00

By now, participants should have the first parts of their business plan together.
The business plan is the crucial element of your submission but, to keep things fair, there are some elements you must include to pass the pre-screen.
You can find all of this info on pages 16-18 of the Participants Handbook.
I'll tell you exactly what will be perused during the submission requirement pre-screen:

1. INFO PAGE
-Business name and contact people name(s)
-Address
-Phone & Email
-List of employees (if applicable)
-Submission date

2. FORMS
-Participant Registration & Agreement
-Non-Disclosure Agreement
-Submission Checklist

3. TABLE OF CONTENTS - keep it easy for the screeners to navigate through your plan.

4. BUSINESS PLAN - the screeners use a scoresheet based on the elements of a business plan. For optimum scoring, use the following categories in the respective order when putting your submission together for the CEC:
-Executive Summary (1-2 pgs)
-Product/Service (1-2 pgs)
-Market Analysis (1-2 pgs)
-Marketing and Sales (1-2 pgs)
-Management Team (1-2 pgs)
-Manufacturing/Operations Plan (1-2 pgs)
-Implementation Schedule (1-2 pgs)
-Opportunities and Risks (1 pg)
-Financials (4-5 pgs)
-The Offering (1 pg)

5, FORMATTING - because CEC is a competition there are certain constraints on how your plan is presented. We want to keep it fair and, to do so, we need every submission to conform to the same application style set here:
-Font: Arial, 11pt
-letter-sized, white paper; 1" margins
-no more than 20 pages from Executive Summary to The Offering
-page numbers and business/concept name in the header or footer on every page
-NO COVERS OR BINDINGS (we are striving to keep this as 'green' as we can, so while those presentation materials are definitely more professional looking, scrapping them helps us with storage and reduces waste, as we remove these items and discard them)
-CONTACT INFO!

About Appendices
You may find the 20-page limit...limiting. You are not the first to say that you don't have enough room to get everything you need in only 20 pages.
Appendices are a tough thing for me to talk about. On one hand, submissions should stick to the under-20 rule, but on the other hand I know how important data and information is.
What I tell participants every year is to submit your business plan according to the rules, then attach the appendices (make sure you include info in table of contents).
There is no guarantee that screeners will read the appendices and keep it under 10 pages.

Also, submissions won't be returned. However, all competitors will receive their screeners scoresheets (provided they passed the pre-screen) for the feedback.

We require 15 plans to proceed with the competition. Usually, we receive between 15-20...not bad odds, eh?

Hard copy or electronic copy?? Well, the handbook says "and/or", emphasis on AND!
The business plans are going to screeners electronically and it's best for convenience, timely and totally green. However, we've all heard horror stories about emails getting lost (and probably been through one ourselves), so take the extra step and drop a hard copy off at your local partner Community Futures office just to be safe.

Deadline is Friday, April 29, 2011 at 2:00p.m. MT.

I have set aside large blocks of time throughout April to go over competition submissions with participants prior to deadline, so please feel free to contact me (after the training sessions are complete). I strongly, strongly recommend you contact our office before the deadline.

SIGNED, ORIGINAL copies of the three forms are required!

Session 3 Part 5

2011-02-23T20:28:00.000-08:00

The fifth and final part of this weeks session comes from Mark Barber of Community Futures.

Session 3 Part 4

2011-02-23T12:22:00.000-08:00

Session 3 Part 3

2011-02-23T10:16:00.000-08:00

This lecture is from Daniel Fieguth of Scotiabank.
Note: He's also a former coordinator for the Chinook Entrepreneur Challenge!

Session 3 Part 2

2011-02-22T01:04:00.000-08:00

Part 2 features Grant Kvemshagen from the Business Development Bank.

Session 3 Part 1

2011-02-22T00:38:00.000-08:00

Hi challengers here's another installment of session highlights. Part 1 features a lecture from Christi Millar, Alberta Director for the Canadian Youth Business Foundation.
cfbf.ca

Contact Info

2011-02-17T09:40:00.000-08:00

FIRST OF ALL!! A HUGE THANK YOU TO OUR FANTASTIC SPEAKERS!!

Contact info
Canadian Youth Business Foundation - Christi Millar, Alberta Director
(403) 265-2923
cmillar@cybf.ca
Twitter: @CYBFCanada @CYBFWest
Facebook: CYBF FCJE

Business Development Bank of Canada - Grant Kvemshagen
(403) 382-3002
Clarence Gruber: (403) 382-3005
Ron Corbiere: (403)382-3004

ScotiaBank - Daniel Fieguth
(403) 382-3328 ext 3004

Community Futures - Mark Barber
(403) 320-6044

Materials link
http://chinookchallenge.com/seminar.php

Handbook
http://chinookchallenge.com/2009/Participants%20Handbook.pdf

Session 2 Part 2

2011-02-15T00:31:00.000-08:00

Part 2

Session 2 Part 1

2011-02-14T23:41:00.000-08:00

We had a great session on Wednesday night. It was awesome to see all the participants there. The lecture was titled, "Ideas to Action". I have here a condenced version for anyone that needs a recap.

BONUS POINTS!

2011-02-10T09:43:00.000-08:00

One item that came up last night that is important to point out to participants is the training participation "Perks".
We've just finished hammering out the details, but one of the videoconference attendants asked an excellent question: can I be at home right now for this?
The short answer: YES!
All eight sessions are available online, streaming. (The link is available in a previous post.)
However, there is a down side.
Please refer to the bottom of page 22 in the Participant Handbook. http://chinookchallenge.com/2009/Participants%20Handbook.pdf
There are FOUR points available for "Attended Training" and FOUR points for "Community Involvement".
The ultimate designation of those points falls to the pre-screeners and organizing committee.
Participants who attend minimum 80% of the sessions from their registration date in person (Lethbridge) or via videoconference (RISE member libraries), will be granted all four points automatically. (I mean, we want to see and meet you every week, so we had to add in some incentive to get you to come out!)
As the online streaming option is a pilot delivery mode for 2011, we are not offering this opportunity. (hint: we're exploring models for getting those points to online participants.)
Another major pitfall is the limited interactivity. As of right now, the chat function isn't working on the moderator's end, so we aren't able to participate in any discussion, therefore, if you're at home, asking questions or participating is difficult.
Apologies for the inconvenience and not making this clearer sooner. If you are concerned about this element, I'm glad to discuss it.
In the next session, we'll discuss the evaluation further and glad to answer any questions.

Session 1 Part 2

2011-02-06T19:44:00.000-08:00

Here's part 2 Of the first sessions lecture.

Session 1 Part 1

2011-02-06T15:02:00.000-08:00

This is a condensed version of Wednesday nights lecture. All you future entrepreneurs should find it useful for review purposes. In case anything was missed, all on the notes from the power point are included. I hope everyone enjoyed their first night, and good luck!

COMMENT HERE!!

2011-02-03T10:52:00.000-08:00

Registration comes with perks, the first 5 registered participants to comment on this post will receive a free ticket to the Lethbridge Chamber of Commerce's Mix & Mingle Trade Show on Feb. 15!

Tell us why you joined CEC and your name!

Also, did you know we're on Facebook? http://www.facebook.com/?ref=logo#!/pages/Chinook-Entrepreneur-Challenge/125548044171964

Session 1 - Introduction

2011-02-03T10:44:00.001-08:00

Session 1: Introduction

First, I want to apologize to our online participants for the delay in getting the session streaming. You didn’t miss anything that you can’t find in the Participant’s Handbook.

What a wonderful way to kick off the 7^th cycle of the Chinook Entrepreneur Challenge! We had great turnout and heard from an enthusiastic, knowledgeable, passionate speaker.

Entrepreneur Bruce Thurston of Management Resource Services took the podium and energized the crew with stories about other entrepreneurs in the region and his own experiences, while relating everything into a context that participants can benefit from.

CASH IS KING!

That was the first thing we learned. He explained that entrepreneurs work lots of hours and must always know where the money is coming from.

Bruce shared some examples of evaluating an opportunity. For example, a 50-year old man wants to start a drywalling company. He has bad knees and bad hearing – perhaps this isn’t the opportunity for him.

However, he reminded us of two local women who saw an episode of Oprah about lingerie as a business. They saw that the model worked in other markets and soon they were on their way.

He recommended you do the homework. Isn’t it remarkable that a new business will spend thousands on equipment and getting their business started, but won’t buy a $22 book that gives in-depth information about a particular industry.

There are lots of reasons to become an entrepreneur, but among the more popular is because people don’t want to work for their employer. If you have a bad employer and choose to leave, 98% of the time, you’re better off....but be careful 70-80% of businesses fail within the first five years.

To put things in perspective of the local market, think of Lethbridge/Medicine Hat as a big Bow Island or Hanna, not a little Calgary. It’s all about the way you look at a community.

Ideas are all over, you can take a model that works somewhere else and use it – why not use something that’s already working and improve it!! Think of grain bins. Someone saw cone-bottomed bins as a real opportunity. An idea brought from Europe to Manitoba.

“STEAL FROM THE BEST, they’re what is known as pioneers, sometimes pioneers die young,” he said.

Again, Bruce mentioned that cash is king and you need to always be watching cash flow. A lot of suppliers may not give you credit. He warned about using a charge card to by supplies – do you really want to be charged 26% interest!! That’s the kind of hole that is VERY difficult to get out of and rarely calculated into expenses. For example, roofing suppliers get burned so often, they don’t provide credit.

