"It is not the critic who counts, not the man who points out how the strong man stumbled,
or where the doer of deeds could have done better.
The credit belongs to the man who is actually in the arena;
whose face is marred by the dust and sweat and blood;
who strives valiantly; who errs and comes short again and again;
who knows the great enthusiasms, the great devotions and spends himself in a worthy course;
who at the best, knows in the end the triumph of high achievement, and who, at worst,
if he fails, at least fails while daring greatly;
so that his place shall never be with those cold and timid souls who know neither victory or defeat."

– Theodore Roosevelt

1. I was at 2 companies in the 2000 – 2004 crunch, I’d say the biggest error we made was in not cutting far enough soon enough. This is key. That process sorts out the strategic direction anyway.

2-5. There is one key instruction here – Talk to Your Customers. Especially existing ones. They are what will get you through.