3 Critical Mistakes That Could Cost You Your Business During a Recession

        

                                Have you heard the phrase, "<a target="_blank" href="https://americanart.si.edu/artwork/those-who-cannot-remember-past-are-condemned-repeat-it-george-santayana-life-reason-1905" rel="nofollow noopener">Those who cannot remember the past are condemned to repeat it</a>"? So many entrepreneurs just<a target="_blank" href="https://www.entrepreneur.com/business-news/tips-on-surviving-an-economic-downturn-from-a-serial-founder/432841" rel="follow noopener"> react instinctively</a> to the uncertain economic situation they're facing without taking the time to learn from <a target="_blank" href="https://www.entrepreneur.com/topic/history" class="auto-tagged ga-click ent-tags" data-ga-category="autotag-linking" data-ga-label="ent-tags" data-ga-action="/topic/history" rel="noopener">history</a>. Fortunately, we have some clear guidance from the past about the kind of mistakes that <a target="_blank" href="https://www.entrepreneur.com/topic/business-leaders" class="auto-tagged ga-click ai-metadata" data-ga-category="autotag-linking" data-ga-label="ai-metadata" data-ga-action="/topic/business-leaders" rel="noopener">business leaders</a> tend to make in a <a target="_blank" href="https://www.entrepreneur.com/topic/recession" class="auto-tagged ga-click ai-metadata" data-ga-category="autotag-linking" data-ga-label="ai-metadata" data-ga-action="/topic/recession" rel="noopener">recession</a>, as well as from research (including my <a target="_blank" href="https://disasteravoidanceexperts.com/glebtsipursky/" rel="nofollow noopener">own</a>) on how our minds can cause us to make bad decisions.</p>1. Don't compete on price?<p>Michael Porter, the <a target="_blank" href="https://hbr.org/1996/11/what-is-strategy" rel="nofollow noopener">great theorist</a> of business strategy, identified two main ways companies can gain a competitive advantage — or rather a <a target="_blank" href="https://www.entrepreneur.com/starting-a-business/5-tips-for-a-successful-business-in-a-recession/429879" rel="follow noopener">competitive "edge"</a> — that drives their success and makes them more attractive than their competitors.

News Article Courtesy Of Dr. Gleb Tsipursky »