New Venture Challenge

Registration deadline is Wednesday at 5 p.m. Visit cunvc.org for more information.

The University of Colorado’s New Venture Challenge is encouraging the campus community to turn dreams into realities through entrepreneurship — along with more than $10,000 in prize money.

The CU-Boulder’s New Venture Challenge (CUNVC) is a campus-wide a business competition, hosted by the Deming Center for Entrepreneurship, allowing local business-minded students, faculty or residents to pitch business plans to investors.

Matthew Burns, director of the CUNVC, said a goal of he challenge is to connect teams to mentors — some are CU professors and many of them are community professionals.

“Some teams that come in the door have more experience than others,” said Burns. “They may have already taken steps to make them into a business, but its really more of a launch-pad for teams that have ideas that they want to turn into a business but haven’t really done that yet.”

A stipulation, Burns said, is at least one member of each team must be a student, faculty, or staff member at CU.

Throughout the challenge the NVC organizes workshops and speakers, said Ogheneovo Dibie, co-founder of last year’s winning team, Rideorama.

“(Speakers) talk on specific topics, like teambuilding or pitching ideas,” said Dibie.

Although workshops have already begun, last-minute entries can still be competitive, Burns said.

CU junior and NVC participant Fletcher Richman said the workshops are an educational way to learn how to build a business from the ground up.

“I think it’s one of the coolest things that happens on campus,” said Richman, who is competing this year for the second time. “The energy and some of the ideas are just awesome.”

CU graduate Bryant Mason, who won his division and second place overall in 2012, said the challenge was “one of the most critical things” in helping his business move forward

“(The New Venture Challenge) was one of the most important things in my success to this day,” Mason said.

The prizes, provided by local sponsors, also provide extra incentive.

Last year’s winners, Boulder airport ride-share company Rideorama, collected $8,000. Dibie said his team split half of the winnings among one another and used the other half to invest in the company’s website.

Mason’s team, The Urban Farm Company, won $6,000 that he used to buy landscaping tools and lease a truck for his company.

All three participants who were interviewed said it was a great experience and would do it again if they had the chance.

“We have 29 teams right now and I’m hoping to have around 50,” Burns said.

Registration deadline is Wednesday at 5 p.m. Find out more information at cunvc.org.

Keep on the go with profitable hobbies if you’re made part time.
Source: Supplied

ABOUT 30 per cent of all Australian jobs are part time.

The “part-timing” of the Australian workforce has been ongoing for a decade but has picked up pace during the global financial crisis as bosses cut back the hours of staff rather than retrench them.

While that is good news for our national unemployment rate (that is one of the lowest in the developed world), it hides a legion of Australian workers who are underemployed.

Yes they have a job but are not working the hours, or earning the dollars, they want or need to live comfortably.

It could be one of the major reasons why retailers have found trading conditions so tough. While unemployment is so low, underemployment has squeezed the income stream of the average family.

So the focus for many is how to plug the hours and income gap. Here are some ideas.

Talk to the boss

The decision to cut back hours, depending on the size of the business, can often be an across-the-board decision that initially doesn’t take into account the circumstances of individual staff members.

The reality is some staff may be happy to wind back their involvement even further while others need to keep the hours up to pay bills. So chat among your colleagues to try and find anyone who’s happy to work shorter hours. Then approach the boss, explain your need for more work, your colleague’s desire for less, and offer to take up the slack.

Even if you can’t find that colleague, still talk with the boss and explain your circumstances and willingness to work more. If business picks up, you’ll be top of mind.

Plan your week

A critical trap is to waste those cut-back hours and just absorb them into your daily routine. Have a clear idea of how many hours you need to fill and note all the gaps in your week that have opened up for new work opportunities.

Write out a weekly work timetable and make it a job to fill those free hours.

Visually seeing your working week makes it easier to focus. It’s all about having a grip on time management.

Network

Let people know you’re available for work. Most jobs are never advertised, they’re filled by word of mouth. So get the mouth working.

Don’t hide your reduced work circumstances from friends and relatives.

Explain your predicament and willingness to work casual, part time or even full time if the right opportunity arose.

Sell yourself on your Facebook page, and you’ll be amazed at how quickly word gets around and offers appear.

Learn new skills

The cutback in hours could be an early warning that your employer, or the whole industry, is in long-term decline. Assess the prospects of your current job and, if they’re bleak, start reskilling for something with more potential.

Freelance

Some job seekers are opposed to anything that’s not a full-time job. If this sounds like you, it’s time to change your tune. Freelancing is a great way to boost your skills, resume, portfolio, professional network, income, and confidence.

Many industries now hire people on a project-by-project basis rather than for a specific time a week.

For example, in the media, construction, landscaping or corporate events sectors, there are a whole range of options that may suit you.

Start your own business

Begin with hobbies you love. Do gardening for neighbours, craft pieces for sale in local shops, cook for market stalls, perhaps babysitting, dog walking or house minding.

Start with an open mind and an enthusiasm to embrace change. Talk to family and friends about opportunities they see in their life.

We know a bloke who works two days a week visiting people’s homes to help them with their IT problems, from getting the PC to work to hooking up the home theatre system.

Maximise benefits

A cut in hours and income can mean changes to tax payments and suddenly entitle you to government benefits from which you were previously excluded. For more details, go to humanservices.gov.au and check whether you’re eligible.

COPING WITH LOST HOURS

* Be positive.

* Have an open mind.

* Don’t be ashamed of what has happened.

* Get organised.

* Adjust the budget in line with income.

—

[SUPER SUCKERS]

THE Federal Government and Coalition seem to view superannuation as their river of tax gold to fix any fiscal deficits.

They’ve been signalling potential changes, from introducing a tax on payouts more than $1 million to ending the contribution tax rebate for low income earners.

They say we have the most generous super system in the world and the billions of dollars in super tax concessions is over the top. But is it? Investment consultants Mercer says no.

They studied nine developed countries and found the US, Britain, Canada and the Netherlands had more generous retirement systems than ours.

Mercer measured the tax concessions for an individual saver on an average wage.

A full-time Australian worker on an average wage and working for 40 years would benefit from tax concessions worth $265,700. By comparison, an equivalent British worker receives 16.4 per cent ($45,500) more.

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