Be cautious also of regulations and contracts. Another entrepreneur he consulted signed a no-contest agreement outlining that she couldn’t work in the same field. She took the local self-employement course and found another idea that was untouched. Will this work in southern Alberta? Bruce asked her how much money she wanted to make and what her expenses were. After all the math was done, she’d need to sell 9000 units. Is the market large enough for what she was offering? It would be a struggle but she was very optimistic and worked hard. This individual was the type of person with natural sales ability and she grew her business based on a few services.

Bruce pointed out that you need a strong management team. That doesn’t have to mean a bunch of people, it can be just yourself even but what are you going to do?

Look at Spitz for example. They started when bank loans were 22% interest. Tom, the owner, knew he good keep farming or he could go bigger. He operated the farm and business, while his wife managed the books. Their skills complimented eachother which has attributed to their success.

You need to understand what the customer wants. If you’re a marketing company hired to promote a company, invest in that company. Understand what their day-to-day is all about, their struggles, their triumphs. Find them, google them, observe, visually go out and see the facilities.

You can’t just say “we’re going to be better that the competition”. Better is in the eye of the customer. What is it the customer wants??

Alberta has the good fortune to possess the three F’s of opportunity: fuel, food and fertilizer.

Many international business people will tell you that if Canada didn’t have the resources they wouldn’t be doing business.

Thinking of a restaurant? Did you know that restaurants only have a 4-6% profit before tax?? There are gains in the industry but they come after 30 years of hard work! Can’t be sleeping in, gotta have self-discipline!

We have freedom in Canada, opportunity – look at the recent turmoil in Egypt!

You just need to find out if people really want it. Then, how much are they willing to pay?

Bruce also advised that you must know the governments restrictions – check bylaws, because they change!

Use honey in your relationships, don’t use vinegars. You have rights, but it’s all about your approach.
Use honey, slows down the wheels.

Take Round Street Cafe for example. The owner was a teacher, helps disadvantaged and disabled.Now, all the schools use her.

At first, she would spend hours prepping muffins then sell them for $.50, fresh at 7am. Why not charge$1.50, Tim Horton’s down the road does!

Her business is succesfull today because she’s stuck to core values, bought local products, makes money on baking and coffee, knows where your cash is.

What are you going to make money on? Show that in your business plan!

Can you make a course correction? As an employer, you have all the risk.

What are the risks? Don’t use that word, there are only opportunities!

Reflect in the mirror, don’t point fingers, when you point one, three pointing back
Key to success is being able to sell your service/product in 30 seconds, our world is too fast, deliver your business in a soundbite, listener needs to understand what you’re selling.

Other things he pointed out were:

- watch barriers for entry. To be a roofer, you don’t need a lot of capital, especially a big shiny truck. All of that is for show!

- Also, monitor saturation, does your town need another pizza shop?

- Do you have enough insurance?

- Don’t forget to get paid, do not be afraid to ask for cash.

- Understand cashflow if you’re not getting paid for 90 days

- Profits are for three things: pay down debt, buy equipment, pay shareholder(s)

- Be brutally honest, use someone who’s always questioned you, test the process, ask potential customers what they will PAY.

- What is market value? Don’t undercut, recognize the product and what you get paid for

- Get excited about the idea.

Then we started talking about research.

Research Primary “looking into things”, don’t get hung up on research – talk to people, do some interviews, do some observations.

Secondary is more formal
Contact your local Community Futures about the Small Business Solver, it’s only $20 and an excellent, customized resource!!
Find out who drives decisions? Spending decisions? (Bruce said that in his house, it’s his daughters! lol)

A lot of people come from calgary and try something that worked there, will it work there?

Use demographics to determine lifestayles factors and customers needs. What can you do to solve their problem?

HERE IS A VERY USEFUL LINK!!

www.ic.gc.ca

Estimate operating costs and understand them. Appeal to those who can’t provide their own service.

Look at chocolate. Sales skyrocketted when economy went down, people will spend on small pleasure. Plus a local chocolatier offers samples – makes all the difference!

Starbucks knows their demographics – mothers between certain hours. They monitor their sales and make their profit is in the expansion of milk!

What are you going to make your money on?

What’ the margin? Sales minus costs?

What can you sell it for, but is it enough?

Consider your implementation plan – if you’re in retail, don’t miss Christmas!

You can borrow from your family but they only love you so much. An area entrepreneur had fast growth but sank owing half million to family. Tore the family apart!

You’re the last one to get paid in the process, cash goes to expenses.

A business plan is like a roadmap!

Get that executive summary just right, otherwise you become part of a pile in a corner.

Then we had a few questions:

Demographics – what would you look for? Sources?
Participants have eight weeks of training to build and another month after, the more information you can collect and include the better and stronger your plan. Don’t use just one article that tells you what you want to hear.

Check out other landscapers, go to shows, what are you going to do when its’ winter? What’s your network? Residential or commercial? There are estimate sheets out there.

Who will buy? People, lifestyle patterns.
There are differences between landscaping and cutting lawns, how do you fit in the market?

Does service or product determine business plan style?

Product is tangible that someone buys and take away, services are something you provide.

Being an entrepreneur, you learn about other business

VERY IMPORTANT!! Don’t bad mouth other businesses - NEVER!!!

Try “they provide this, what I do is this...”

Training locations

2011-01-27T08:52:00.000-08:00

There are a couple of ways to attend training:
1. in-person: Rm M1060, Markin Hall, University of Lethbridge

2. videoconferencing: your region's Community Futures offices OR community libraries linked to the RISE network

3. online streaming: http://www.ustream.tv/channel/chinook-challenge (You will need to register at least 24 hours in advance in order to get the passcode to the session).

4. posted session highlights right here on this blog page! (although significantly abbreviated and no opportunity to interact with the speaker)

REGISTER NOW!!

2011-01-27T07:54:00.000-08:00

Registration is down this year compared to other years! This is bad news for us as organizers because our goal is to reach as many people in southern Alberta as possible, but it's great news for you!
Sign up now! Your chances of winning the $10,000 GRAND PRIZE are increased!

Just because you're registered, you are not required to participate in either the training or the competition. Participants can choose what valuable experience(s) they'll take away from the competition.

When you register, indicate where you would like to attend the training. For the first time, we are offering training sessions in community libraries across the region.

A huge 'Thank you' to RISE videoconferencing network! Now, CEC sessions will be available near you! Simply indicate your preferred site, and we'll take care of the arrangements from there!

TRAINING DATES!

2011-01-21T13:19:00.000-08:00

To confirm: the training dates are as follows:

February 2—Session 1: Introduction

February 9—Session 2: Ideas to action

February 16—Session 3: Financing and Funding

March 2—Session 4: Marketing your idea

March 9—Session 5: Finance 101

March 16—Session 6: Using financial statements

March 23—Session 7: Operations management

March 30—Session 8: Putting it all together

There was an error on an early print poster and some other materials regarding the February 16 session being on the 23rd. The session will occur Wednesday, February 16 from 6:30-9:00 Financing and Funding.
This session promises to be a very informative as entrepreneurs plan to move forward with their idea and realize they may need some financial assistance.
We've invited partners from the financial industry to give you a sense of what you'll need to get that ball rolling.
Business Development Bank of Canada (BDC), Canadian Youth Business Foundation (CYBF), ScotiaBank and Community Futures will be on-hand to tell you more about their different types of financing opportunities and you can ask direct questions without any pressure.

Then there is a break over Reading Week - no session February 23!

More about training coming!

FORMS

2011-01-13T12:49:00.000-08:00

Nothing breaks my heart like seeing excellent business plans get disqualified because they didn't follow competition requirements.
The first thing anyone interested in CEC must do is register! So let's go over the forms:

Participant Registration
The main form is the participant registration. It gives us your basic contact info, business concept and training preferences on the first page. Then, on the second/back page, is the participant agreement. This agreement is kinda like that box that you check when you sign up for an online account that reads "I accept and understand these terms." We want to make sure you read it though, instead of just "clicking through". It basically outlines a few rules and says what we're here for: that we have put together this program with only the best intentions of seeing entrepreneurship develop in southern Alberta and we need the support of the participants.
As the years go by, we gather more and more information and the CEC grows. When we have events or winners or something to boast about, we want your permission to showcase the programs successes, that's why we have the "right to publish..." part in there. Don't worry though, we keep your vital, business information 100% discreet.

That's where the Non-Disclosure Agreement comes in. Everyone involved with the CEC is asked to sign a Non-Disclosure Agreement, from participants to organizers to screeners/judges to speakers. This form is absolutely required before training sessions start February 2. This agreement protects your intellectual property and that of all those around you.

Once you've registered and you're ready to submit your business plan (deadline: April 29), you'll need the Plan Submission Checklist. This one is more for the participants as it outlines the final requirements for their submission into the competition.

One important note!!!! Participants MUST send signed ORIGINAL copies of each of these forms to their region's Community Futures office before April 29 in order meet the submission requirements.

If you have any questions, please contact our office!

New options to attend training in rural communities!

2011-01-13T12:15:00.000-08:00

Participants now have a new alternative to access training!

