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  3. The following paragraphs are given in a wrong order. For questions 1 — 5, you are required to reorganize these paragraphs into a

The following paragraphs are given in a wrong order. For questions 1 — 5, you are required to reorganize these paragraphs into a

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问题 The following paragraphs are given in a wrong order. For questions 1 — 5, you are required to reorganize these paragraphs into a coherent article by choosing from the list A— H and filling them into the numbered boxes. The first, fourth and the last paragraphs have been correctly placed.
[A]Fortunately the way to make a startup recession-proof is to do exactly what you should do anyway: run it as cheaply as possible. The immediate cause of death in a startup is always running out of money. The cheaper your company is to operate, the harder it is to kill. Fortunately it has gotten very cheap to run a startup, and a recession will if anything make it cheaper still.
[B]Investors are more of a problem. Startups generally need to raise some amount of external funding, and investors tend to be less willing to invest in bad times. They shouldn’t be. Everyone knows you’re supposed to buy when times are bad and sell when times are good. But of course what makes investing so counterintuitive is that in equity markets, good times are defined as everyone thinking it’s time to buy. You have to be a contrarian to be correct, and by definition only a minority of investors can be.
[C]So if you want to improve your chances, you should think far more about who you can recruit as a cofounder than the state of the economy. But for any given team of founders, would it not pay to wait till the economy is better before taking the leap? If you’re starting a restaurant, maybe, but not if you’re working on technology. Technology progresses more or less independently of the stock market. So for any given idea, the payoff for acting fast in a bad economy will be higher than for waiting. Microsoft’s first product was a Basic interpreter for the Altair. That was exactly what the world needed in 1975, but if Gates and Allen had decided to wait a few years, it would have been too late.
[D]The economic situation is apparently so grim that some experts fear we may be in for a stretch as bad as the mid seventies, when Microsoft and Apple were founded. As those examples suggest, a recession may not be such a bad time to start a startup. I’m not claiming it’s a particularly good time either. The truth is more boring: the state of the economy doesn’t matter much either way; what matters is who you are, not when you do it.
[E]That doesn’t mean you can ignore the economy. Both customers and investors will be feeling pinched. It’s not necessarily a problem if customers feel pinched: you may even be able to benefit from it, by making things that save money. Startups often make things cheaper, so in that respect they’re better positioned to prosper in a recession than big companies.
[F]So maybe a recession is a good time to start a startup. It’s hard to say whether advantages like lack of competition outweigh disadvantages like reluctant investors. But it doesn’t matter much either way. It’s the people that matter. And for a given set of people working on a given technology, the time to act is always now.
[G]Another advantage of bad times is that there’s less competition. Technology trains leave the station at regular intervals. If everyone else is cowering in a corner, you may have a whole car to yourself. You’re an investor too. As a founder, you’re buying stock with work: the reason Larry and Sergey are so rich is not so much that they’ve done work worth tens of billions of dollars, but that they were the first investors in Google. And like any investor you should buy when times are bad.
[H]So just as investors in 1999 were tripping over one another trying to buy into unpromising startups, investors in 2009 will presumably be reluctant to invest even in good ones. You’ll have to adapt to this. But that’s nothing new: startups always have to adapt to the impulses of investors. Ask any founder in any economy if they’d describe investors as changeable, and watch the face they make. Last year you had to be prepared to explain how your startup was viral. Next year you’ll have to explain how it’s recession-proof.

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