Recession Session
Read everything you need to know to beat the downturn in one sitting.
Dallas entrepreneur Sean Magennis started his human resources
management software business in Toronto 11 years ago during one of
Canada's worst recessions. Atlanta marketing company owner Jan
Lok and Appleton, Wisconsin, construction entrepreneur Paul J.
Hoffman both opened their businesses' doors only to be greeted
by two recessions in five years. And when David Gauger's San
Francisco advertising agency took in its first dollar 27 years ago,
the United States was reeling in one of the longest downturns since
the Depression.
When it comes to recession, these entrepreneurs have been there,
done that.
As the United States enters its 11th recession since 1945,
entrepreneurs who have seen it all before offer caution, hope and
advice to those experiencing their first slump. And despite
predictions that this recession will be shallow and short,
experienced entrepreneurs say newbies' anxiety is
appropriate.
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"It's a very risky time," says Gauger, 51,
principal of Gauger + Santy Associates. "You can't put it
on autopilot."
One path many entrepreneurs are taking is to lie low and try to
ride it out. Others opt to expand energetically to gain an
advantage on competitors when the recession ends. We talked to
experts and entrepreneurs to learn how and when they recommend
aggressive or defensive postures in four areas: managing money,
managing people, marketing and technology.
 Survive the Recession! |
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