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Speaker 1: Heeart talent such as Chelsea Handler, Danny Shapiro, Charlemagne the God,

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Speaker 1: heart or text I Heeart to five hundred five hundred.

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Speaker 1: My first guest is the professional practice instructor and executive

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Speaker 1: director of the Center for Urban Entrepreneurship and Economic Development

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Speaker 1: at Rutgers Business School and Newark, New Jersey. Please work

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Speaker 1: with the money making conversations Lanier Richardson, Good morning, sir as.

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Speaker 1: I have a lot to say, Dona. You do have

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Speaker 1: a lot, but I elated to have the opportunity to

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Speaker 1: talk to you this morning. I appreciate that because what

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Speaker 1: you do is what I'm promoting, what I'm trying to

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Speaker 1: get people to understand the value of entrepreneurship. So off

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Speaker 1: the jump, what is an urban entrepreneur and why are

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Speaker 1: they important? When when you look at the John of

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Speaker 1: communications you're trying to put out there. As an instructor

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Speaker 1: at ed Rutgers Business School, what is an urban entrepreneur?

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Speaker 1: So every day I wake up and think about how

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Speaker 1: to make UH communities better. So when we think about

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Speaker 1: urban entrepreneurship, we think about it as both place and

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Speaker 1: race actually and being unapologetic about it. So our focus

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Speaker 1: is helping people understand and see value in places where

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Speaker 1: people overlook and you know, cultivating entrepreneurial thinking, fostering economic

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Speaker 1: development projects, really making the connection between entrepreneurship and the

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Speaker 1: important role that entrepreneurs play in revitalizing communities. And so,

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Speaker 1: you know, we started our center now ten years ago

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Speaker 1: and the focus initially was around what was happening in

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Speaker 1: Newer New Jersey around the Rutgers campus in Newark, New Jersey.

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Speaker 1: We you know, creating more entrepreneurs, helping entrepreneurs own property.

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Speaker 1: I spent a lot of time of late focusing on

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Speaker 1: the impact that these entrepreneurs make in terms of hiring people,

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Speaker 1: paying taxes, you know, really being a champion from entrepreneurs

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Speaker 1: because people often overlook them. So we need more people

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Speaker 1: thinking about how to start businesses and grow businesses and

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Speaker 1: own property and employ people and contribute to the Little

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Speaker 1: League team, you know, and be role models. Right the

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Speaker 1: Center for Urban Entrepreneurship and Economic Developments see U E

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Speaker 1: E D. What exactly is that? So it is I'm

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Speaker 1: happy to just it's the first center of its kind

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Speaker 1: in the nation to really integrate scholarship, academic scholarship with

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Speaker 1: private industry and government and nonprofit sectors with the sole

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Speaker 1: purpose of stimulating economic growth and community revitalization and densely

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Speaker 1: populated areas. So our for our goal is supporting entrepreneurs

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Speaker 1: who want to start businesses and urban environments and try

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Speaker 1: to grow business and urban environments and have some impact

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Speaker 1: on how cities will grow. Uh. We spend a lot

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Speaker 1: of time, you know, it's you know, working with aspiring

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Speaker 1: entrepreneurs or small businesses and doing all kinds of programs

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Speaker 1: to help them grow, getting them counsel at the business school.

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Speaker 1: You know, we run a lot of capacity building programs.

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Speaker 1: The goal really is to help business owners grow. Now

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Speaker 1: you're you're sitting, you're in the words small business, you

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Speaker 1: send the word entrepreneurship. Now you say the word scholar.

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Speaker 1: So what is difference between you and SCORE and the

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Speaker 1: s b A. Now I'm glad you as that. So uh,

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Speaker 1: our Business School is really anchor as an anchor institution

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Speaker 1: in Nework and many of the larger universities around the

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Speaker 1: country see themselves and more people are starting to talk

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Speaker 1: a off them as anchor institutions. So my goal is

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Speaker 1: to open the door of the anchor institution to help

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Speaker 1: entrepreneurs grow. And it really is. And we so if

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Speaker 1: a government official wants to announce a new program, I

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Speaker 1: invite them into the university. If if score wants to

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Speaker 1: consult with and with some entrepreneurs, I can help give

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Speaker 1: them some space in the university to be able to

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Speaker 1: do that a room. So we're sort of Switzerland in

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Speaker 1: some respects to with a clear mission of just helping

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Speaker 1: people grow. And we've worked with all type of entrepreneurs,

