Like the Pittsburgh winter, the current economy lacks sunshine. For the small and venture businesses that are critical to our region, this raises a variety of concerns.

Executives do many things to nurture their businesses. They seek education and training. They network. And they interact with others who help secure the physical, economic and human talent they need.

All of these activities are good. In the past, they have been adequate to support a firm. But the world we are living in has changed dramatically from what existed when the sun was shining this summer. Forget about the trillions of dollars lost in the stock market. Forget about the doomsayers. And forget about the idea that President Barack Obama can turn this situation around in a month or a quarter or two. There are four questions that you must answer for your business to thrive in these volatile and uncertain times.

First, what is your business, anyway? I asked for a description of the businesses operated by the Entrepreneurial Fellows graduates. The list included the following: Dental laboratory, legal services, metal spinning, cardiac and vascular consulting and recruitment, security services and emergency preparedness training, manufacturer, and many others. I know -- this seems like an ivory tower question that is asked by professors with no link to the real world. But you must understand your business to make it thrive. For example, what does a security service and emergency preparedness company provide? If your answer is security guards and alarm monitoring services, then your business has less potential than if you said "peace of mind." Moreover, your business may be different in a difficult economy than it is in a robust one. So you must know it.

Second, what opportunities for your business are being created by the economic meltdown? And note that the answer -- none -- is not allowed. There is much evidence showing that times of economic uncertainty and turmoil have generated huge future opportunities. This is when people become willing to do things differently, to choose new providers, to use new products, to reflect on how to make things better. You must consider explicitly how to take advantage of the uncertain times to position your business for the more certain future. Go ahead, ask the question, answer it honestly, and position your business. Many of your competitors will be too anxious to do anything. This is a great chance.

Third, and related to the second question, do you know what your customers and clients are thinking? Ask them. Communication is critical today because people hate uncertainty. Communication programs also are regularly cut from the budget in difficult times because they are viewed as peripheral. Yet, if you know how the recession affects your customers, you'll begin to understand how your business can help. You'll also learn what other people are telling your customers. And note that this does not have to cost a fortune. It might simply involve putting on your networking shoes and talking to people. Do it.

Finally, are you setting aside enough time to conceive and adjust your strategic responses to the current environment? In difficult times, businesses often focus on the here and now. We get so busy fighting the fires that we don't prepare for the future. Remember that you must think about your future before you can invest in it. Don't let the current environment determine your business. Invent the business that allows you to thrive.

So, ironically, these questions say that today is a great time to own and run a business. The economy is perfect for those who wish to excel. Opportunities for growth are enormous. And once you've handled today's situation, you will be ready for anything.