"Cliff, we love your column, and we would love to hear your reaction to the Wall Street shenanigans of the past several weeks. Do you have any special wisdom on how small businesses can survive the coming, almost certain, financial storm?"

This is a column of practical advice for business owners, and I generally try to avoid political and "macroeconomic" topics. It's not that I'm squeamish or afraid to take a stand on an issue — I actually have very strong opinions about what's happening in the business and financial world right now. It's just that this column is not the place for them. There are many, many places — both online and off — where you can get information and opinion on this topic, and I doubt I would have much to add to the thousands of pundits, commentators and "citizen journalists" who are weighing in with their opinions.

Having said that . . .

I do strongly believe there is one thing business owners need to have in order to survive in these unsettled times — something that has been sadly lacking in the business world the past few decades.

What is that something? It's not cash. And it's not love or passion for what you do.

It's discipline. Discipline and self-restraint, pure and simple. The ability to say "no" to a deal that doesn't make sense when everybody else is saying "yes." The ability to set standards for who you will do business with (and who you won't) and sticking to them. The ability to set a budget for yourself and stay within it, even if it means making sacrifices (remember when people actually made personal sacrifices for things?) in other areas of your life.

The last 50 or so years have been a great time to be alive in America. Three whole generations of Americans have grown up thinking that nothing bad ever happens here. Wars happen, but they're always on the other side of the world — just wave a few protest signs in the air, and even those go away. Recessions happen, but they're short and shallow, and the economy always bounces back quickly. Poverty and starvation happen, but only to people in developing countries. Ten years ago, someone actually wrote a book called "The End of History," arguing that historical cycles of good and bad economic times are gone for good (or can be easily managed) due to our technological brilliance and intellectual flexibility.

In a word, "oopsie."

Just as Andrew Jackson once said "eternal vigilance is the price of liberty," eternal discipline is the price of a free market economy. Just because the law permits you to do something doesn't mean it's the right thing to do, or that you should do it — even if "everybody else is doing it." Your parents didn't buy that argument when you were a teenager, and neither should you when running your business. Thinking about bad times when times are good is very difficult to do — it's a little bit like negotiating the divorce terms right after someone has accepted your proposal of marriage — but it has to be done. If you wait until the bad times to discipline yourself, you may not have to time to correct the problems and weaknesses that expose you to disaster.

Back around 400 B.C., a Greek guy named Aesop wrote a short story about that. It's called "The Ant and the Grasshopper." You probably haven't read it since childhood. Go back and read it now. It's the best business advice you will ever get about surviving tough times.

Once you have discipline, there are two things you don't need.

— Fear. In similar times, a famous U.S. president once said, "we have nothing to fear but fear itself." He was right. When you panic, you do and say things you (and society) live to regret later. Action is the surest cure for fear. Stop worrying. Look for threats, and take action to avoid them. Look for opportunities, and take action to exploit them.

— Anger. As Shakespeare said, "what's done is done; it cannot be undone." The time for anger was years ago. Being angry now is a waste of your precious time. Also, when you are angry, you do and say things you (and society) live to regret later.

We are all upset about what's happened on Wall Street. We look for someone to blame. But as Shakespeare (again) said, "the fault, dear Brutus, lies not with our stars, but with ourselves." We are all responsible for the current mess. Every last one of us. Either we were living beyond our means, or we failed to insist loudly enough that the spending-and-lending habits of those who were be curtailed. If you must be angry, be angry with yourself — look closely at the things you did, or did not do, that contributed even in a small way to the credit crunch.

And make a vow to yourself, and to your children, that those things will never happen again.

Cliff Ennico (cennico@legalcareer.com) is a syndicated columnist, author and former host of the PBS television series "Money Hunt." This column is no substitute for legal, tax or financial advice, which can be furnished only by a qualified professional licensed in your state. To find out more about Cliff Ennico and other Creators Syndicate writers and cartoonists, visit our Web page at www.creators.com.

COPYRIGHT 2008 CLIFFORD R. ENNICO.

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