This one has been posted all over the web, for good reason.  The partners of The Sequoia Fund, recently held a meeting with their funded companies in light of the recent financial meltdown. 

The summary basically shakes out as get profitable and get ready to ride out a long storm.

In case you’re interested, the full presentation is linked below.  These are just the slides so often you have to read between the lines, but you should get the gist.  It’s only fair to note that nowhere on the web has Sequoia confirmed the comments being reported.  Our wrap-up follows the presentation.

• While there are some interesting takeaways from the global financial mess on slide #21, the key messages to entrepreneurs start on slide #39
• “Tough Love” messages include indications of a long recovery and substantial changes to the financial environment, new realities (less money) and new challenges (fewer exit options)
• Slides #46 and #47 give you a couple real world checklists to go through with your business, and
• Slide #53 is the presentation’s wrap-up slide with some final thoughts

One observation that is very pertinent and has been pointed out elsewhere on the web is the need to re-examine all your business plans and spreadsheets.  Assumptions and conditions are changing daily it seems, but certainly any assumptions made more than a few months ago are most certainly invalid.  Costs are higher and sales will most likely be lower.  Rework the details immediately to see where you are.

However, it’s not all gloom and doom.  As reported several other places, the current economic situation could provide opportunity, if not a great time to start (yes, start) a new business:

• Area small businesses see opportunities in lean times
• 5 reasons to start a business now
• A couple bright sides to the current challenges