Entrepreneurship NJEF Founder and Entrepreneur, Rick Lufkin, Shares Insights at Kickoff Meeting | NJEF Founder and Entrepreneur, Rick Lufkin, Shares Insights at Kickoff Meeting |
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Rick Lufkin, one of the original founders of the New Jersey Entrepreneurial Forum, candidly shared his experiences and mistakes at the Organization?s first meeting following summer hiatus. The program was entitled “Things I Would Have Done Differently In Starting My Business”. Rick who has had numerous entrepreneurial experiences with technology ventures over the last twenty years reflected on five mistakes that taught him how to do it differently the next time. One key mistake was when Rick was involved in a drug company where the Chief Science Officer narrowly focused on new applications for their Intellectual Property that consumed money for expensive clinical trials without a resulting end product. This was valuable lesson learned about managing a company?s financial resources and the company?s product development plans together---can?t let them get out of sync or you will end up without a business. Rick also offered other insights learned by experience and error, including negotiating with service providers for a fee structure commensurate with their financial ability to pay, maintaining accurate bookkeeping and records so that business deals are supported with the necessary information, and revising the business plan in a timely manner when significant goals will be reached that do not transition the business into further revenue. Presentations are followed by discussion and an hour of networking. NJEF meets the second Thursday of each month at the Innovation Center in North Brunswick. Meetings start 3:30 pm and light refreshments are served. For more information and to register for upcoming events go to www.NJEF.org |
