Category Archives: Starting or Growing a Business

Knowing When to Hold and Fold Works in Business and Poker

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Barbara Kline

Barbara Kline, Founder and President, Breakthru Communications

In some ways, starting a business is a lot like playing poker: An entrepreneur always has to weigh the odds, give herself room to maneuver and know when to hold or fold.

According to recent data from the U.S. Small Business Administration, 31 percent of businesses fail within the first two years and half within five years. On the other hand, more than 25 percent of all business startups survive for at least 15 years.

A few — but not many — companies succeeded despite a firm hand on the till that kept them from taking a few risks by investing in growth and innovation. For every company that succeeded wildly right after the founder had mortgaged the house and maxed out the credit cards, hundreds went bankrupt or were saddled with debt for many years.

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2020 Campaign Supports, Celebrates Entrepreneurs

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By Kathy Keith, Executive Director (center); pictured with RDC team members Monica Abeita and Gail Gordon

By Kathy Keith, Executive Director (center); pictured with RDC team members Monica Abeita and Gail Gordon

The Regional Development Corporation and its partners are launching the 20/20 Campaign to celebrate the entrepreneurs who have started small businesses in Northern New Mexico, creating jobs, driving innovative industries and providing a solid economic base for our communities.

The 20/20 Campaign aims to recognize and support 20 high-growth companies that could potentially grow to double or triple in size within eight years — by 2020 — to become major employers in Northern New Mexico. A handful of businesses every year will be selected by the collaborating partners, which are service providers, economic development organizations, city and county governments and entrepreneurial support organizations from Española, Los Alamos, Santa Fe and Taos. The first crop of 20/20 companies will be announced on October 4th, 2012 during a “Spirit of Innovation” event.

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Lunches Give Businesswomen a Chance to Find Clients, Make Contacts

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Jennifer Craig

Jennifer Craig, Regional Manager, WESST Las Cruces

Networking is a form of marketing that exponentially increases the influence that a professional or business owner can have when searching for new markets or clients. WESST, a nonprofit that helps build small businesses in New Mexico, used the occasion of Women’s History Month in March to teach women entrepreneurs how to use this powerful tool: The organization’s Las Cruces enterprise center started an Empowering Women in Business Networking lunch meeting so clients and other women could mingle, share ideas, get acquainted and help one another.

The gatherings started small — about three dozen women — but that number nearly doubled by June, suggesting that WESST had tapped into an unmet need.

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Workshops Aim to Teach Principles of Lean Manufacturing

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Jennifer Sinsabaugh

Jennifer Sinsabaugh, Operations Director, NM MEP

Michael Tso was 10 months into his job running a high-tech envelope-making machine at Desert Paper and Envelope in Albuquerque when his employer sent him to the New Mexico Manufacturing Extension Partnership’s lean-manufacturing workshop this summer. There with other representatives of New Mexico companies he learned fundamentals of the lean manufacturing philosophy, which aims to improve business operations – and enhance competitiveness – from the shop floor to the front office.

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Program Offers NM Herbalist Free Technical Help

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Monica Abeita

Monica Abeita, Regional Development Corp. for NNM Connect

In the 29 years since he bought Santa Fe-based Herbs, Etc. from its founder, herbalist Daniel Gagnon has worked hard to meet demand from the more than 2,000 U.S. retailers that carry the liquid herbal extracts and herbal medicines he manufactures.

Because quality control was critical to establishing and maintaining the company’s reputation, Gagnon imposed rigorous anti-microbial standards for his potions. Traditionally, Gagnon eliminated unwanted microbes by processing his herbs with water and alcohol. But in 2000, he developed a way to remove the alcohol to produce an alcohol-free product using olive oil and soft gel encapsulation.

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State Helps Businesses Obtain Certification That Puts Major Contracts Within Reach

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Jeff Abrams

Jeff Abrams, Innovation Director, New Mexico MEP

Winning government contracts can enrich a business and workers in the community where the business is based. But getting contracts from government agencies and private industries that value quality-management certification can seem daunting at first.

To simplify the process for eligible businesses, the state Economic Development Department, in partnership with New Mexico MEP, created New Mexico 9000, or ISO 9000 — a class that trains businesses to procure the ISO 9001:2008 certification that is critical to winning big contracts and doing business with privately held national and international companies.

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Trade Missions Help New Mexico Businesses Expand into Global Market

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Edward R. Herrera

Edward R. Herrera, Acting Director, Office of International Trade, NM EDD

Glenn Mallory traveled to Chile and Argentina this winter to gauge the potential market for Kalwall, an energy-saving translucent building material made and marketed by Illuminación Natural Inc. and its Southwest affiliate, Daylighting Solutions. The trade mission was coordinated by the New Mexico Economic Development Department’s Office of International Trade.

“I had worked in both markets several years ago with no tangible results,” Mallory said. But on this trip, “I got very clear ideas about the potential in both markets. It will take months of follow-up and persistence to determine whether or not there will be direct economic benefit from the mission, but one small order would pay for the cost of making the trip, so it is worth the investment.”

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Private-Public Partnership Brings Export Experts to New Mexico

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Jennifer Sinsabaugh

Jennifer Sinsabaugh, Operations Director, NM MEP

New Mexico businesses interested in exporting their products or services — or expanding their export capacity — can take advantage of special training sessions being offered in Albuquerque by ExporTech, a collaboration of the National Institute of Standards and Technology and the U.S. Export Assistance Centers of the U.S. Department of Commerce. The event is set in Albuquerque because of that city’s central location, but businesses throughout the state are encouraged to attend, even if it means a long drive, to take advantage of the national resources being offered.

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Video Studio to Connect Businesses to Resources

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Doug Lee

Doug Lee, Managing Director, WESST Enterprise Center

A digital media studio that opens soon at the 3-year-old WESST Enterprise Center business incubator in downtown Albuquerque will provide more resources to entrepreneurs and small businesses in New Mexico.

When the Comcast Digital Media Studio opens in July, WESST will have a studio to film workshops we can then stream live to all our offices in New Mexico.  This means our workshops will have a uniform message for our resident and non-resident clients, regardless of whether they’re based in Albuquerque or at our satellite offices in Rio Rancho, Santa Fe, Las Cruces, Roswell and Farmington.  Of the estimated 1250 business incubators in the U.S., fewer than six have video studios.

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Federal Funding Still Good for Small Technology Firms

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Jim and Gail Greenwood

Jim and Gail Greenwood for NNM Connect and TVC

Congress in December voted to continue two federal programs that offer funding to small businesses involved in technology and innovation. The Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer Program (STTR) were reauthorized as part of the National Defense Authorization Act, ensuring their funding through 2017.

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