"Focus on being profitable, first," said Lyneir Richardson in dun & bradstreet B2B
Lyneir Richardson is a full-time faculty member at Rutgers Business School in Newark, NJ. He is leading new programs focused on helping minority entrepreneurs get capital from public sources and private investors in his role as Executive Director of the Center for Urban Entrepreneurship and Economic Development (CUEED), a research and practitioner oriented center at Rutgers University.
He is also a lifelong entrepreneur. In the 1990s, the U.S. Small Business Administration named him a "Young Entrepreneur of the Year." Richardson is now the CEO of The Chicago TREND Corporation, a social enterprise aiming to stimulate retail development that will strengthen city neighborhoods. This startup recently received over $7 million of seed capital to launch operations and invest in catalytic real estate projects.
"Focus on being profitable, first," he said. "It is admirable that so many minority entrepreneurs want to make the world better, but the only way to have a business that survives and can scale is to be consistently profitable."