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Speaker 1: the folks who are just starting out two companies that

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Speaker 1: are you know, really you know, trying to grow. You know,

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Speaker 1: we had Richie Lou Dennis at our campus about you know,

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Speaker 1: two weeks ago. So we go from you know, the

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Speaker 1: mom and pop start up, who's who's open operating the

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Speaker 1: restaurant down the street or the print shop or the

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Speaker 1: PR firm to you know, some of the billionaire now

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Speaker 1: entrepreneurs or aspiring or close to be billionaire entrepreneurs. Uh

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Speaker 1: that we all know and respect and we try to

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Speaker 1: connect them. That's the whole thing. I just want to

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Speaker 1: break it down a little bit because when you hear

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Speaker 1: the entrepreneur, you hear the word small business, it's almost

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Speaker 1: like a a like a cloud. Okay, okay, cannot because

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Speaker 1: everybody really worked on the cycle that they just want

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Speaker 1: a normal job. They want to come where and when

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Speaker 1: you try how do you start? You know that they're dreamers.

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Speaker 1: There are people who dream with no plan, which mostly

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Speaker 1: right most businesses failed. They just want to start something,

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Speaker 1: but without a business plan. What is the first thing?

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Speaker 1: Is the business plan the key to getting the business

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Speaker 1: launched correctly? So you know, it's interesting. I joke now

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Speaker 1: that entrepreneur is now a cool word. So I know

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Speaker 1: I walking you know, I heard it gul you know

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Speaker 1: say he's you know, walked into the bar and said,

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Speaker 1: I'm an entrepreneur. Or you know some people say if

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Speaker 1: you don't have a job, now you just said I'm

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Speaker 1: an entrepreneur. Right, so I used to be used I

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Speaker 1: entrepreneurs it's the cool word now, right, But for me.

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Speaker 1: It's about, you know, having a is solving a problem

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Speaker 1: that can generate a profit, and so I am very

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Speaker 1: specific about this. Now, they're all types of social entrepreneur.

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Speaker 1: One of my colleagues and the co director of my

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Speaker 1: center spends a lot of time on focusing on social

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Speaker 1: entrepreneur and I called myself an social entrepreneur sometimes as well.

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Speaker 1: But really the focus of entrepreneurship is solving a problem.

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Speaker 1: I initially want to see what's the what's the problem

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Speaker 1: you solve, what's the need that you're going to fulfill?

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Speaker 1: And can you do it in a way that can

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Speaker 1: generate profit? Because if you can't generate a profit, you

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Speaker 1: won't you know, you won't survive long and it's not

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Speaker 1: repeatable and you can't scale it and you can't raise

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Speaker 1: capital again against it. So you gotta figure out how

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Speaker 1: either to generate a whole lot of revenue, you know,

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Speaker 1: like all our Amazon or or you know, as quickly

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Speaker 1: as possible. I always tell, especially entrepreneurs a color that

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Speaker 1: we got to figure out how to how to make

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Speaker 1: you make a profit. I had a good friend who

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Speaker 1: opened a restaurant recently, and I'm very very uh happy

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Speaker 1: about encouraging him being sort of a champion for his restaurant.

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Speaker 1: But every day that I talked to him, if I

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Speaker 1: sent him a text, I say, be profitable. I hope

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Speaker 1: you're being profitable. Great food, but be profitable. A lot

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Speaker 1: of people coming in, great Facebook and Instagram. Be profitable.

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Speaker 1: I knew exactly what you talked about. I had a

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Speaker 1: comedic love like that I worked that was lines around

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Speaker 1: the corner. But boy, the profitability was really break even.

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Speaker 1: And that's a really frustrated world. It exists because you go,

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Speaker 1: if I'm packed and I'm not making money, what am

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Speaker 1: I doing wrong? And I was doing a lot of

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Speaker 1: things wrong. Man, I can't agree with you more so

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Speaker 1: I have you. I started my career as a lord.

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Speaker 1: My parents were have been entrepreneurs for forty years. I

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Speaker 1: started my career as a lawyer, and I worked for

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Speaker 1: a few years as a lawyer, and I saved about

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Speaker 1: seventy thousands of ass and I started my own business,

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Speaker 1: and I realized that I was building. I was developing.

