The most important thing to keep in mind during a downturn is who is funding your company and what is your burn rate? If you're running off revenues and profit

The most important thing to keep in mind during a downturn is who is funding your company and what is your burn rate? If you're running off revenues and profitable and your market isn't other startups or a bubble area like residential real estate in 2008, you have a good change of making it through. Same goes for if your company is funded by a patient angel investor with lots of money to spare. Otherwise, things probably aren't going to go so well.