On April 14th, Felician University’s School of Business and Information Sciences held a business symposium which offers a chance for aspiring business owners to ask questions and get inspired from four business leaders who include: Gerald Rizzo, DMD, AdLab Media owner, Barry Cohen, Samo Financial founder, Alina Trigub, and racehorse owner, Richard Gutnick.

Business professor Dr. Michael Omansky organized the business symposium for the tenth year at Felician University. Business students served as moderators posing questions on how to find inspiration, stay motivated, deal with obstacles, and create new businesses.

One panelist, Dr. Gerald Rizzo, owns a large dental practice in Carlstadt, NJ, and is the Assistant Director of Dentistry Services at Hackensack Median Health Services. He told participants it can be maddening for a doctor to simultaneously wear the three hats of a trained technician, manager, and entrepreneur stating, “Managing the overhead, the HR, the people, time, and money is always a very tricky thing…but there are also opportunities to innovate.” Dr. Rizzo specializes in family and cosmetic dentistry and lectures other dentists in Las Vegas. Dr. Rizzo holds an MBA from Felician University and stressed the importance of staying on top of continuing and pursuing education opportunities.

AdLab Media owner, Barry Cohen, has worked in advertising and public relations for four decades and has helped small, emerging brands of consumer goods. Cohen told participants they may have to look inside themselves for motivation when working from home- especially now because of the COVID-19 pandemic. He said, “It’s got to come from inside, you have to have that motivation yourself, nobody else can give it to you.” He recommended engaging with others to break down isolation by saying, “Stay connected to people and collaborate. Don’t work in a vacuum. Work with others and look for synergies and look for complementary businesses.”

Samo Financial founder, Alina Trigub, helps people through building wealth for themselves and their families. She was asked how she knew it was time to leave her full-time position and start her own company. “In my case, COVID happened and I was let go. I decided to take the opportunity and run with it, and it ended up being a good decision.” Ms. Trigub recommended that if people aren’t able to replace their current income they should continue working while building their business on the side.

Spanning over last several decades, the final panelist, Richard Gutnick, has bought and sold racehorses. In 1983, he became successfully involved in owning racehorses before deciding to get a trainer’s license. Gutnick bought a young horse, Market Share, for $14,000 that won the $1.5 million Hambletonian race in 2012. The trainer, Linda Toscano, was named Trainer of the Year and became the first female trainer in history to win the Hambletonian. His driver, Tim Tetrick, was also named Driver of the Year. On the same day, Chapter 7, a horse Gutnick purchased for $42,000, won a $250,000 race and was named Horse of the Year.

Gutnick recommended that participants should only bet on horses recreationally, advising, “Have a good time, but don’t do it with the idea that you’re going to make a living from it unless you want to buy horses, and I’d say maybe 2% of us make money in the business. It’s a lot of hard work, but it’s a lot of fun.”

All panelists agreed on the importance of having a business plan despite their differences in areas of expertise. Other advice included working, even if part-time, in the type of business you want to own to learn the business first, then to seek out a mentor who can help guide you.

The business symposium was moderated by Selma Jasarevic, Felician’s Associate Director of Admissions Operations, and Julie Venechanos, Felician’s Accounts Receivable Coordinator. Both moderators earned their MBAs at Felician University.