TRAINING SITE OPTIONS
If your community has a library that is part of the Chinook Arch, Marigold or Shortgrass library systems you can access the training sessions via videoconference.
All you need to do is register by filling out the participant agreement and the non-disclosure form and sending to the Chinook Entrepreneur Challenge to info@chinookchallenge.com, fax (403) 327-8476, drop/mail 2626 South Parkside Drive, Lethbridge, AB T1K 0C4.
On the registration form, you will be able to indicate where you would like to attend the training sessions. For a list of options in the RISE network (community libraries), click here. Participants should also visit or be in touch with their local Community Futures. Partner offices are in Pincher Creek, Lethbridge, Taber, Strathmore, Medicine Hat and Kindersley.
Of course, participants are encouraged to participate in the in-person sessions hosted in Lethbridge (location to be confirmed, *hint: university).

TRAINING SESSION CONTENT
This year, we're doing the training a little different. We're asking our community partners to join us and impart their business wisdom upon us! For the past few cycles, we've hosted eight training sessions that take the participant through the importance and elements of a business plan. We have lots of great guests and speakers coming in who can answer your questions and show a genuine interest in seeing southern Alberta's economy grow!

REGISTRATION IS OPEN!

2011-01-06T07:54:00.001-08:00

It's time to take the next step!
Move your business idea in to action and download the registration form from www.chinookchallenge.com now!

TAKE THE CHALLENGE!

Why wouldn't you??
It's a program you can register for with no cost. You get business training from industry professionals. We connect you with crucial people and organizations at any step of your business's development. You get content-rich feedback on your business plan which can help mitigate many of the failures inherent to new business. PLUS you have a shot at a cash prize!!
How many people pay to have a tiny chance at a cash prize through the lottery?

The Chinook Entrepreneur Challenge is here to help you take the next step and turn your idea into actions.

First step: REGISTER

Stay plugged in! (...or wireless)

2010-12-23T12:57:00.001-08:00

We're trying something new for this cycle! We're elevating our online presence by keeping you posted through facebook and this blog!

Every week, you'll find program news and, as the training sessions get started, you'll be able to find recaps, anecdotes and exercise solutions right here.

Another way that we're using the internet to make the Chinook Entrepreneur Challenge easy and fun for the user is by offering the training session live streaming every Wednesday evening in February and March through Justin.tv.

You'll also be able to find vignettes of the training session linked to a youtube account right here!!

Be sure to check www.chinookchallenge.com , this blog and on facebook regularly for updates!

2011 Sponsors

2010-12-16T07:54:00.000-08:00

We are so thrilled to be welcoming back many of our partners from the past years and to be joined by new partners!

This upcoming cycle of the Chinook Entrepreneur Challenge is set to launch January 3, 2011. Visit www.chinookchallenge.com to get more information and visit back regularly as the site and this blog will be updated regularly until the Awards Ceremony on June 9, 2011.

Let's take this opportunity to thank our sponsors!

If you're interested in reaching new businesses while they're in their development stages, want to support this program or economic development in southern Alberta, please contact our office at (403) 320-6044 or info@chinookchallenge.com.

And the winner is...

2010-06-14T09:41:00.000-07:00

INSPECTACAR INC.

What a wonderfully exciting day on Friday!
All morning, we heard business presentations from the finalists: InspectaCAR inc, Sugar Dreams and CPR Engineer's House.
Each presenter had great appeal and were very familiar with their product and how they would use the prize.
All businesses showed great potential and sustainability, but the winner really shone.

After the morning business presentations, we were joined by our sponsors, partners and friends at Country Kitchen Catering.
It was so great to hear from our past winners Kerry Weiland of Titan Welding, Wardlow, AB, and Brett White of Bridge Land & Energy Services, Lethbridge, AB.
Both commented on the importance of business planning, but also warned about being prepared to adapt as circumstances change ...and they will change.

Congratulations to all of our finalists: CPR Engineer's House, Sugar Dreams and InspectaCAR inc.
Here are a few other pics from the day:

Our mascot!
To be an entrepreneur, you have to be a lot like this little fellow. You have to be flexible and able to adapt to changes. You have reflect what others need from you. But entrepreneurs are also balanced & maybe, a little hard-headed. CEC is here to support & usher innovation, to help turn ideas into actions.

The InspectaCAR smart car is an example of their polished branding and new twist to approaching the market. Keep your eye open for this "bug" and congratulate them on their CEC win!!

Of course, Sugar Dreams brought lots of samples of their exquisite sugar sculpting and pastry delicacies! Such detail, what talent!!

CPR Engineer's House is steeped in regional history and now it's the exciting location of Brooks' newest tourist destination and special events venue. Here a picture of the Engineer's House in 1911.
Stop by on your way through this convenient community and see the hard work and dedication these entrepreneurs have put in!
Good luck on an exciting summer ahead!

FINALISTS ANNOUNCED!!

2010-05-27T09:50:00.000-07:00

You can't believe the excitement mount as the final scoresheets rolled in.
The competition was so tight and came down to meer points but, thanks to the help of our volunteer screeners, we've determined the 3 top-scored plans.

Please join the Chinook Entrepreneur Challenge Organizing Committee in congratulating our 2010 Finalists:

CPR ENGINEER'S HOUSE (Duchess, AB)

INSPECTACAR (Lethbridge, AB)

SUGAR DREAMS (Magrath, AB)

Twenty-two plans were received and showed entrepreneurial spirit. We encourage all inspired competitors to contact their host Community Futures office to explore options to further your endeavour. Community Futures can offer business consultation, training and loans.
Local Community Futures offices are:

- Community Futures Alberta Southwest (659 Main Street, Pincher Creek, AB T0K 1W0, (403) 627-3020)

- Community Futures Chinook (5324 - 48 Avenue, Taber, AB T1G 1S2, (403) 223-2984)

- Community Futures Entre-Corp (#202, 556 - 4th Street SE, Medicine Hat, AB T1A 0K8, (403) 528-2824)

- Community Futures Lethbridge Region (2626 South Parkside Drive, Lethbridge, AB T1K 0C4, (403) 320-6044)

- Community Futures Meridian Region (125 - First Avenue East, Kindersley, SK S0L 1S0, (306)463-1850)

- Community Futures Wild Rose (101, 331 - Third Avenue, Box 2159, Strathmore, AB T1P 1K2, (403) 934-6488)

I sincerely hope you all pursue your ambitions. There was only 23 points variance between the top 50% of the plans submitted which means the competition was very tight and every business plan shows promise!

ATTENTION ALL 2010 PARTICIPANTS: Regardless of your level of participation in this year's Chinook Entrepreneur Challenge, you are welcome to register again next year. You'll be the first notified when registration opens. Several participants return for a sophomore cycle and their business idea strengthens at every turn.

Stay tuned for the winner to be announced June 11!
Congratulations again finalists!

Competition Closed

2010-05-04T12:40:00.001-07:00

The 6th Annual Chinook Entrepreneur Challenge is now closed!

I am thrilled to say that we received a whopping 22 plans, including 2 promising submissions for the Youth Technopreneurship Program.

Going over the plans for the past two days, I want to offer a huge CONGRATULATIONS and GOOD LUCK to each and every competitor.

Each plan is inspiring and has enormous potential. Regardless of the competition outcome, each business plan received took great thought from the individual/team and we can't wait to see the outcome.

Great work all!!

More on cash flow (recap of session 6 at session 7)

2010-03-26T10:40:00.000-07:00

Understanding cash flow can be very complex. Since we didn’t have much time in the previous session to discuss it, that’s how we started this week’s session.
Remembering the other two primary financial statements are balance sheets and income statements, the cash flow statement will tell you whether you’re ok, how to manage the flow of funds as payables and receivables cycle.
There are a few things you may hear when talking finance. Profitability discusses return, activity discusses the management’s ability but solvency may be trickier, it comes up when asking whether you have enough cash/receivables to pay outstanding bills/payables.
Changes in cash flow can happen in three areas: financing, investing and operations. Most changes will be to your operations but it’s important to calculate the other areas.
When setting up your cashflow statement, you’ll chart the months by inflows and outflows (you may need to look at weekly or quarterly planning depending on your business).
Craig explained that you may want to do a month “0” so you can include the costs associated before you even open the doors (ie. insurance, deposits, etc).
To help control flow, you’ll want to concentrate on bringing in money quickly and delay payments when possible. That doesn’t necessarily mean you want to go over 30 days on payments, but you may want to keep in mind that if there’s not an incentive to pay early and you know there will be inflows in the next day or two, a delay may be a good idea.
Once you’ve prepared you cashflow statement, you might notice some months are negative. Seeing that, you might be first concerned, but then you should feel relieved because at least you know about it ahead of time and can compensate or manage through. To get through, you may have to sell some old equipment, look at how to increase sales without incurring further unmanageable outflows, or use personal or family funds.
Craig also mentioned that you may consider a working capital loan. A few weeks ago, Randy Helm from Servus Credit Union was in talking about the same thing. If you are seeking money for a specific thing (like an expansion or a large project), it may be easier to access some funding.
“A business may have good sales, but it could still have cash flow problems,” Craig said. “If you know up front, you can manage them.”
You’re probably wondering when does your business become profitable? That’s your break even point (the point where you break even, lol).
There a couple of ways to look at this. The formula: BEP=total fixed costs/(selling price-variable costs). The chart:

-

(sorry for the notey-crudiness)
At this point, there was a question from the participants asking “what if you’re selling various products at different price points?” You can try taking an average; create a dynamic formula; ask an accountant; come to the April 7 session to get some one-on-one advice. It can really depend, but overall keep your fixed costs low.

session 6: using financial statements

2010-03-22T14:12:00.001-07:00

Since we hadn’t completely wrapped the previous session and it lead directly into what we were talking about this week, a recap was welcomed.
This is the magic formula:
A = L + (C-W) + (R-E)
or
Assets = Liabilities + (capital-withdrawals) + (revenue-expenses)
. EQUITY
Operators Equity is the worth of the company.
Liabilities is debt owed.
Do recall double entry accounting? With this formula, when entering something you must enter a complimentary, counter entry so everything stays balanced.

