Implementing turnaround strategies as an entrepreneurial process

Abstract Recovery strategy belongs to the group of rescue/reversing business strategies and is used mainly by companies facing financial or other problems which they are trying overcome. Moreover, this alternatively wishing prevent future problems. The overall objective recovery return sluggish situation in terms acceptable levels profitability. implementation turnaround achieved through proper planning specific procedures (processes) like: Change management, divestitures assets (divestment), cost reduction (cost reduction—operating others), strategic acquisitions. This so drastic, that many senses it like creating a new company, has similarities an entrepreneurial process. Obviously, there previous experience managers, but when implementing radical strategy, must think developing something new. main paper explain how implement successful during recession phase economy. To analyze turnover we developed survey 152 trading industrial Greek represent more than 3% GDP. study examines role based whom formulated plan investigating knowledge managers on tactics implemented plan. offers information for management practitioners understand turbulent economic environment, apply.