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Speaker 1: The real estate in the urban neighbor has always been

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Speaker 1: my passion to you know, do work in the communities

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Speaker 1: that you know I grew up there, and what I

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Speaker 1: remember one day is I had this project. At the beginning,

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Speaker 1: it looked like I would generate about four hundred thousand

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Speaker 1: dollars of profit. But at the end, it took me

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Speaker 1: about three years to make that in a whole lot

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Speaker 1: of hours. And I remember one day towards the end

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Speaker 1: of the project. I was maybe a Saturday afternoon. I

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Speaker 1: was at my desk and I did the math and

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Speaker 1: I said, Man, you know what, I probably made eight

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Speaker 1: dollars an hour, right, So I'm like, wow, I got

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Speaker 1: to figure out a way to get in high margin,

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Speaker 1: high profitable industries so that I can survive and grow

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Speaker 1: and have the lifestyle that I wanted. Um. We talked

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Speaker 1: to Laniar Richardson. He's the professional practice instructor and executive

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Speaker 1: director of the Center for Urban Entrepreneurship and Economic Development

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Speaker 1: at Rutgers Business School in New York, New Jersey. We'll

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Speaker 1: be back with more because you know, I'm cool, because

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Speaker 1: I'm an entrepreneur. I'm cool. Man, don't know shade my way.

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Speaker 1: We'll be right back with more from Marsha McDonald and

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Speaker 1: money making conversations. Don't touch that down, Hi, this Rashan McDonald.

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Speaker 1: You're listening to money making Conversations on the phone is

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Speaker 1: the professional practice instructor and executive director of the Center

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Speaker 1: for Urban Entrepreneurship and Economic Development at Rutgers Business School

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Speaker 1: in Newark, New Jersey. How you doing, linear Richardson, Alright,

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Speaker 1: I'm doing great today. You know the thing about it?

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Speaker 1: Then when we left, you know. I always try to

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Speaker 1: keep things at a certain energy level because if you

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Speaker 1: if you, if you're too serious, then people don't get

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Speaker 1: their information. And when I when I look at the things,

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Speaker 1: I always like to tell people that I failed. And

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Speaker 1: because you don't want to think that the world that

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Speaker 1: you're talking to somebody who's perfect, because you if you're perfect,

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Speaker 1: how could you help people who make mistakes? And people

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Speaker 1: in small business and entrepreneurship fulfield because of the world

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Speaker 1: of social media. I tell everybody that they are a brand,

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Speaker 1: they are really a small business because they have to.

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Speaker 1: Once you start communicating in public, then you're telling you're

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Speaker 1: selling something, and which also creates a lot of north alls,

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Speaker 1: also pleats a lot of I want to get there quick,

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Speaker 1: the viral success story. How do you avoid that when

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Speaker 1: you're talking to people, when they can go look at

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Speaker 1: what they did, look at what they did? So I

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Speaker 1: think it's organized, consistent, you know, persistent effort and finding

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Speaker 1: industries that have a high probability of success. So you

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Speaker 1: know I lately, you know confidence, I want to figure

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Speaker 1: out how to do with you as this like next

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Speaker 1: generation business idea. So I love good food, so I

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Speaker 1: love people open their new restaurants. I know, construction. I know,

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Speaker 1: you know, people with janitorial supply businesses or or human

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Speaker 1: resource businesses. But I actually want to do spend more

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Speaker 1: time thinking about next generation you know, uh what what

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Speaker 1: are the hot industries and have more people think about

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Speaker 1: being entrepreneurs in those growth industries. You know, virtual reality,

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Speaker 1: artificial intelligence, you know you mentioned marketing, content marketing, drone footage,

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Speaker 1: three D printing, you know even you know, now there's

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Speaker 1: all these conversations around legalized the medical marylanda to be

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Speaker 1: you know, solar power, bitcoin, driverless cars. So it's all

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Speaker 1: these industry, healthcare, all these industries that I feel there's

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Speaker 1: opportunities for entrepreneurs inn and especially entrepreneurs of color, need

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Speaker 1: to be thinking about what's next. I know we all

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Speaker 1: like uh, you know spread, you know, sharing our families,

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Speaker 1: recipe for you know, caramel cake. Well, we all you know,

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Speaker 1: have you know, the ability to you know, visualize and

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Speaker 1: execute a construction project. But I'm trying to out say, well,

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Speaker 1: what are the entrepreneur entrepreneurial opportunities that are future focused

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Speaker 1: that are going to create jobs and create wealth where

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Speaker 1: people of color and new entrepreneurs starting out in general

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Speaker 1: should be thinking, Hey, if I get into this industry

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Speaker 1: and really learning and find a need, I can figure

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Speaker 1: out a way to generate a project. Well do you

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Speaker 1: That sounds like you have a like you're you're creating

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Speaker 1: a shark tank? Is all you just saying that that's

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Speaker 1: what you'd like to have come to you? Now? You

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Speaker 1: want to you want to get behind the because you know,

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Speaker 1: letna tell you something. You can always need somebody to clean.