When analyzing financials, there are three statement types based on what information you require.
When asking “what’s it worth?” You need a balance sheet.
When asking “are we making money?” You need an income statement.
When asking “are we ok?” You need an cash flow statement.

The balance sheet is always dated. It represents a point in time reflecting the accounting formula above.
You’ll list your assets and total. Next, list your liabilities and total. Then, list your capital and retained earnings. What’s the total?

The income statement is over a period of time, like the past year. It’s also known as the profit/loss statement. This is where you list your revenue and expenses to calculate your income (which should compare to your retained earning on the balance sheet).
To take it a step further, an income statement may also include sales minus cost of goods (COGS) to give gross profits, then subtract operating expenses.

Maybe this sketch can help…

Cash flow statement is totally different. It looks at how much money is coming in when.
For an exercise in cash flow, click here.

Here's a tip: Always keep your columns lined up, right aligned.

We'll be covering more about cash flow at the beginning of the next session.

Mark Switzer

2010-03-19T12:46:00.000-07:00

Before the instruction started Wednesday evening, we had the honour of hearing from Mark Switzer.

Mark is a Lethbridge entrepreneur who has been operating in the region for 30 years. In 1999, he got involved with the Community Futures Lethbridge Region board of directors. By 2001, he was Chair.

He told us about the business planning process and offered lots of tips for budding entrepreneurs and community members.

First thing he mentioned is that “you’re never really NOT at work”. If you aren’t interested in work 60 hours of a week, you’re probably better off to find a job working for someone else because that’s the level of dedication you need to see a successful business through.

He said that if you can find investors from your family, that is a good direction to pursue. Not only is it just a secure funding method, but it’s an added level of accountability.

He suggested three key things: Rent before you own; Lease before you buy; Work before you hire.

Mark added that you must be secure before you expand. For example, when considering a second location, analyze the impact of dividing your time and double the overhead. Often, new expansions creates competition for the original location.

Which lead to his following point: diversify only if you know the risk.

Mark emphasized that business owners need to investigate their partners. Not only investing partners, but also suppliers, vendors, agents, etc.

In business, there’s one group you ALWAYS PAY FIRST: the government. Between taxes, monthly remittances, MERB, etc, you’ll have statutory obligations. If you fail to follow through on those obligations, the Canadian Revenue Agency can seize your bank accounts, your assets, your home until they get sufficient recompense. Mark also said that you must include yourself on the payroll, even if you’re not getting paid because you’ve spent all your money to pay the government. Audits can happen to you.

Then Mr. Switzer gave us a few ideas for once we are successful.

He urged participants to reinvest in the community. When you start a business, the expectation is that you’ll be taking money out of the community, so you really should be putting back too. This creates a familial relationship which (especially in southern Alberta) can be the best advertising and will spread.

Keep your spouse/partner informed. If they know there are cycles, they also can be prepared and plan ahead. It’s also really helpful to have someone you trust that you can bounce ideas off of.

Praise your staff. Contrary to old-fashioned management philosophies, a militant environment will only add pressure to your business. Instead, coach your staff. Try saying things like “I see this…, but let’s try…” and NEVER criticize in front of others. You may not realize it, but word-of-mouth is a very powerful tool that your employees have first access to. You need your staff to come back so empower them and let them manage their specialties. He added that, now with technology, there are very few circumstances where you will not still be the ultimate decision-maker.

Mr. Switzer wrapped up by saying that he’s found incredible value in being a community mentor. He said that it’s better if you can know things ahead, so share and help inform others. Make your experiences available and be around others who do the same.

He warned “don’t get over involved”. Mark shared his criteria for volunteering. He explains the opportunity must allow for elements of the following components: education, travel, network, and stipend. He explained that after years of service, this is how he narrows down (otherwise there just wouldn’t be time to enjoy home, family, the good stuff).

Thank you Mr. Switzer, see you at the Awards Ceremony!

session 5: finance 101

2010-03-15T10:59:00.000-07:00

Session 5: Finance 101
The accounting basics, financial statements made easy

Randy Helm from Servus Credit Union came by and spoke about small business finance.

A great website to check out for business financing/ loans through the government is www.strategis.ic.gc.ca. Look for the Canada small business financing program link on the right hand side of the page. Find out how and where to apply for a CSBF loan. Eligible small businesses for the CSBF program.

3 types of banks in Alberta.
1. Chartered banks, banks like TD, CIBC, big banks. Goal is to satisfy majority share holders.
2. ATB Financial- Government owned, positioned in small communities throughout the province, (Taber, Picture Butte, Magrath) Grassroots.
3. Credit Union- Co-op principles, profit sharing,

Register at a corporate registry for your company name.

Better to go with a corporation right off the bat than do a joint partnership because of the security you can get through legal protections.

CRAIG-
Craig first explained the three basic accounting terms, what they mean/stand for when broken down.
ASSETS
• Something of value. –property owned, or a building
• Current asset (cash, car)
• Accounts receivable –money owed by Ex: renters,
• Inventory –items in store, stock on shelves, already purchased
• Prepaids?- Having already paid for car insurance, or rent, or a car payment before it was due.

LIABILITY
• Debt owed- anything, bills, money owed that needs to be paid
• Current liabilities- phone bill, internet bill, etc..
• Accounts payable- similar to current liabilities, money owed
• Long term liabilities-

EQUITY
• The worth- overall worth of the company.
• Original money invested
• Plus any profits
• Not cash!!

PRACTICE

DOUBLE ENTRY SYSTEM
Asset = liabilities + equity
• ALWAYS two entries (at least)
• Keep the equation balanced

Investing $$ = Financing $$

Investing $$ = DEBT + EQUITY

Stuff = Owe + own

Asset = liabilities + equity

Amortization = depreciation on equity/inventory over time. Ex: A computer that costs $1000 dollars in 1998 doesn’t cost $1000 in 2010.

Assets = Liabilities + (plus) Owners Equity
Capital – (minus) Withdrawals + Revenue – (minus) Expenses

Assets= L + (C-W + R-E)

The main thing to remember about this equation is the double entry system. You must always keep the equation balanced on both sides of the equal sign.

Helpful Links

2010-03-11T08:38:00.000-08:00

At last night's session, the group heard from Randy Helm from Servus Credit Union.
He told us about financing options and mentioned the Industry Canada's Small Business Financing Program, where the Government of Canada will support entrepreneurs by guaranteeing loans with banks, credit unions or treasury branches for up to 90% of costs on equipment, leasehold improvements, etc.
Here's the link:
http://www.ic.gc.ca/eic/site/csbfp-pfpec.nsf/eng/Home

To contact Randy:
Servus Credit Union Ltd.
Randy Helm
Senior Commercial Account Manager
480 Scenic Drive South,Lethbridge, Ab. T1J 4S3
T: 403.331.6518 Ext 6176
F: 403.329.6069
randy.helm@servus.ca

----------------------------------

session 4: marketing you idea (part 2)

2010-03-09T15:34:00.001-08:00

To target a market, first we categorize (segment) then go after (position). To segment a market, there are variable to consider:
- Geographic (ie. selling umbrellas in Arizona)
- Demographic (age, income, # of kids, gender, education, etc)
- Psychological (opinions, interests; changeable depending on marketing ie. diamonds, Burberry, Lexus)
- Product Use (common, ie. shoes, minivans)

To analyze this, Craig explained the segment chart:
- imagine 2 intersecting axis
- plot the market
- identify where you’ll position yourself

Craig also explained the Product (and services) Life Cycle. Through the introductory stage, you’ll spend time teaching the benefits of your business and raising awareness. Sales start to take-off and this is the growth period, you’ll notice competition start to pop up through this stage as well. As your business matures sales will slow but profits are high. Then comes decline, where sales and profits start to drop and promotional dollars start getting cut. Ultimately, you want to tapper the decline stage.
The Life Cycle can be visualized in a graph:

Once you’ve given some thought to who your customer is, start looking at the 4Ps: Product, Price, Place and Promotion. All intertwined elements to a sound marketing plan.
Product (or service) is where you really want to differentiate yourself within the market. A very important element where you can make that crucial first impression, but don’t get carried away. An example of this is perfume, where you need to say everything about your product without actually experiencing it – based on design and packaging. This is a chance to really appeal to the customer’s emotional side.
Price is a difficult concept to master. You don’t want to undervalue yourself, but it won’t take your customers long to realize that you overcharge either. You can do trial rates, matching or other promotions. There’s also the psychological aspects like charging $4.99 instead of $5.
Promotions are the more obvious elements of the marketing plan. Consider four types of promotion: advertising, personal selling, sales promotion and public relations.
Advertising is any form of paid promotion. TV, radio, newspaper are the default advertising, but there’s a world of opportunities out there. Consider sports events, maps, tourism or sponsoring the Chinook Entrepreneur Challenge.
Personal selling may be cliché, but word-of-mouth is a hugely important and influential means of promotion, not to mention a great chance to practice your presenting skills and your enthusiasm will come through. You can look at upselling or listing specials to clients as personal selling techniques too.
Public relations are anything you to build goodwill in the community, and likely you haven’t paid for it. (ie. Tim Hortons Tim Bits Hockey)]
THINK OF MARKETING BEYOND ADVERTISING
(but at the end of the day it must benefit the company)
Finally, Place. How are you going to get your product into the consumer’s hands? Or how will you get them in the front door of your business? You really need to look at who your customer is…not necessarily your consumer. For example, Proctor & Gamble’s customer is Wal-Mart and London Drugs, not you and I (we’re the consumer).

