Taking business risks in a tough economic climate was one of the key talking points at a seminar held and sponsored by the Bermuda Small Business Development Corporation (BSBDC) at the Fairmont Hamilton Princess yesterday.

The half-day 'Taking Business Risk Matters' seminar, which attracted more than 50 local business owners and aspiring entrepreneurs, featured Beau Evans, owner of Coral Sea Cruises/Charters, Anthony Foster, owner of Bermuda Sanitation & Engineering, and Marico Thomas, owner of Upper Crust speaking about their experiences.

The event kicked off with a welcome by BSBDC general manager Michelle Khaldun, who also introduced Mr. Evans, who discussed the risks and rewards associated with entrepreneurship, highlighting that there are two major business risks - operational and financial.

Mr. Evans went on to describe that rewards for entrepreneurs tend to not just be money, but more the freedom to own "your own life" and "constantly being exposed to new opportunities".

Mr. Foster then gave a presentation on business risks: dreams, sacrifice and commitment, talking about how to ensure that your dream of entrepreneurship does not turn into a nightmare by being prepared and setting your own goals.

He shared a compelling story with the attendees about the time when he was congratulating a successful female entrepreneur on her accomplishments and turned around to him and said that despite her business ventures being quite profitable, she had inadvertently sacrificed her marriage and her children in her quest for success.

Mr. Thomas wrapped up proceedings with a speech on the risks of re-inventing your business, detailing his life and the invaluable exposure he had to his father's entrepreneurial endeavours, including a shoe store, arcade, promotional tours.

Attendee Dean Fox, owner of Jason's Barbershop, said: "The seminar was exceptional and that the presenters gave practical gems of wisdom with regard to taking a vision and making it a reality. Each speaker's personal experiences provided attendees with real life lessons that can be utilised in any business endeavour."