Friday, January 26, 2018

New Mexico Invests in Entrepreneurs to Spark its Economy

Entrepreneurs create new opportunities but the process of moving from an idea to an actual successful business. It can be difficult for investors to put their resources into a company that hasn't yet moved to the point where they can make reasonable risk assessment and has a solid chance at success. States like New Mexico are trying new things but should not neglect the fundamentals of economic growth.

Personally, I love innovation centers and they can be hugely helpful for budding business people. We just are not sure what the relationship versus cost and benefit is. There should be more done than to simply build these innovative warehouses.

The state is cheap and it is cost effective to start a business there. Entrepreneurship is a mindset so failed ventures will often be followed up with another try. It is important to recruit the talent and keep things cost effective for them.

Regulation can be a killer. Making sure that regulation supports small business and start-ups will go a long way. People are often unsure of how to start a business and where to start a business. Too many difficult to understand rules will just destroy enthusiasm. Having people who can help and keeping things simple will do wonders.

Recruitment of talent is often about lifestyle. Entrepreneurs are people who live a little on the edge, generally like the outdoors, enjoy art and bands. They are particular to the night life and the outdoor life. Making sure these things are available will help in the long run.

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