Next week’s session is Finance 101. See you then!

New Dork!!

2010-03-08T15:57:00.000-08:00

Saw this clip and made me think of some of those entrepreneurs out there!

http://www.jokeroo.com/videos/funny/entrepreneur-state-of-mind.html

session 4: marketing you idea (part 1)

2010-03-04T08:39:00.000-08:00

This session was one I was looking forward to.
Marketing your ideas.

But before we could start that, Craig laid out some corporate structures.
There are three ways you could look at building your company, and advantages and disadvantages to each.

Sole proprietorship is like a kid with a shovel, who decides to start clearing snow. This is the easiest way to get started and you claim it on your personal income tax as additional earnings. But if Mrs. Jones slips, she could sue the kid and take him for his skateboard, hoodie, mp3 player, dog, everything. Disadvantage.

Partnerships are similar, but you "partner" up next to others with same liabilities and tax benefits. Be cautious because you could also end up with a huge bill.

Corporations are a lone legal entity. Taxation changes (doubles) but you can raise more money (equity options, shares), and the company is liable, not you.

All that said, you should still ask yourself "why not incorporate?"

We capped that off with a corporate governance slide. It's likely you (the entrepreneur) will hold most/all of the positions (shareholders-board of directors-senior managers).

TARGET MARKET TYPES
It's not fair to you or your customers to say "my market is the world." Businesses spend millions of dollars researching who their customer is and how to talk to them.

To narrow down your target market, start with consumer, industrial or export markets.
Consumer markets are value-driven and emotional. It's the most frequently sought market. Industrial markets should be overlooked, you may be able to sell to companies, institutions or government. It's a more rational market but look more carefully at price, dependability and quality. Export markets aren't as visible but obvious for some businesses. Craig gave the example of a collectibles shop, a small fraction of the total sales may happen through the foot traffic, while most transactions were sold online and shipped.

Session handouts

2010-02-25T12:47:00.000-08:00

After some technical difficulties, some of you may not have received the handouts from last night's session.
You should be able to find all the information discussed (including the powerpoint presentation) at http://www.chinookchallenge.com/seminar.php

Please note, these materials will only be available until April 30.

session 3: financing or funding

2010-02-25T09:16:00.000-08:00

When it comes to finance, many entrepreneurs may shy away. The technical aspects of accounting may be beyond your realm of expertise, but all new business owners have to acknowledge and understand the basics for their business to thrive.

The first question Craig posed to the group last night was "how much money do I need?" He cautioned against underestimating this amount and this is a huge planning failure.

When writing your business plan, addressing finances could be incorporated throughout. You may even want to discuss it in the executive summary or offering.

Next we discussed debt versus equity. Debt is money you borrow, equity is your retained earnings.
There are many characteristics to debt: secured/unsecured, short-/long-term, variable/fixed rates, etc.

Craig told the group that when you're trying to get money from a bank, they aren't necessarily looking for someone to pay the money back "right away". Banks are more interested in hearing that you can service the debt and support the payments regularly (that's how banks make their money, and that's what they love to hear).

We talked about different sources of financing. You may have options within your own portfolio like savings, home equity, lines of credit, or friends and family sources ("love money"). Entrepreneurs are encouraged to talk to family and friends about their business idea, it's a great way to practice and source some funds but make sure that you're clear on the expectations of both parties - dot the I's and cross the T's.
Venture capital and angel investors are options as well. Venture capital is typically technology-driven, they look for a quicker return on investment but there are social venture groups out there who look to improve the environment or society. Angels are harder to come by. These are wealthy groups or individuals who can come in and take an active role in the early stages, but be aware Angel investors are rare and there are a lot of scams out there. The best way to meet these people is through networking – join Chambers of Commerce, make contacts, find them face-to-face. These opportunities can fluctuate with industries and markets.
The last two options we reviewed were incubators and government. Incubators aren’t considered financial investment but can result money saved. It’s generally a shared space to help new businesses grow, but after a couple of years you are expected to move on to make room for new enterprise.
Government provides a few options. There are lending services like Community Futures, Business Development Bank of Canada, etc, and there are grants. The lending services are an excellent option if you are not a “desirable” candidate with the banks or have other circumstances. Grants are rare, lengthy and highly competitive, however they can be hugely beneficial. There’s more information available at http://www.cflethbridge.com/faq.php (scroll down partly to “Government Grants”).

Then we were on to Presenting. Another aspect you may shy away. No fear. The key to making a great presentation is knowledge and LOTS of practice.
Craig offered great tips. He said keep it simple, 1-3 (max. 5) points that you want to get across. Go with a standard format – intro, body, and conclusion. Think about it as romancing the listener into your concept. Keep track of transitions, which could be as simple as putting a page-turning break in your notes. Be prepared. Tie everything in together, a common theme. And don’t forget to enjoy the moment – you’re enthusiasm and confidence will shine through.
Craig also noted the energy-time graph where, as the presenter you want to get the energy up as high as you can early in the presentation and try to sustain without losing the interest of the audience.

HOMEWORK: practice the elevator pitch. As hard as it may be, think of how you would talk about your business as though you only had the time you’d spend in an elevator.

At this point, I'm sure most participants have a business idea in mind. I encourage you to start developing your business plan – even if it's as simple as starting a document on your computer or a file on your desk.

MENTORS
All of those who requested mentors please watch for a brief questionnaire. (The deadline has passed to request a mentor).

session 2: ideas to action

2010-02-11T10:05:00.000-08:00

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

2010-02-04T09:44:00.000-08:00

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

2010-01-06T10:59:00.000-08:00

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!

2010-01-04T14:07:00.000-08:00

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

2009-12-24T10:11:00.000-08:00

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!

2009-12-18T08:45:00.000-08:00

**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!!

2009-12-17T08:12:00.000-08:00

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

WANTED: Sponsors

2009-11-16T09:18:00.000-08:00

Community Futures offices across Southern Alberta are proud to introduce the 2010 Chinook Entrepreneur Challenge for it’s 6th annual competition, a business planning competition designed to encourage entrepreneurs, small business and start-ups to act on their business ideas, talents and energy.

We are inviting you to join us to celebrate the ingenuity of southern Alberta’s residents. We hope that you will consider being a part of the 2010 Chinook Entrepreneur Challenge team.

As a sponsor, you would be recognized in all of the information and promotional materials disseminated about our contest. Some of the highlights are listed below:
-Media exposure across Southern Alberta
-Identification as a sponsor on the website, posters, brochures, etc
-Business development opportunities
-Community goodwill
-Opportunity to help entrepreneurs
-Access to ideas and technology
-Networking opportunities
-Access to 20+ businesses and agencies

Last year’s competition was a great success and was well received by the southern Alberta business communities. A total of 62 registered participants from six regions took part. We received considerable regional media coverage and featured in numerous print media. Eight business seminars were conducted to assist participants with enhancing their business plans and 17 business plans were submitted, but two exceptional businesses were recognized at the August awards ceremony. Congratulations to Bridge Land & Energy Services of Lethbridge won first place and Family Tree Childcare Services of Hanna was runner-up.

After you review the information enclosed, I would be pleased to follow up with you to answer any questions. Please feel free to contact me at (403) 320-6044 or info@chinookchallenge.com.

Sincerely,
Desirée UnvoasProject Coordinator Chinook Entrepreneur Challenge

Chinook Entrepreneur Challenge 2010

2009-11-16T09:13:00.000-08:00

Planning is underway for the 6th Annual Chinook Entrepreneur Challenge.

We welcome any questions at this time regarding the competition and look forward to meeting with you when the program commences in January 2010.

Feel free to email me. My name is Desiree Unvoas and I'm the project coordinator for CEC, you can reach me at info@chinookchallenge.com or 403-320-6044.

More info...

2008-05-09T08:46:00.000-07:00

If you are still having problems with the financial section of your business plan in regards to format, Microsoft offers free templates that are available online at:

http://office.microsoft.com/en-us/templates/default.aspx

Also, here is the web link to Ceridian, the HR and payroll company that Craig discussed last night:

http://www.ceridian.ca/

And lastly, I will be posting the information booklet, A GUIDE TO RIGHTS AND RESPONSIBILITIES IN ALBERTA'S WORKPLACES, provided by Ty. It will be posted on the
Chinook Challenge website with all the seminar 7 info.

Daniel

2008-05-05T07:42:00.000-07:00

The Interactive Business Planner website link that Mark informed everyone about last Thursday is as follows:

http://www.cbsc.org/ibp

There is also a link on the resource page located on the Chinook Challenge webpage. There is alot of other useful webpages there as well.

Daniel

Mentors are coming

2008-05-01T14:46:00.000-07:00

Hello,

I am still working at signing up mentors. I have some, but still need some. I apologize and ask for your continued patience.

In light of this weeks seminar I have found some video's that might clarify a few things, and may help out:

http://youtube.com/watch?v=W72hFB6jLlQ&feature=related – total quality management (tqm) 1

http://youtube.com/watch?v=F9sKtso7t0A&feature=related – tqm 2

http://www.youtube.com/watch?v=whTwjG4ZIJg - what to do in presentations

http://www.youtube.com/watch?v=HLpjrHzgSRM&feature=related - what not to

do with PowerPoint presentations

http://www.youtube.com/watch?v=EFJg1T2hMk8&feature=related - good and bad

presentation example

http://www.youtube.com/watch?v=2vS6sjc1lQ0&feature=related - really bad

presentation

I hope these help.

