Business plans being put to test
Entrepreneurs from across the province can soon take advantage of some inside business training.
The 13th annual Chinook Entrepreneur Challenge is taking place until May 3, with eight weeks of free training for entrepreneurs where essentially those taking part are taught how to build a business plan.
Sessions are held every Wednesday night for eight weeks. They are streamed online and posted online the next day for people to watch who couldn’t attend.
Jason Bacon, project co-ordinator, says they have actual classes at the University of Lethbridge where they bring in the speakers.
“We bring in professionals every single week, where they say, ‘hey this is how you pitch,’” says Bacon.
These training sessions started in January and will conclude this week. They are available at no charge to anyone who is interested in learning about how to better a business or start a new one.
Training topics include market analysis, how to make sure a business could actually sell, and how to make that plan.
After the training sessions are over, participants are given a bit of a break to create their pitches and business plans. On March 29, the actual competition begins and it’s also the submission deadline for the business plan portion of the competition.
“Everyone that takes part can put in a business plan. Each one is touched by three different screeners who are typically professionals who are bankers, accountants, lawyers — people that evaluate business pretty routinely,” explains Bacon.
The top three in each of those streams get the chance to pitch to a panel of judges, Dragons’ Den style. Bacon says Community Futures, as the organizing partner, doesn’t choose the judges.
“We bring in partners that understand the technology aspect and can give them really specific questions and then we have a big launch at the end where we announce the winners,” adds Bacon.
The grand prize in each stream will be $10,000. In the last 13 years, Bacon says they’ve given out more than $300,000 in cash and prizes and have helped over 1,000 participants.
Bacon says they have a lot of Community Futures partner offices in the Crowsnest Pass, Pincher Creek and central Alberta. If participants are in any of those areas, they can submit a business plan and potentially win.
“If people want to get caught up in that training, then there’s nothing to stop them from doing that right now, signing in right now and continuing on. We’re all about helping anybody that wants to get that training,” says Bacon.
This isn’t just for new businesses, it can be for existing businesses as well. There are some requirements such as existing businesses have to have fewer than 20 employees and less than $500,000 in gross revenue each year.
Final presentations are scheduled to take place on May 3. To register for this challenge and to submit a business plan by March 29, visit http://www.chinookchallenge.com.