Charlotte Huntsman, senior vice president of Human Resources and Organizational Development with the Guam Regional Medical City and director for the Pacific State Council, was one of the presenters at the training sponsored by the CNMI Small Business Development Center at Northern Marianas College earlier this month.
Nadine C. Deleon Guerrero
IN an insightful discussion that delves deep into entrepreneurship, Nadine Guerrero, the network director of CNMI Small Business Development Center, generously shares her wealth of knowledge on the intricacies involved in establishing and fostering a new business. Covering a spectrum of topics, from the foundational steps to the challenges faced, business planning, market research, financial management, work-life equilibrium, and more, this interview unveils a treasure trove of wisdom tailored for budding entrepreneurs.
Starting a business
Deleon Guerrero aptly highlights the importance of not only recognizing genuine market needs but also embracing passion when embarking on the entrepreneurial journey. “Loving what you do is different from being passionate about it,” she asserts, underscoring the value of authentic motivation.
Challenges and transition
New business owners navigate a complex landscape of challenges. Deleon Guerrero emphasizes the common struggle to secure capital and the intricate dance of regulatory policies. For those transitioning from employee to entrepreneur, she advises harmonizing research, mentorship-seeking, and SBDC resources to traverse this transformative phase. She also emphasizes the significance of mentorship, stating, “Seek mentorship. Find someone whom you admire for not just their achievements, but how they treat people.”
Business planning
Deleon Guerrero makes a compelling case for meticulously crafted business plans. She emphasizes that they transcend being mere loan-request documents, serving as comprehensive insights into a venture’s strengths and vulnerabilities. Deleon Guerrero advises incorporating SWOT analysis, robust market research, and financial projections into these plans. She adds, “By the end of writing a business plan, one should be able to decipher if their business idea is a good one, if it needs improvement, or if it is just not an idea worth pursuing.”
Market research and positioning
Market research stands as a cornerstone of triumph. Deleon Guerrero recommends understanding community needs, differentiating from competitors, and forging alliances with fellow business proprietors to gather invaluable market insights.
“Observe what your community’s needs are. Identify how you are different from competitors, and constantly work to improve that difference according to your community’s needs. Build relationships with business owners who may have data that can help you understand your market, and share any data you may have with others who have similar goals. Business is definitely a give and take. No one wants to work with sharks.”
Financial management
Deleon Guerrero offers prudent advice, stating, “More is not always better. Start with the basics, and cut costs as much as you can in the beginning. You don’t always have to have the newest, shiniest gadget to get the job done.”
Budgeting and forecasting stand as crucial pillars. She underscores the need for a keen understanding of available resources, regular financial tracking, and cost-effective strategies. Prudent cash flow management and securing funding before launch also rank high on her list.
Marketing and branding
In the digital age, social media, particularly platforms like Instagram and Facebook, emerge as a powerful tool for brand establishment. She advocates seeking expert guidance in devising effective marketing strategies and capitalizing on inherent strengths.
Scaling and growth
With growth comes the imperative of upholding quality and consistency. Deleon Guerrero cautions against hasty expansion, urging entrepreneurs to prioritize repeat customers over new ones while emphasizing the role of innovation in ensuring sustainability. She underscores, “Bigger is not always better. Observe if expansion is truly necessary at the moment. Consistency is necessary.”
Networking and resources
Collaboration and networking are indispensable. She encourages cultivating a diverse network and harnessing local resources like SBDCs, associations, and workshops for insights and support.
Aspiring entrepreneurs entrenched in manufacturing and crafting their products should earnestly consider the Department of Commerce’s STEP program. This initiative is tailored to bolster those aiming to embark on global product exports. Furthermore, active participation in local Chambers of Commerce is prudent counsel. These chambers, prevalent in Saipan, Tinian, and Rota, offer a priceless conduit for nurturing connections within the business community.
Entrepreneurs seeking technical guidance for maneuvering non-profit organizations would find a stalwart companion in MANGO. This organization delivers exceptional technical services to facilitate this process. Moreover, MANGO extends support through training sessions catering to individuals seeking assistance with drafting Articles of Incorporation or formulating Standard Operating Procedures for their ventures.
