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TIMOTHY PETERS
Dean, School of Business and Professional Studies
Concordia University
In
1997, Peter Vail first used the metaphor “permanent whitewater” to
describe the business environment. The last year may have seemed more
like a permanent ride over the falls. The question “What advice would
you offer a small business/entrepreneur in today’s economic climate?”
prompted me to ask two of Concordia’s business professors who have
founded entrepreneurial enterprises – as well as the owner of a small
business that has served a very specific, but recession-sensitive,
market for more than 40 years – for their thoughts.
The
first piece of advice would be to recall the adventuresome and
optimistic attitude you had when your business first began. Recall the
unwavering confidence you had that your business would succeed. Since
this recession started, we’ve witnessed great challenges to businesses
as even larger companies have become more vulnerable. Small businesses
may be on stronger competitive footing than ever before. You probably
started small, and small may be the strength that enables you to
respond quickly to market changes. If you own an established small
business, think about what you have learned from past, although
probably less severe, recessions. What decisions did you make then that
made you stronger when the climate improved?
An
entrepreneurial optimism must pervade all aspects of the company.
However, this optimism must be tempered with reality as well. You may
need to determine whether during prosperous times some aspects of the
operation have become bloated, or if you have keyed on areas that are
not core. Economic slowdowns are a good time to review your business
plan and make sure you are still focused on your strengths.
Andrew J. Policano | Anil Puri | Esmael Adibi
Abe Helou | Linda A. Livingstone | Timothy Peters
Ahmad Hosseini | James G. Ellis
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TIMOTHY PETERSDean, School of Business and Professional Studies
Concordia University
In 1997, Peter Vail first used the metaphor “permanent whitewater” to describe the business environment. The last year may have seemed more like a permanent ride over the falls. The question “What advice would you offer a small business/entrepreneur in today’s economic climate?” prompted me to ask two of Concordia’s business professors who have founded entrepreneurial enterprises – as well as the owner of a small business that has served a very specific, but recession-sensitive, market for more than 40 years – for their thoughts.
The first piece of advice would be to recall the adventuresome and optimistic attitude you had when your business first began. Recall the unwavering confidence you had that your business would succeed. Since this recession started, we’ve witnessed great challenges to businesses as even larger companies have become more vulnerable. Small businesses may be on stronger competitive footing than ever before. You probably started small, and small may be the strength that enables you to respond quickly to market changes. If you own an established small business, think about what you have learned from past, although probably less severe, recessions. What decisions did you make then that made you stronger when the climate improved?
An entrepreneurial optimism must pervade all aspects of the company. However, this optimism must be tempered with reality as well. You may need to determine whether during prosperous times some aspects of the operation have become bloated, or if you have keyed on areas that are not core. Economic slowdowns are a good time to review your business plan and make sure you are still focused on your strengths.
Andrew J. Policano | Anil Puri | Esmael Adibi
Abe Helou | Linda A. Livingstone | Timothy Peters
Ahmad Hosseini | James G. Ellis
BACK TO MAIN PAGE
Abe Helou | Linda A. Livingstone | Timothy Peters
Ahmad Hosseini | James G. Ellis
BACK TO MAIN PAGE