EDA NM Rainforest University Center Seminar - Success Factors to Achieve Business Longevity Assessment
Complete this assessment to receive credit for attending or viewing the May 8, 2020 New Mexico Rainforest EDA University Center Seminar, "Success Factors to Achieve Business Longevity" by Stacy Sacco. The handouts and slides from the seminar will be available at NMRainforest.com
Name (First and Last)
UNM Branch Campus (if applicable)
Approximately how many years old is the oldest business that’s still operating on the earth?
In what country was the oldest business located?
What is the oldest business still operating in New Mexico?
El Patio Cantina (located in Mesilla)
What was a common denominator leading to the success of most of the companies that have been in business for over 1,000 years?
Most started as family businesses
Most kept in touch with their customers to adapt to changing marketing trends
All of the above
What do many of New Mexico’s small businesses have in common with the oldest businesses on Earth?
They started out as family-owned businesses
They are public/private partnerships
They offered new technological products
Finish the traditional quote, “The first generation starts a business. The second generation runs it. And the third generation _____ it."
What did Stacy suggest you do to maintain a continuous team of strong managers?
Promote internal managers only
Develop a formal Succession Plan
Hire candidates from your competitor's management team
What were the two divergent views that one needs to follow to stay in balance and navigate the challenges you will encounter to stay in business for the long-term.
Stay "focused" but "flexible"
Maximize your quality and use of time, while keeping your costs down
Focus on working "in" your business, not "on" your business
For your operational goals, what would be a desired outcome?
Focus on "continued improvement" principles
Focus on quality, but don't worry about costs
None of the above
What organizations did Stacy suggest you consider contacting to assist you in running a successful long-term business?
UNM Parker Center for Family Business,
Albuquerque Quality Network,
Allt the above ( both organizations provide free mentoring services)
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