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Speaker 1: So janitor is not going anywhere. You always need to

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Speaker 1: open that car wash. Come on, my man's just a

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Speaker 1: bucket of water, you know, you know, and we're gonna cook.

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Speaker 1: Now we're gonna cook. You just talk about that Herban community.

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Speaker 1: We're gonna stick with the basics. But when you start

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Speaker 1: talking about drones. He's like my daughter, she made my

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Speaker 1: birthday cake with three D printing. He said, Dad, I

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Speaker 1: hope you like this A little b She used a

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Speaker 1: three D printer to create it, you know, And so

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Speaker 1: so I know exactly what you're talking about it when

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Speaker 1: you're talking about you know, when you're talking about cars

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Speaker 1: that are driving themselves, where are we thinking about that?

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Speaker 1: Are we still on the subway on the bus, you know?

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Speaker 1: And again I just want us to start thinking, thinking

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Speaker 1: about and trying to find opportunities there. And again not

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Speaker 1: so you know, at our center, we've helped now with

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Speaker 1: four D entrepreneurs, uh seventy of which are people of color,

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Speaker 1: sixty plus percent our women. And it's it's every day

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Speaker 1: from again the local print shop to the restaurant to

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Speaker 1: you know, the small trucking firm. And now we're starting

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Speaker 1: to work more with entrepreneurs who are starting technology companies

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Speaker 1: and inventors and scientists. So it's not you know, figuring

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Speaker 1: out how to make an honest living and doing it

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Speaker 1: in a way that that that that you can be

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Speaker 1: passionate about and you can you know, generate revenue and

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Speaker 1: support a family and do it in a way that's independent.

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Speaker 1: There's the goal. So no, there's no such thing as

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Speaker 1: a in my opinion, as a legitimate, profitable bad entrepreneurial

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Speaker 1: venture as I legitimate or illegal is bad. And if

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Speaker 1: it's not profitable, in my mind, it's not sustainable. But

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Speaker 1: if it's legal and it's serving the need and generating

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Speaker 1: a profit, you know, I'm not judging it. What I

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Speaker 1: are simply suggesting is there's a whole lot of industries

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Speaker 1: and a whole lot of opportunity that I love people, uh,

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Speaker 1: more entrepreneurs and specifically more entrepreneurs of color to think about.

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Speaker 1: How can I generate a revenue and create a business

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Speaker 1: in three D printing on drones usage or virtual reality?

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Speaker 1: You know, I'm playing video games all day. Can I

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Speaker 1: figure out a way to generate some business that's I'm

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Speaker 1: related to that industry? That's right, that some way related

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Speaker 1: to that industry's it's it's There's something interesting is that?

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Speaker 1: Is that women, the female population it's thought to become

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Speaker 1: the dominant voice in entrepreneurship. Why is that? Why is that? Well?

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Speaker 1: You know, look, I am excited about, you know, uh,

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Speaker 1: sort of the women in empowerment movement in entrepreneurship. I mean,

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Speaker 1: I'm telling you, every month I see a woman empowerment

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Speaker 1: and and I'm happy that to see women, you know,

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Speaker 1: feeing out how to articulate their business strategy, feeling out

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Speaker 1: how to generate revenue, seeing out how to you know,

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Speaker 1: solve a need, you know, using the creative and intuition

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Speaker 1: to be able to grow a business. I just think,

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Speaker 1: you know, now it's the time, and so I love

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Speaker 1: to have them in our business school, uh, you know,

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Speaker 1: courses and then our programs that we run. They bring

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Speaker 1: in energy and it's fun now to see them generate

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Speaker 1: revenue and and still be supporting a family. To generate

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Speaker 1: revenue and still be active in community. Uh, it's a

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Speaker 1: it's a fun time to to to to be an entrepreneur.

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Speaker 1: And for me as a sort of a champion in

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Speaker 1: the cheerleader for entrepreneurs. I you know, I'm I applaud

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Speaker 1: the sisters who are doing good work. Now you lead

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Speaker 1: center for Urban Entrepreneurship and Economic Development. It's called the

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Speaker 1: c U E e D at Rutgers University, which is

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Speaker 1: in New Jersey. Now they're going on ten years. Is

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Speaker 1: this any place else? So you know, look we're excited. Um,

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Speaker 1: we are just starting to do some work in Memphis.

