The International Monetary Fund recently predicted that because of the “Great Lockdown,” the world would experience the worst economic downturn since the Great Depression. Countries all over the world have been taking drastic measures to “soften the blow” dealt by the COVID-19 crisis.

I vividly remember the last Great Recession. I was a recent law school graduate. The housing market had collapsed and the unemployment rate was nearly ten percent. I began to reflect on the lessons of the last economic downturn and what moves entrepreneurs and business owners can make to survive these trying times.

Below are four practical tips for entrepreneurs to not just survive, but to thrive in the times to come.