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30-Second MBA

Barbara Fagan- Smith: What did you learn from your last business "near death" experience?

"Truly, the only time you fail or die in business is when you give up. Anything short of that is a lesson, an opportunity. When businesses are beginning to head south you gotta respond quickly. Don't slam on the breaks, but instead turn the wheel, revise your plans. But keep moving forward. Create a vision of the future that's exciting. Back in the middle of 2008 when our revenue started to decline we acted quickly to reduce our overall expenses. But at the same time even more importantly we took the time to focus on how we're going to accelerate our growth." Barbara Fagan-Smith

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