Risk taking can be the most frightening part of starting a business. Entrepreneurs invest their time and sometimes life savings on a project that has an uncertain future. 

Attendees listening to panelists at the event.  PHOTO: Natasha Dado/TAAN

But that’s the gamble people take, and for many successful entrepreneurs it’s paved the road to success. 

“You won’t go into business if you don’t take a risk,” Renee Ahee, CEO and founder of Ahee Communications said, speaking at a networking event for the Arab American Women’s Business Council.

Ahee was one of the three panelists who spoke. The other two distinguished businesswomen included Nancy Hanoosh, President and founder of Corporate Recruiters and Tara Miceli, Director of Walsh Institute. Hanoosh remembers being more conservative with risk taking when she first decided to launch her business. She says the best time to take a risk is when you don’t have a whole lot to lose, and you have a great deal of time to dedicate to the business. 

Ahee stressed the time and hard work that’s involved in starting a business. “It’s blood, sweat and tears,” she said.

Another topic brought up to educate aspiring entrepreneurs in the crowd was passion. All three experts say having a passion for the business you’re getting into is essential. 

Acknowledging your strengths and weaknesses is important. That’s something Ahee has done all along. 

If you’re not good at accounting leave that up to a CPA, and concentrate on your strengths. Networking is very beneficial too, the women explained. 

Nancy said, “keeping up with the times” and having an updated website can help attract clients. She explained that a site is often the place people turn to determine the legitimacy of a business. 

Miceli explained gaining the trust of people in the workplace gives them a reason to follow you. 

“You cannot lead without having soldiers, so with that said how do you get people to follow you? I believe that there has to be a great trust. You have to be able to build trust with your peers, and relationships. It’s all about people. The only way you’re going to be successful is to surround yourself with a successful team,” Miceli said.  She says a good leader is transparent, and that can mean giving people bad news.

The audience was reminded to surround themselves with successful people, in order to be successful. Having a flow of cash coming in to a business is something all business owners should keep a close eye on, and think about before launching a business since banks are no longer as quick to grant loans. 

Ahee said aspiring business owners should look into the tax implications that come with owning a business. The MENA delegation which included people from people from various countries was present. A reception followed afterwards, where dinner was served and guests mingled. You don’t have to own a business to join the Arab American Women’s Business Council one of its members Nada Charara said. 

She isn’t a business owner but noted the benefits of being a member. 

“This organization gives women the opportunity to network with distinguished business professionals, and exposes them to new opportunities,” she said.