Every entrepreneur is an expert on their own business. They enthusiastically share details about the products and services they’re bringing to the market and how they solve their customers’ problems. But business success also requires an understanding of fundamental business concepts in order to make smart decisions and avoid costly mistakes. Fortunately help is readily available for entrepreneurs in Newark and the surrounding communities.
The Profeta Entrepreneurship Workshop is a free program at NJII that teaches business fundamentals and best practices to aspiring and early-stage entrepreneurs. The nine-week workshop focuses on key topics new business owners need to be prepared to manage: validating a good business idea; researching their market; understanding business financials and conducting basic financial analysis; developing a pricing strategy; and marketing their goods and services. To date, the workshop has provided instruction to nearly 100 entrepreneurs and several have successfully launched their businesses.
In addition to teaching fundamentals, the workshop has connected participants with additional resources, introduced them to potential partners and suppliers, and given them the support they needed to turn their business ideas into real businesses. Libre Jones, founder of Beloved Upcycle, said, “The Profeta Entrepreneurship Workshop helped me identify that my hobby is a legitimate business. The assistance I received helped me work through the trepidation with financial statements and creating projections, which always intimidated me. In the past I would get discouraged and stop, but now I am moving full steam ahead!”
The 5th cohort of the Profeta Entrepreneurship Workshop will launch on March 6th, 2025. The program is free for participants thanks to a generous gift to NJIT from Paul Profeta, an entrepreneur and philanthropist. Mr. Profeta launched his real estate business nearly 50 years ago. He enjoys supporting entrepreneurs, noting, “Launching your own enterprise creates a strong sense of independence while simultaneously elevating your self-esteem. I experienced that when I started my own business, and it is evident in the dozens of businesses that I have helped launch in Newark over the past few years. It benefits the entrepreneur, their family, and the community.” Mr. Profeta teaches the workshop classes on understanding financial statements and financial statement analysis.
Entrepreneurs who successfully complete the workshop are also eligible for free one-on-one mentoring. Mentors guide participants in developing business ideas, creating financial projections, drafting business plans, and outlining marketing strategies. Vincent McDonald, CEO of Mortgage Field Services NJ said, “Thanks to the Profeta Entrepreneurship Workshop, I transformed a business idea into reality. Over a year later, I am still a beneficiary of the mentorship, as the program was just the beginning.”
For more details and to register for the 5th cohort of the Profeta Entrepreneurship Workshop, entrepreneurs can follow this link. Sequoya Carter, founder of Redwood Dog Grooming, enthusiastically recommends the program: “More than anything, I got the confidence to fully commit to being an entrepreneur through the Profeta Entrepreneurship Workshop,” she said.