One more not of importance.  May 1st will be my last day as Chinook Challenge Coordinator.
I wish you all luck in your future business endeavors.  I will be passing the reigns to Daniel. 
If you need to get a hold of him, he will be checking the info@chinookchallenge.com email
regularly.

Some rules, a template, and some personal thoughts

2008-04-22T13:18:00.001-07:00

I have had a few questions about the business plans:
1) When is the business plan submission deadline? It is May 29. All business plans are to be submitted May, 29 NO LATER THAN 4:00 PM.

2) What do we need to hand in? You need to submit 15 hard copies of your business plan, an electronic copy, and all the paper work (non-disclosure and participant agreement if you have not already, and the checklist).

3) When will the winner be chosen? There will be updates during screening and judging, however, the winner will be decided July 18th.

Some other thoughts and rants...

1) I posted a link to some financial templates but after reviewing what is there I realized there is not an income statement. www.uschamber.com/sb/business/tools/downloads/incstmt.xlt. This is a link to a great income statement if you need one.

2) Make sure you are working through your business plan. Trust me, they are more work than you think. When I was writing my first business plan, I underestimated the workload. It ended up that I had to pull 2 all nighters in a row to finish it on time for my small business management class. Please, for your sake, start early.

My rants...
I have been reading, because I believe reading is important. I read everything that I think might be interesting or is recommended to me. Someone suggested I read a series of books called "Rich Dad, Poor Dad". I thought it would be another book that preaches the same thing that I have learned throughout university; most of which I do not agree with (but that is another discussion). These books are insightful, tie up many loose ends and answer a majority of the questions that were brought about by my university education.
One thing I found interesting in this book is the author, Robert Kiyosaki, said he asks people trying to start a small business, "can you make a better hamburger than McDonald's?" The answer is obviously yes. It doesn't take much to make a better tasting, healthier burger than a fast food restaurant. It would probably also be less expensive. So why then have they sold billions and billions of hamburgers. It is not the product...It is the system. And, it is not just one system, it is a system of systems. The way all the people helping you say, "Welcome to McDonald's", their logistic system, and most of all, their locations (if you look around, McDonald's has some of the best, most expensive, high traffic locations in the world. A prime example of this is the McDonald's in Edmonton at 6104 109 Street NW. I don't know how they did it, but they built it in the middle of an intersection. I'm not joking, its right in the middle of 2 main roads...They built an intersection around it.) are all different systems. Kiyosaki's message was this: Items, gadgets, widgets, toys, computers, etc. are imitable. Too many times I have heard, "nobody else has this" or, "it is the best product ever and everyone needs one". NO! not everyone needs one otherwise they would already have it. They clearly do not know they want it yet. However, if you can build a system that your business feeds off of, that system can be your advantage. Also, with this system you will be working on your business, and it is more likely that you will not have to spend as much time working in your business. That little word is a huge difference. It could give you more free time and increasing your chances of financial freedom.
I know the stigma surrounding these financial self-help books. However, my philosophy is: knowledge is power. The more you know, the better your chances are of succeeding. So instead of judging, read.

A Final Thought
I was listening to a conversation between 2 people at the university the other day. (I know, its rude it eavesdrop, but I couldn't help it, they were being loud.) I was interested in what they were saying, not because I agreed with it, but because I thought it was incredibly shallow. The two were discussing one of their classmates who seemed to disagree with everything their professor said and seemed to voice his/her opinion way to much. My question to them would be: is it wrong or bad to question what people tell you even if they are "experts"? I think the answer should be no. If nobody did, we would never have anything new.
On the other side of that coin, when you do question and do something new, people will outcast and ridicule you. Change always causes doubt in others. Remember the Theory of Relativity, Gravity, the Sun being the center of the solar system, Evolution, even Physics. Ideas we now consider natural laws, once created such a stir that many of the "inventors" of these ideas, were placed under house arrest or excommunicated from the Catholic Church.
I suppose my final word would be don't judge, keep an open mind, think outside the box, and do not take the words of a cynical to heart. Listen to cynics, learn from them, question them, but don't let their words defeat you.

Financials

2008-04-16T10:48:00.000-07:00

First things first...The material from the first three seminars is on the website under seminars on the bottom right corner of the page.

Second, this will be the last call to sign up for a mentor. The deadline to sign up is this Friday, April 18th.

O.K. I have had a few questions:
1) If we don't attend all the seminars can we still submit a business plan? The answer is yes! The seminars are highly recommended, but we understand that life happens. If you cannot attend some seminars, we will accept your business plan at the end of May.

2) I have had some questions on where there are some financial templates. There is a great website that goes has pretty much ever financial template you will need for a business plan. The site is http://www.score.org/template_gallery.html. If you can't find what you are looking for there, let me know, I'll try and find one for you.

The last thing I will finish up with is a heads up about the next seminar. We are starting to get into business financials. This is one of the most important part of you business plan. Ultimately you business needs to support itself. If, after calculating your market share, you realize that the business is not going to support itself, that is a success. It is successful in that you have not pumped time, energy, and loads of money into a failing venture. All three - time, energy, and money - are finite, and you need to maximize your use of them all. This business plan will help you do that.

Granted we cannot go through everything in depth regarding the financial aspects of business plans in 2 seminars. However, we will go through the essentials. I encourage you to get a good start so if you have any questions for Craig, you can ask them.

Finally, I cannot attend this next seminar. If you have any questions for me specifically, please email me. I will be checking my email periodically over the next 2 days, so I will respond. Mark Fournier will be there to make things go over smoothly. He can answer any questions you may have as well.

Seminars

2008-04-02T13:12:00.000-07:00

Hello everyone.
Welcome to the new year of the Chinook Entrepreneur Challenge.
Seminars have started and the next one is at 6:30 on Thursday at your local Community Futures office. We will be discussing marketing. This topic is widely misunderstood. Most, when they think of marketing the only thing that comes to mind is advertising. This is only a small piece, usually the end result of hours of research and analysis.

The trap many entrepreneurs fall in, especially when making a business plan is, is it realistic? Most think, I have a great product, its nothing like anything else, everyone in town will buy it. Reading it when I say it in a blog, it sounds naive. It sounds worse in a Business Plan.

The first thing you must remember is there are always competitors. Maybe not always direct competitors, but they still take business from you. For example, a family has the afternoon to burn, what options do they have. 1) going to a matinée movie for the afternoon 2)driving to waterton 3)renting a movie 4)go for a bike ride, picnic, go to the lake, swimming pool, or something else active. All these things are now in competition for that families time. Only one will win. Remember this when you are writing about marketing in your business plan.

Finally, traditional marketing is becoming less effective, especially towards new demographics. By traditional marketing I mean that annoying stuff that interrupts our favorite T.V. and radio shows and those overgrown signs that pepper the side of the road and take away the spectacular views of your favourite stretch of highway. If you want to watch a great video on this, its a presentation by Seth Godin. Its called Sliced Bread and Other Marketing Delights. It takes about 20 minutes. He goes over some interesting things that you should take into account for modern marketing. The problem, is that we are bombarded with ads constantly, no matter what we are doing. This is especially true with the younger generations. Think about this and its implications. So...how are you going to get the word out, who are you going to tell, and how will you make it unique enough to get them to listen. If you would like to see it the link is...

http://www.youtube.com/watch?v=xBIVlM435Zg&feature=related

I recommend it.

Marketing is not just this though.... It is analyzing your business. What are your strengths? What are your weaknesses? How can you utilize your strengths and counteract your weaknesses? And if you know who will buy it, how often, and where, you can find your market potential.

I hope to see you all Thursday for the seminar. It will be informative.

Awards Gala

2007-10-15T14:50:00.000-07:00

The Chinook Entrepreneur Challenge Committee is excited to announce the winner of the $15,000 cash prize plus over $5,000 in in-kind services for 2007.

The winner is:

Titan Contract Welding – Kerry Weiland, Wardlow, AB

This year the runner up for the grand prize was Wendy Devent owner of Paws on the Run Pet Services Ltd, a local company that has just recently opened its doors. As Jacquie Penner, Dean of Business at Medicine Hat College and judge for the Chinook Entrepreneur Challenge said, “the contestants’ plans must go through an intense screening and judging process to make it to the Awards Gala. Even though both plans did not receive the grand prize, just getting this far is a testament to the quality of their business plans.”

The top two finalists presented to a crowd of more than 50 at the Awards Gala in Lethbridge this weekend including the sponsors, screeners, mentors, judges and local business people who made the Chinook Entrepreneur Challenge a success.

Chris Lindeman, Chinook Entrepreneur Challenge Coordinator said, “it was great to see such a wide variety of plans come in this year from such a wide area. We expanded this year and got registrations and business plan entries from every new area. It was exciting to see a contestant win from outside of the Lethbridge and Medicine Hat which are the major economic centres in the area that the Chinook Entrepreneur Challenge encompasses. It just proves that the Challenge is reaching the smaller areas and diversifying Alberta’s rural economy.”

The winner received $15,000 in cash to be used within their business as well as services from Meyers Norris Penny LLP and KICK Creative Group. – which will assist them to promote their goods and services. Congratulations again to Titan Contract Welding and Paws on the Run all look forward to seeing their businesses develop and grow!