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Speaker 1: I do work in Chicago, I've done working in Milwaukee.

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Speaker 1: Can't any place where there's a community that's looking for

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Speaker 1: how can the university open this doors and support entrepreneurs

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Speaker 1: and and have measurable results. Again, over any percent of

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Speaker 1: our entrepreneurs are people of color, are still in business.

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Speaker 1: You know, there's a national rate that's of small businesses failed.

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Speaker 1: After five years, we had rates that are any percent

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Speaker 1: of these businesses are still surviving, the generating more than

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Speaker 1: a million dollars of revenue than increasing profits. You know,

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Speaker 1: they're hiring people and doing deals together. So you know,

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Speaker 1: I go our first ten years of focused specifically on

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Speaker 1: Newark and New Jersey, but we're hoping that the next

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Speaker 1: ten years of our work, we might partner with another university,

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Speaker 1: maybe an h b c U or another big king

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Speaker 1: university to you know, expand both our curriculum and our

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Speaker 1: philosophy about how to work with and grow entrepreneurs of

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Speaker 1: color and entrepreneurs in the inner city area that can

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Speaker 1: help it revitalize. Well, you're hearting all the right right

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Speaker 1: buttons with me. Eighteen and thirty four the Entrepreneurship Generation

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Speaker 1: HBCU Schools. You know, I'm considered, uh the mentor for

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Speaker 1: the generation, the voice of that generation because of the

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Speaker 1: fact that I'm reaching out and then I provide a

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Speaker 1: resume that says I'm the real deal and what that

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Speaker 1: you said? I want to I want to let you

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Speaker 1: know the doors open, you know, and that's why I

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Speaker 1: invited you on the show. I heard about the program

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Speaker 1: through Kate Lucas told me about it immediate and my

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Speaker 1: staff jump on and say, we got to bring this

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Speaker 1: guy on because you are paralleling exactly what I want

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Speaker 1: to say. So it has it has to be told

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Speaker 1: to the hbc U campus. That's what I'm so happy

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Speaker 1: that I'm on hbc U X and channel one forty

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Speaker 1: two now, so I'm directly communicating them that my show

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Speaker 1: run twice a week on hbc U account, channel one

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Speaker 1: forty two on x M. Serious. So so know that

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Speaker 1: when you're talking to me, the word is being put

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Speaker 1: out there. So please tell anybody how they can get

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Speaker 1: in touch with you the website so we can lock

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Speaker 1: this down and just thought that parade of information absolutely

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Speaker 1: so the easiest way to get in touch. My email

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Speaker 1: is just linear. L y n e I R at

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Speaker 1: gmail dot com. L y n e I R at

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Speaker 1: gmail dot com. I'm at the Rutgers Center for Urban

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Speaker 1: entrepreneurship and economic development. If just google Rutgers and c

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Speaker 1: U E E D and you'll see all of our programs.

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Speaker 1: I ain't get a chance to mention we have programs

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Speaker 1: for entrepreneurs who are creatives and technology entrepreneurs and filmmakers.

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Speaker 1: So use entrepreneurship program So please, I would love to

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Speaker 1: tell anyone of your listeners more and be helpful. Can Well,

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Speaker 1: that's the key, because of the fact that it is

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Speaker 1: an expansive program, and the word entrepreneurship is such a

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Speaker 1: layer term, and because of the fact that people use

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Speaker 1: it in such a cavalier and it bounces between small

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Speaker 1: business and entrepreneurship, and it really is a lifestyle. It's

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Speaker 1: a lifestyle that you choose, and because of technology, it's

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Speaker 1: providing you with such immediate information. And the fact that

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Speaker 1: you're doing it ten years and now you start to

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Speaker 1: carry it out to different campuses. Please let me know

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Speaker 1: so I can help promote you and market what you're

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Speaker 1: doing through my social media platforms and my fan club platform,

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Speaker 1: which is over three hundred thousand people. Lynn, I want

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Speaker 1: to thank you for being on my show. My friend Hey,

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Speaker 1: I really appreciate the opportunity I hope to get invited back.

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Speaker 1: You will be your entrepreneurship can come on CUD, Thank

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Speaker 1: you listening. It makes us smarter, more connected people. It

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