Updated: Wednesday, September 16th, 2009

Rutgers Business School's (RBS) Center for Urban Entrepreneurship and Economic Development (CUEED) is helping small- to medium-size businesses in the city of Newark get started and continue to grow.

Funded by the real estate executive Paul Profeta, the Profeta Urban Investment Foundation at Rutgers University enables CUEED to assist entrepreneurs within a mile of the business school to attract financing for their companies. The program focuses primarily on sectors that provide products and services essential to Newark residents, including retail, arts and entertainment.

D.T. Ogilvie, director of CUEED, said the program aims to "create wealth in the urban community" by "transfer[ing] business know-how to people trying to make their businesses succeed."

Susan Gilbert, executive director of RBS's MBA program, says the CUEED programs' real-life approach is intended to allow "MBA students to create new sources of wealth, jobs and revenues in New Jersey and around the world."

People interested in starting their own businesses may benefit from an accredited MBA program. PayScale.com, a research company, says that average salaries for holders of MBA degrees ranged from $73,510 to $171,583 in 2008, depending on the field, position and years of experience.

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