A pivotal step on this journey entails enlisting as an SBDC client. According to her, this enrollment opens doors to a plethora of no-cost training avenues and captivating events, convened at least once a month. This involvement promises an added layer of support as individuals embark on the exhilarating path of business ownership.
Adapting to challenges, work-life balance, and wellbeing
Navigating unpredictability constitutes an inherent facet of entrepreneurship. Deleon Guerrero advocates resilience, setting aside rainy-day funds, transparent communication with employees, and judicious trimming of superfluous expenses during turbulent times. To ward off burnout, entrepreneurs are counseled to prioritize personal health and nurture relationships. Regular exercise, wholesome dietary habits, fostering family bonds, and indulging in recreational pursuits stand as pivotal strategies.
Legacy and future vision
Deleon Guerrero underscores the vitality of financial stewardship, fostering relationships, personal evolution, perpetual learning, and holistic health. She affirms that a thriving business springs from a balanced and comprehensive approach.
“Financial management is key. You can be making 100% profit, but if you are not managing your finances accordingly, this can be detrimental to growth and sustainability. Build and maintain relationships. Surround yourself with people who keep you grounded. Treat people with respect, and acknowledge your weaknesses. This helps in improving where you need it most to be the best version of yourself. Stay curious; always be a steward for learning, so you’re aware of the changes going on around the world, and adjust accordingly. Read. And lastly, stay committed to your health. You can’t build an empire with an unhealthy lifestyle and mindset.”
In a world abuzz with aspiring entrepreneurs, Nadine Deleon Guerrero’s insights serve as a guiding star, illuminating the path towards not only material success but a harmonious and fulfilling entrepreneurial expedition.
Deleon Guerrero has over 17 years of private sector business experience, over 10 of which were experience gained in the construction industry on Guam and the state of Hawaii. Prior to assuming her role as the SBDC network director, Deleon Guerrero chaired the CNMI Cannabis Commission. She has a master’s degree in Public Administration from the University of Guam, and is a board director for 500 Sails. She was the business owner of a profitable online clothing business called “The Ivory Hanger.” Currently. She also provided consulting services for policies and regulations regarding government regulations for small businesses.
Donovan Jose Pinaula Castro, dba Eddy Joe’s Shrimp Shack, was awarded $20,000 cash in seed money during the CNMI SBDC-sponsored event SEED to Sail where applicants vied for a chance to deliver business pitches to a panel of judges. The winning pitch was awarded seed money through generous donors and sponsors. Sponsors for the event included Northern Marianas College, the University of Guam, Bank of Saipan, Priority Care, Saipan Renal Care, the Tan Siu Lin Foundation, IT&E, Turnkey Solutions, Docomo, KKMP and Power 99.
CNMI SBDC Marketing Manager Roman Tudela facilitates a breakout session titled “Side Hustle without the Hassle” during Northern Marianas College’s 2nd Annual Set Sail Conference at the Crowne Plaza earlier this year.
The CNMI SBDC Network partners with the Guam APEX Accelerator (formerly known as Guam PTAC) Office’s Boris Hertslet to deliver a presentation on SAM, HUBZone, and WOSB certification workshop to its Service Center clients on Tinian. The CNMI SBDC Lead Center plans on continuing its partnership with the Guam APEX Accelerator to deliver much-needed services until such time the CNMI is able to re-establish its own office.
Disclaimer
The CNMI Small Business Development Center Network comprises the CNMI SBDC lead center located in Saipan, the Rota SBDC, and Tinian SBDC. CNMI SBDCN is partially funded by a cooperative agreement with the U.S. Small Business Administration and Northern Marianas College. All opinions, conclusions, or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. Requests for reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Language assistance services are available for limited English proficient individuals with at least two weeks advance notice. For arrangements, please contact your local SBDC at P.O.Box 501250 Saipan, MP 96950, Tel: (670) 237-6888, or email charmaine.hofschneider@marianas.edu. Services are extended to the public on a non-discriminatory basis.
