Article courtesy of the Las Cruces Bulletin
By Gabriel Vasquez
The dedicated staff of business research consultants at New Mexico State University’s Arrowhead Center 
is patiently waiting for new assistance proposals to start arriving before the institution’s May 31 deadline.
Arrowhead’s Entrepreneurship Institute is a one-stop resource for people looking to start or expand a business. Each summer, consultants at the institute work on eight to 10 projects from potential entrepreneurs, existing business owners and nonprofit organizations. The institute’s goal is to launch successful startups, help existing businesses expand or make financial adjustments and help nonprofits better manage their assets.
“At this point, we need to get some more interest in our business assistance programs so we can begin to funnel some of these projects in the door,” said Matt Elgersma, Arrowhead Center business research and outreach coordinator. “If our clients’ goals are feasible, we can further their efforts in either creating or expanding their business.”
Elgersma said potential clients should be ready to invest time, money and hard work into their business plan, beyond “the hobby stage.” “Every project we get is custom – it’s unique in the sense that we’re addressing individual needs and questions,” he said. “In order to be more effective, we must solve problems through research-based strategies and recommendations.”
That means potential clients who submit an application to receive business assistance should have already done the preliminary legwork, “at least a minimal amount of research so we can better understand their needs,” Elgersma said.
In December 2009, the Entrepreneurship Institute launched its full-service Entrepreneurship Laboratory, which includes a library of entrepreneurship-related publications and journals, computers equipped with business simulation software and step-by-step workbooks that serve as “how to” manuals for starting a business in New Mexico. The laboratory is free and open to the public.
Arrowhead’s consulting services are sometimes offered for a fee, but Elgersma and the Arrowhead staff encourage clients to invest more into their own business in order to implement the recommendations of the staff.
“It’s not about revenue-generation for us,” Elgersma said. “We have access to all the subject matter and expertise the university affords, along with industry professionals in just about every field. We’re here to help.”
The institute also offers consultation services free of charge to one nonprofit each summer.
Arrowhead’s consultants consist of industry professionals and graduate students, each working in their respective fields or business sectors, who collaborate to work on the summer projects.
Last summer, Elgersma said he received about 30 applications, 10 of which were accepted. He said the more information a client provides and the more knowledgeable he is about his particular business or industry, the better the chance of Arrowhead taking on the project.
“We particularly look for the projects that look like they have a lot of promise – we evaluate them with the resources we have available and make a joint decision,” Elgersma said. “We then start with our own general research, from industry, to type of business, to the local market. We focus heavily on local market research because that’s where most businesses will be the most competitive.”
Aside from helping launch and expand businesses, Arrowhead’s staff can also help with internal operations troubleshooting such as human resource management, employee recruitment, cash flow management, streamlining inventory and even exporting or importing particular products.
“And if the owner is interested in selling, we can help him or her find a potential buyer and use the proper negotiating strategies to ensure they protect their position throughout the entire process,” Elgersma said.
The institute can also create marketing plans to launch new products or revamp existing ones, or create a different brand for a company altogether, Elgersma said.
Project submissions are open to any local business, potential entrepreneur or nonprofit organization and are due by May 31. Project submission forms can be accessed by visiting www.arrowheadcenter.org and clicking on the Entrepreneurship Institute tab.
For more information, call Elgersma at 646-7832 or email melgersm@nmsu.edu.
