By Julianna Silva, Marketing Director and Managing Director, WESST Enterprise Center

Artists, artisans, designers and other “creatives” don’t need an M.B.A. to make a living from their artistic talents, but attaining some fluency in the language of business and finance gives them more control over a creative career.

To that end, WESST and ArtSpark, two New Mexico organizations dedicated to business development and entrepreneurship, are co-sponsoring an immersive, interactive “Business Canvas Workshop for Creatives.” The training will help arts-oriented professionals fashion an uncomplicated and useful blueprint for their chosen vocation.

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By Finance New Mexico

Just because a company invents a popular product or introduces a novel service doesn’t mean it won’t face competition from late movers eager to share the action. New Mexico entrepreneurs can fight for a niche in new industries — or even challenge a pioneering company with significant improvements on the original — but they need a clear strategy, good timing and the right product category.

The developer of a new commodity or service has the initial advantage. It sets a standard by which all competitors are judged, and it dominates the market at first because it created the market.
It maintains that place until a rival offers something compelling enough to persuade people to try a fresh alternative. Continue reading →

By Finance New Mexico

Many small-business owners fantasize about what they’ll do when they retire, but most are too preoccupied with day-to-day survival to devote the same attention to what will become of the business once they’re gone.

Some expect to sell their business or take it public; others assume it’ll stay in the family if an heir or relative shows interest and aptitude. To protect their interests, small-business owners need an exit strategy that includes a well-conceived succession plan that also accounts for unexpected events, such as disability, financial collapse or death. Continue reading →