Recessions are especially hard on small businesses. Few small firms have the resources to stay the course and wait out the bad times. Credit is scarce, and budget cutting difficult. In a small operation, there are not that many places to cut.

“It’s always easier to tip over a small boat,” says W. P. Carey School Assistant Dean Andrew Atzert, who organized the school’s Small Business Leadership Academy two years ago. “When seas are rough, it’s that much easier.”

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How Small Businesses Can Survive — and Thrive — in a Recession