A private, nonprofit economic development organization that provides business training, consulting and loans to entrepreneurs. Continue reading
Tag Archives: WESST
WESST – Farmington
A private, nonprofit economic development organization that provides business training, consulting and loans to entrepreneurs. Continue reading
WESST – Las Cruces
A private, nonprofit economic development organization that provides business training, consulting and loans to entrepreneurs. Continue reading
WESST Enterprise Center
Businesses located at the 37,000-square foot facility near downtown Albuquerque receive operational support, access to Continue reading
Knowing When to Hold and Fold Works in Business and Poker
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.
Lunches Give Businesswomen a Chance to Find Clients, Make Contacts
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.
Strength without Splash: Small Businesses Generate Steady Growth
Joseph H. Badal, Board Chair and President, NMSBIC
When avionics supplier Bendix/King and power grid connector Tres Amigas each selected New Mexico as their new administrative headquarters, the announcements represented the kind of economic development most regions aggressively seek. Bendix/King, a Honeywell subsidiary, is expected to create up to 100 new engineering and support jobs by the end of 2012. Tres Amigas, which plans to connect three regional power grids at their superstation in Clovis, will create 15-20 jobs in Clovis, 75 – 100 high-paying jobs at a new administrative office/control center in Albuquerque and untold jobs when it completes construction of a 15,000-to-20,000 square foot training center in Rio Rancho. All of these projects are examples of classic economic development: The jobs they create are new and originate outside the local area.
Video Studio to Connect Businesses to Resources
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.
Starting a business requires passion, research and a plan
Jennifer Craig for WESST Las Cruces
Lenders often find themselves counseling people who are tired of working for others and eager to put their talents and energies into a business of their own. While someone with an entrepreneurial spirit can launch a successful venture even in an unstable economy, he’s more likely to appear serious to a potential lender or investor if he possesses — besides passion and ambition — a business plan and a grasp of the market based on thorough, objective research. He’ll need money to get the endeavor going, and business acumen can minimize rookie errors.
WESST Helps Artisans Get the Right Price
Kim Blueher, Director of Lending, WESST
WESST is a statewide small-business development and training organization that works with many small-scale entrepreneurs who have never accounted for all the underlying costs of getting their product or service to market. Some haven’t asked themselves how to know they’re operating at a profit and how few sales they can make and still break even.