Management guru Jim Collins --he of such bestsellers Built to Last , and Good to Great --certainly knows how to turn crisis into opportunity. He's been working on a book on how successful companies manage turbulent times. He told Fortune some of what he has found in his research. His big takeaway, it appears, is that it is all about people. In downturns and recessions, companies have an opportunity to bring in talent. The businesses that bite the bullet and acquired the key ingredient to success--the right people--will reap the benefits. The right people don't need to be managed. The moment you feel the need to tightly manage someone, you've made a hiring mistake. The right people don't think they have a job: They have responsibilities. If I'm a climber, my job is not [just] to belay. My responsibility is that if we get in trouble, I don't let my partner down. The right people do what they say they will do, which means being really careful about what they say they will do. It's key in difficult times. In difficult environments our results are our responsibility. People who take credit in good times and blame external forces in bad times do not deserve to lead. End of story. You can read the full article here , or watch a short video with Jim Collins here .