I think it's about doing just a bit more than you think you can. It's about going a bit further or a bit higher than you've ever gone before - so that its something you can say - "look I did it, I did that".
What are the elements of a challenge? And what do you need to do to prepare for it?
And its about trying to do something that you aren't sure you can do, or rather something that is beyond what you have already done - that's the venture bit, to reach out and go further/higher.
Current challenge update - just failed to do it! 200km target by 1st Jan fell 46km short - I could have done it if I hadn't been ill for days! And in trying to do it I've actually done loads more than I've ever done before at Xmas - so this challenge has certainly made me go further than normal.