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Have you heard the expression, “Those who cannot remember the past are doomed to repeat itSo many entrepreneurs just instinctively respond to the uncertain economic situation they face without taking the time to learn from history. Fortunately, we have clear guidelines from the past about the kinds of mistakes business leaders make in a recession, as well as from research (including my own) about how our minds can lead us to make bad decisions.
1. Not competing on price?
Michael Porter, de great theorist of business strategy, identified two key ways companies can gain a competitive advantage — or rather, a competitive advantage — that drives their success and makes them more attractive than their competitors.