I was asked for a little clarification on the premise exercise, and this was my reply:

This is from the link I posted on the calendar: "My Lead (main character) is a _________________ whose Objective (goal) is to ____________ but he/she/it is Confronted by _____________ who opposes him/her/it because _________________."

Another definition I've seen of a premise is the basic concept that your plot promotes. For example: Good always triumphs over evil. Good never triumphs because reality sucks. Good (or bad) people get what they deserve. Or don't. If you're greedy, your world will come crashing down. Etc.

You're supposed to write on the challenge for fifteen minutes, so my expectation is that you draft out a paragraph or two that summarizes all these things. Who is your protagonist (or protagonists)? What will happen to him/her/it/them? Why? How will it turn out? What does that tell us?