Insert the bit you want you to use into the spindle. Get as much of the shank in there as possible without covering the flutes of the drill bit with ...
In this instructable I'll show you how to change the bit in a Drill Press.
You will need:
A Drill Press
A set of Drill bits
A chuck Key
Step 1: Remove the Bit that's in there.
Insert the chuck key into one of the three holes in the chuck so that its teeth fit inside the grooves of the chuck. Turn the key to the left to loosen the chuck. Once the chuck is loose you can use you hands to finish the job. Hold the bit with one hand on the shank end so that you can stop the bit from falling (and getting damaged).