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We don't grow unless we take risks. Any successful company is riddled with failures.

When most people hit failure, they give up, but good entrepreneurs simply treat failure as a learning experience and use it to fuel and inform their next move.

Many businesses fail because the owner wasn't willing to invest and wasn't educated on the difference between spending money frivolously and investing money into the business for growth, and the risks and rewards of that cash infusion.

Innovation requires resources to invest, and you can see many companies pulling back and going into an intense protective mode in a major extended period of financial distress.

When businesses go through hard times, through down markets, what do they do is they challenge every basic assumption of how they operate. They innovate. They create disruption for a while that leads them to even greater heights when the economy turns around.

Executives need ample flexibility to respond to the market. That means both reducing costs and increasing innovation.

Over a 10-year period, 99 out of 100 new entrepreneurs will fail. Only one will be left standing as others get pushed out of the market or burn out from working so hard. It's really sad.

A recession is very bad for publicly traded companies, but it's the best time for startups. When you have massive layoffs, there's more competition for available jobs, which means that an entrepreneur can hire freelancers at a lower cost.

Every entrepreneur knows how agonizingly difficult it is to make the decision to give it your all, knowing that failure is inevitable; the successful ones know that the only way to get back up is through learning from that failure.

The trend in entrepreneurship is up, but an entrepreneur's ability to hire is down.