Seminars Are Over

2007-08-15T09:02:00.000-07:00

Hello,
On behalf of all the program partners, sponsors, and those affiliated with the Chinook Entrepreneur Challenge, I would like to thank Craig Milner for the great job he did over the past two months. I would also like to thank all the participants of the CEC for their continued support and for their business plans.

The screening round will officially start at the end of this week. I wish everyone who submitted a plan the best of luck.

Seminars Winding Down

2007-07-23T09:48:00.000-07:00

This is the final week of seminars. I hope they have proven useful to everyone who attended. As promised by Craig last week there is a teamwork article and example of an offer letter posted on the website. Also, here is the link to the Human Resources site he was talking about... http://employment.alberta.ca/cps/rde/xchg/hre/hs.xsl/4339.html. I have looked at it and it is quite thorough.

We have this weeks seminar then the business plans are due on August 10th. Good luck finishing your plans. I hope it all goes off without a hitch. See you on Thursday.

Financial Help

2007-07-06T14:05:00.000-07:00

Hello Everyone
As promised there is a website that will help you gauge your business by comparing your financial statements to those of the industry norms all across Canada.

It is called Performance Plus. In their own words:

"Performance Plus is an on-line performance benchmarking tool. It provides detailed financial and employment data on more than 600 business sectors across Canada, including more than 30 performance benchmarks to help small businesses determine how they measure up against their competitors.

This tool uses the Small Business Profiles (SBP) created from a sample of Revenue Canada tax returns for both incorporated and unincorporated businesses operating in Canada.

Performance Plus gives instant access to benchmark financial data that can help small businesses construct a business plan. This tool also helps new and established firms find out where they stand as compared to a relevant industry average. Performance Plus assists small businesses in making the best operational decisions - quickly, simply and effectively."

The website is http://SME.IC.GC.CA. It is an interactive website to tailor to your business/industry. To use it first click on build your own profile, then use the 2004 data because it is the most recent. Then select the area, business type, and expense data units (I recommend $ instead of %). In the next screen you will need to choose and industry. Then simply keep narrowing it down until you have only on left to choose and click create report.

This is an amazingly powerful tool and great to compare your business to the industry for projections.

Seminar Material

2007-06-29T07:38:00.000-07:00

We are under way with finance material. Last night we learned the different avenues to raise capital from a senior partner in the top 10 accounting firm MNP. Next week we will address the different financial statements that need to be included in your plan.

Keep in mind that we have a very small amount of time and a very large amount of material to cover. Therefore, a lot of the material will be surface level material. If you wish to delve deeper into some particular subject matter, ask questions during the seminars. I am supremely confident in our instructors, guest lecturers, and other resources at hand to answer your questions. I also can guarantee, that if you have a question, at least one other person has that question as well. Also, it gives the instructors something else to work from other than there slides, and perhaps the real world examples that come out of questions may be very useful to you.

On another note, this blog is designed to be a discussion board. It is dynamic so if you would like to post a comment or question here click "comment" on the bottom of the blog and I will respond as quickly as possible. If you have tried this in the past and failed, I have changed the settings to allow anyone to comment on the blog. So if you have a pressing question or hate speaking in the midst of a group, post a comment on here, and I will respond either by email or the blog itself.

Have a safe long weekend.

The Foundation of Success

2007-06-27T13:23:00.000-07:00

The author of the best selling book series Rich Dad, Poor Dad Robert Kyiosaki, said, "Education is the foundation of success. Just as scholastic skills are vitally important, so are financial skills and communication skills."

In his books Kyiosaki had two fathers. His own father, a very prominent government worker in Hawaii, well respected and with a big income. However, he never was truly "rich". This dad was awarded for spending money and hiring people. He also had a very close friend who's dad was a smart investor and wise business man. He was truly "rich". He was awarded to cutting costs and maximizing profits. Growing up with both allowed him the unique experience of being able to choose between both lifestyles. He chose his rich dad's lifestyle, he doesn't have a traditional job, but is one of the most successful men in Hawaii. Granted, he started buying land and starting business during Hawaii's tourism boom, but still. The gist of his books is invest in something that will get you where you want to go and invest wisely.

Since reading his books I have realized, almost to late, that if a penny saved is a penny earned...a penny wisely invested is a dollar earned. (I even came up with that saying myself)

You are all investing in your business. This entire Blog Post was building up to this. Invest wisely. If you're financial statements don't work, perhaps you have to revise before going ahead with your idea. Even if you have the best idea in the world, make sure it is feasible. Owning a business is only good if it can support you (and your family). I'm not saying give up, just rework/rethink the details. This is where the mentors come in and if they say this may not work, ask why, don't get mad at their opinions.

Finance Templates

2007-06-26T09:49:00.000-07:00

If you remember, I said I was going to post some financial templates on the website. I was in the process of drawing some up when I was directed to a website that had everything we will need and more. It is http://www.score.org/template_gallery.html. This website has every financial template that will be included in your plan with explanations and answers to FAQ's. It is more in depth than I was going to go and all around a better format. I encourage you to take a look at them, even if you are not planning on using them, they may still remind you of a hidden cost or a cost you may not have thought of.

I will see you all Thursday for the 4th seminar.

Legalities

2007-06-20T10:48:00.001-07:00

For the last several weeks I have been trying to put into perspective the benefits of our seminars. I have emphasized the fact that you cannot get classes like this except in a university setting, and then it would cost you upwards of $500.

I cannot put into words how valuable I believe these seminars are in developing a solid business plan which is the base for a solid business. However, there are some things that we may not cover because we simply do not have time. Because each industry is different, legal issues are big issues we expect that you will know.

If you are a regular reader of this blog you will know that Found|Read is an insightful resource I quote constantly. It is geared toward tech businesses but is applicable to any industry.

The last article I read was about a big time case being held in San Fransisco right now. It is at http://www.foundread.com/view/greg-reyes-day-in. Anyways, it made me realize how important it was to "cover your butt", so to speak, and make sure your actions or the actions done on behalf of your company are legal. This applies to every facet of your business. Employment, benefits, pay, incentives, and financial statements are increasingly under review by watchful government human rights/business officials.

Remember, as Eliot Spitzer, current Governor of New York, stated, “Never talk when you can nod, never write when you can talk, and never, ever, put anything in an email.”

On a different note, I have been asked some questions about some business plans. To be fair and to remain impartial about every business plan entered in the competition here are the answers that I gave to the questions.

If you are in doubt about the content of your business plan, have an outline of the bare essentials, it will help keep you on track. If the business is expanding, you need to give your best judgment and weigh the plan between the expansion and the current business. Remember, the judges need both background on the current business and details on the proposed expansion. If you are opening multiple businesses I will answer in the form of a question to get you on track... What is your main business? Are you opening business A to support business B or vice versa. If they are two separate entities all together, I'm sorry, you have to choose only one to enter the competition.

I hope this helps.

Seminar 3

2007-06-19T09:32:00.000-07:00

Just a reminder that seminar 3 is this Thursday. I am working on mentors for those who wish to be paired with them.

Hopefully everyone has started researching market information as we talked about last Thursday. Another thing to think about and research is competition. We will talk more in depth about this during seminar three, but just to get you started...

There is direct competition and indirect competition. For example, if you were to open a movie theater. Direct competitors are other movie theaters. However, there are other ways people may wish to spend there evening rather than watching movies. They could go to the driving range, go carts, horse races, the list goes on. Those may not be the same business as yours, but they are an equally effective way to entertain one's self for an evening. So... you may be the only one with your product or service, but you will always have competitors.

This is important for raising capital. If you say there are no competitors in your field, you may want to rephrase that to there are no direct competitors in your field. If you simply say there are no competitors it tells the people you are making your pitch to that maybe you didn't do your homework well enough.

This is only one topic we will cover next seminar. I hope to see you there.

Marketing

2007-06-15T09:41:00.000-07:00

Many people think that marketing is synonymous with advertising. The truth is advertising is only a small part; a single step in a never ending process.

The American Marketing Association defines marketing as:
"the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives."

This is obviously a very important part of planning your business. Therefore, in our seminars there are two weeks allocated for marketing, the 4 P's (product, price, place, promotion), target markets, SWOT (strengths, weaknesses, 0pportunities, threats) analysis, market potential, product life cycle, etc. All these things are crucial to knowing the environment your business is currently in and planning for "what if" scenario's.

In our seminar last night one of our speakers mentioned statcan.ca. This is a fantastic website to do some research on your market, its potential, and your place in it. There is another government website that I would like to direct your attention to; Industry Canada. It is a website with fantastic resources that goes more in depth about what we were talking about last night and what we will talk about next week.

Specifically, http://strategis.ic.gc.ca/epic/site/stco-levc.nsf/en/h_qw00016e.html talks about marketing if your still a little hazy. On the right hand side there is a link that takes you to an interactive worksheet that helps you to assess your strength in the market. One thing the government does is make pretty decent websites for the people needing more business information.

There is tons, literally tons, of information on marketing and examples of anything you may want about business plans, online. This wealth of information does come at a cost. Sometimes it is not a reputable site. Just be aware of this fact. Usually government websites are pretty reliable, so they are a great starting place.

Good luck marketing and I hope to see you next week.

