In 1987, at the age of 18, Campbell started a tour guide business in Halifax, Nova Scotia, that was incredibly successful. Heady with all the money he made and thinking a successful business would stay successful, he spent his profits on some 18-year-old dreams: a new house, a new car, trips.. then a recession hit.

In January 1991, Campbell knew that he had some big contracts coming in May, but in the meantime, he wasn't going to make his payroll. He was broke and had worn out his borrowing privileges with his family.

He hit rock bottom while standing in line at the Canadian Tire store to buy some batteries for a handheld microphone. "I was staring into space and the thought came, I can't even afford to buy these batteries," he said.

It was then he came to the realization that he would have to make some radical changes in his life or give up his dreams of being an entrepreneur.

What is your primary aim in life?
For Campbell, the key decision he had to make to turn his business around was to quit university and devote all of his time and energy to his company.

The fact that people don't ask themselves that important question: "What is my primary aim in life?" is one of the biggest reasons small businesses don't work, according to Michael Gerber, author of the E-Myth series of books that target the myths of entrepreneurialism and why most small businesses fail.

"Many people start their businesses for the wrong reason, they want to be their own boss," says Gerber. "So they take their skill and rather than creating a business that can work independent of them, they create a job that is completely dependent on them."

What small businesses have to do to thrive, says Gerber, is to shift the emphasis from "a bunch of people doing work" to a system for doing that work. This way, the customer can see that your company does a job a particular way - a way that works for the customer and becomes a means to develop the company's personality.

Campbell had this lesson down from the beginning. Called Halifax City Guide Services, he tagged his business "the company with the kilts," thinking that tourists would relate to well-trained, kilted guides.

The idea worked, and once Campbell decided that he wanted to spend his life as an entrepreneur, he was able to dedicate himself day and night to pulling out of his crisis, growing his business, and partnering with his top competitor to become a co-owner and vice president of Atlantic Tours Gray Line. The company has since been voted one of the top 10 companies to work for in Atlantic Canada, and named one of the fastest growing Atlantic companies for two years running.

Persistence and good assistance
Other key factors that Campbell has attributed to his success include a good accountant, solid mentoring, and some old-fashioned persistence.

Even in the most troubled times, Campbell says you can't afford not to have a trusted, experienced accountant. "An experienced accountant will know many different avenues for survival," he said.

Communication is also key in tough times. For example, talk to your suppliers. Often, they can be helpful, preferring to be put on payment schedules rather than see no payment at all.

Another key is a good mentor. Campbell said small businesses typically graduate from a mentor, to an advisory board, to a board of directors. Well-established business people are often eager to "give back" and help businesses just starting out.

Finally, one needs some good old elbow grease and persistence. Campbell said that to pull himself back from the brink of bankruptcy, he had to roll up his sleeves, work evenings and weekends, and focus on strategies to turn the tide. Creative ideas like handwritten postcard campaigns and new products have in the end paid off. The biggest thing to keep in mind, he says, is that if you have hit difficult times, you are not alone and it doesn't have to be the end of your business.

"Those sleepless nights are terrible, but there is really no need for them if you draw upon all of the resources that are out there."