Gurley advises against small layoffs of five or ten percent because they cause cultural pain without meaningful financial gain.
“One piece of advice though is never do a five or 10% layoff because it doesn't create any meaningful gain, yet you go through all the excruciating cultural pain.”
Gurley urges entrepreneurs to ask what it means to be greedy when everyone else is fearful.
“I think it was Graham and Dodd before Buffett that said, be fearful when others are greedy and greedy when others are fearful.”