Great Resources

2007-06-12T08:48:00.001-07:00

At our seminar last Thursday Craig reminded everyone that research is a key component of the business plan. In my mind, if you do not do research on your business, market opportunity, or target market, you are unprepared. If you are struggling with research the Chinook Entrepreneur Challenge (CEC) website has some great resources at http://www.chinookchallenge.com/Resources.html. There is everything there from sample plans to assistance in financial planning to government research pages (stats can). I have not had the opportunity to browse all 70 websites, but I will direct you to some that encompass what we talked about this week.

I would like to draw your attention to the Business Development Bank of Canada (www.bdc.ca). If you browse it you will find:
You can customize the site to your industry sector
Step by step how to guide to start your small business
Sample Plans
Financial templates (very in depth)
but also....
A self Entrepreneur assessment.

All these things will give you a great understanding of what you are up for.

Also, for research purposes, the government has some excellent statistics. On the CEC Resources site there are over a dozen sites that would help. I hope this gets you started in the right direction. See you at the next seminar on Thursday, June 14.

Seminars Started

2007-06-11T09:31:00.000-07:00

Seminars officially started Thursday, June 7. It was a success... minus the technical difficulties. I would like to thank everyone who spoke and attended and invite all those who may want to learn more about starting a small business. They are free to all those who are looking to start a small business in the area (See http://www.chinookchallenge.com/Participant%20documents/Chinook2007Handbook/index14.html to see if you are in the CEC area).

These seminars are invaluable, and FREE. We have lined up excellent speakers and seasoned entrepreneurs to give advice and guidance. We also have a mentor program that teams up participants in the Chinook Entrepreneur Challenge to business people in the community. They are their for support and guidance during the business plan writing stage. If you would like a mentor please let me know during the next seminar, June 14.

Some food for thought....

I read a post today on FoundRead.com. It is an amazingly insightful blog site where seasoned entrepreneurs of the very fast paced web industry in Silicon Valley post their thoughts and ideas. If you are an aspiring entrepreneur, in the web industry or not, I strongly encourage you to read the articles.

Outcomes vs. Activities by Chris Michel struck my interest. He said that it is critical for founders to know the difference between activities, the means to an outcome, and outcomes. The reason for this is that people, especially founders, should ensure the essential outcomes of your business are complete and stay focused on those outcomes. He states, and everyone can attest to this, that it is easy to get sidetracked and waste a day or two, or more, on activities that are not as important. In other words, it is easy to stay busy, but stay busy doing the things that matter most to your business.

Entrepreneurs especially need to keep this in mind because there are so many things pulling them in so many directions that it is easy to lose focus. For the full story go to: http://www.foundread.com/view/outcomes-vs-activity.

These are some of the things that our instructor, a local business owner himself, talked about during our first session. Next week we will learn about analyzing your business and its opportunities. I hope to see you there.

FREE Seminars

2007-05-23T12:19:00.000-07:00

Some food for thought...

"...it’s important not to confuse perfectionism with success. Endlessly pursuing the perfect product can mean never delivering a good product, or the right product. Successful start ups are about effective use of limited resources. While it’s critical never to limit the vision of what the company can be, having the discipline to package that vision into manageable pieces is perhaps more important still. "(For the complete story go to http://www.foundread.com/view/go-ahead-push-the).

This is true of entrepreneurs; people get caught in the vision of what might be, and lose focus of the primary objective of their company. Their endless visioning and farsightedness may be their downfall. Lack of demand is not the only reason for a new company to fail. The great entrepreneurs can take the good ideas, set goals, achieve them, and move on; not make goals, make more goals, make still more goals, and then achieve the first goal.

This is why a business plan is so important. It keep the visionaries on task and focused on the issues at hand. That is why the free business planning seminars are such a useful tool. We have an amazing instructor and some great guest speakers from professionals and long time business people.

Our FREE Pre-Business Planning Seminars start in 2 weeks. They are every Thursday from 6:00 pm to 9:00 pm starting June 7th. They cover everything you need to include in your business plan. You must be registered to take the business planning seminars (its free, we don't even ask for a credit card number)

The calendar of events is online at www.chinookchallenge.com. Also, all the information is in the Handbook at the same site.

Off and Running

2007-05-17T07:46:00.000-07:00

Well, we are officially launched and the 2007 campaign has been kicked off with a success all over Southern Alberta.

Keep an eye on your local paper and and ear tuned to your radio to get more information on the Chinook Entrepreneur Challenge.

Now that we are getting down to business, I would like to share some useful online resources with all aspiring entrepreneurs. There is a start-up business blog. The founder said, "the lessons I am learning [from starting my own business], thousands have learnt before, and might actually have a wider (and better) perspective on trials and tribulations of being a founder of a business. Not just a tech start-up, just any business. Why isn’t there a resource that captures this tribal wisdom? What if we could build one – one that can be shared by one-and-all?".

The idea is a breakthrough and it gives advice by people that have been there and have been through the turbulent start-up stages of entrepreneurship. If you are interested and want more information, the site is: http://www.foundread.com/view/introducing; or if you want to jump right in: http://www.foundread.com/.

This could potentially give you some insight into your future business and perhaps help your business plan be more sustainable. This site, coupled with our 8 pre-business planning seminars should give you the insight for a great business plan. For more information on the Chinook Entrepreneur Challenge contact info@chinookchallenge.com or visit www.chinookchallenge.com

2007-05-01T14:43:00.000-07:00

You are invited to attend the open houses for the Chinook Entrepreneur Challenge. The open house schedule is:

-Crowsnest Pass: Monday, May 7th 12:00 pm at 12501 - 20 Avenue, Blairmore, AB

-Lethbridge (2626 South Parkside Drive)/Medicine Hat (202 - 556 4th Street South East)/Taber (5324 48 Avenue): Wednesday, May 9th 11:00 am (Video Conferenced)

-Drumheller: Monday, May 14th 12:00 TBA
-Hanna: Monday, May 14th 12:00 Hanna Learning Centre

-Brooks: Tuesday, May 15t 12:00 TBA
-Strathmore: Tuesday, May 22th 11:00 TBA

There will be an overview of the Chinook Entrepreneur Challenge and a Q&A session. Previous winners will be there for comment in Lethbridge and we will have information packages for those interested. For more information contact me at info@chinookchallenge.com or visit www.chinookchallenge.com.

Win $20 000

2007-04-10T12:02:00.000-07:00

Would like to have $20 000 in start up capital for your new business or for a new product line for an existing business and are located in southern Alberta, Canada? Then here is your chance.

The Chinook Entrepreneur Challenge is a business planning competition that promotes developing a solid business plan. There are 8 free seminars to teach you how to write a business plan; then all you have to do is submit your plan. It will be judged by experts throughout southern Alberta, and the winner will be announced October 13.

There are two categories, agriculture and general business. A winner in each category will receive $15 000 cash and $5 000 in in-kind services from sponsors in the community including free accounting services and free radio advertising.

You need to register with me by emailing info@chinookchallenge.com in order to submit a business plan or attend the seminars. For more information visit www.chinookchallenge.com.

What have you got to lose, and by the end you will have a great business plan ready to kick start your dream of being your own boss.

Your Hired

2007-04-05T14:11:00.000-07:00

Do you feel like sitting across the board room table doing the hiring and firing instead of being hired and fired? We can help.

Own your own small business! This challenge is designed to assist those who have a viable business idea to get that business off the ground. The winners get $20 000 in cash and prizes. However, the seminars to assist you in developing your business plan are free, so at the end, you are one step closer to your small business dream. Because a well developed business plan is key to starting a small business.

To register go to www.chinookchallenge.com or email me at info@chinookchallenge.com.

Have a great long weekend.

Expansion

2007-03-29T11:52:00.000-07:00

Hello,

This is an exciting time for the Chinook Entrepreneur Challenge. Not only are we trying to give away $30 000 in start up capital for new or expanding businesses and $10 000 in in-kind services from businesses that sponsor the Challenge, we are in the process of expanding the area we reach. Previously we were only in the areas of: the City of Lethbridge, the City of Medicine Hat, and the Counties and Municipal Districts of Newell, Vulcan, Cypress, Willow Creek, Pincher Creek, Ranchland, Lethbridge, Cardston, Warner, Taber, Forty Mile, Crowsnest Pass, Waterton, Special Area No. 2, Special Area No. 3, and the MD of Acadia. The special areas stretch up just north of Oyen.

The New area includes The Community Futures Regions of Wild Rose, and Big Country (Strathmore and Drumheller respectively). If you are curious if you are in the area, check out our new 2007 handbook at http://www.chinookchallenge.com/Participant%20documents/Chinook%202007%20Handbook.pdf, or check out the Community Futures network location finder website at http://www.cfnsa.ca/cfna/public/find_cf.html.

Hopefully, next year we will expand further north toward Red Deer area. We will keep you posted. If you are in a new area, or just wondering about the Challenge in general send me an email at info@chinookchallenge.com.

Welcome

2007-03-23T08:57:00.000-07:00

Hello and welcome to the Chinook Entrepreneur Challenge, the only business planning competition of its kind in Canada to be held in a non-metropolitan setting. Set in Southern Alberta, Canada, this competition is designed to encourage new entrepreneurs, small businesses and start ups to act on their business ideas, their talents, and their energy to produce tomorrow’s leading firms. Through seminars, mentors, and this blog, participants will have guidance and support while preparing their plan. This blog will be the spot to learn of upcoming events, tips for business plans and updates on the competition. To register for this years challenge go to http://www.chinookchallenge.com/ and fill out the online form. Keep checking this blog for updates and helpful links. Good Luck.