Making Bold Moves in a Tight Economy

Download a PDF of this Article. What kind of entrepreneur opens up two temporary stores during this economy? A smart one, says Jonah Staw, CEO and cofounder of LittleMissMatched. While some business owners were struggling to keep their doors open late last year, Staw negotiated leases in expensive New York City shopping districts during the 2008 holiday shopping season.

After reading somewhere that 58,000 retails stores will be out of business within the next year, he saw opportunity instead of gloom. "It doesn't mean that you don't have a viable retail store, " he says, "it just means that you have to be that much smarter. You can't just think you're going to be one of the lucky, chosen few."

Staw showed his smarts by implementing a massive marketing campaign that included opening two pop-up shops in order to "get tons of eyeballs and tons of shoppers," he says.

While it was lots of work and a big risk, Staw says it was the right move. "My attitude toward business it that you have to really take risks and do exciting things as opposed to just sitting there," he says. "You don't grow a business by cutting costs. If you have a concept that's totally unique and different, you have a fighting chance."