HOW TO…Take Risks: Notes from Verizon’s “Tu Mandas” Event

Every savvy business owner knows that taking risks is a critical entrepreneurial step. But what about the down economy? In an age of financial uncertainty, how calculated should your calculated risks be? That was a central discussion topic at Tuesday night’s Verizon Wireless Small Business Empowerment event in downtown Philadelphia. CNN Anchor Soledad O’Brien hosted the event, interviewing Tony Jimenez, CEO of MicroTech and Jose Garces, celebrity chef and restaurateur, in front of an audience of Latino small business owners. Both men relayed their path to success and reflected on the decisions, obstacles and risks they faced on the way there. Here are key points made by the two entrepreneurs:

Business is a gamble.

Risk is inherently involved in any business decision, according to Jimenez. Learning to manage risks and leveraging them to their best potential, thus, becomes an important skill to have. Jimenez suggests developing a good sense of intuition and self-knowledge on your own abilities and experience. Then bet on those skills. Any failures that result are nothing more than learning experiences and will sharpen your skills, as well as your success rate, in the future.

Learn from your mistakes

Mistakes are indeed opportunities for growth and learning. Both Garces and Jimenez recounted numerous stumbling blocks on their path to success. What helped them continue is their ability to turn failure into fortune – revisiting their business strategies, reshaping their ideas and developing new plans for the future. Don’t be afraid to take a step back and reshape your business as much as necessary. Jimenez recalled having to write and re-write his 5-year plan several times – within just a couple years of starting his business!

Invest in your employees

Taking the time to select and nurture your employees is important. Garces explained that he has a “no jerks” policy with his staff. For him, establishing a positive work atmosphere is a critical goal. Jimenez says hiring employees who are ambitious, open-minded and willing to learn is as important as hiring those who come with excellent credentials. Risk-taking and the ability to think outside the box are ideal traits he looks for in his staff.

In summary, small business owners should be willing to take chances and encourage their workers to do the same. However, it’s not enough to simply take risks. It’s also necessary to carefully study and manage those risks before and after to ensure they contribute positively to your business. With enough experience and practice, your bets can yield great results.