Trade Secrets: Entrepreneurs In The Beauty Industry

Step 1: How will the recession affect the beauty industry?

The beauty industry is not usually the worst hit in a recession. Food and lipstick sell more in a downturn - beauty is in an emotional, aspirational category that people still value and need in a recession.

Step 2: Is it a good time to take risks?

It's a great time to take risks if you have a bit of capital. The opportunities for businesses include acquisition and merger at a good price. Individuals also have an advantage over bigger companies as they don't have the infrastructure and fixed costs that make it difficult to downgrade. If you invest in an idea during a down cycle, by the time it matures and is ready to expand - you will no longer be in a down cycle.

Step 3: How do you succeed as an entrepreneur?

Don't succumb to vanity, be realistic. Go into business to make money, not just to pursue an interest. Know what you're good at, be passionate and work hard.