During a bad economy, everyone wants to hunker down and weather the storm. But for young people starting their careers, this is precisely when they need to take a risk, because playing it safe will simply make them fall further. But let me qualify that: The risk should be calculated.

In 1954, my first company faced a severe cash squeeze. I had one tangible asset to sell in order to make payroll so that I could fulfill a large order for the US Air Force: a 76-foot schooner that my family and I had used for a 15,000-mile seafaring journey. It meant a lot to me. I sold the boat, saved the company – and soon made enough to buy it back.