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Tag: Hard Times

  • 7 Steps To Be a Resilient Leader in Hard Times

    7 Steps To Be a Resilient Leader in Hard Times

    Opinions expressed by Entrepreneur contributors are their own.

    We are in unsettled times right now. According to some forecasters, the U.S. economy faces a 100% chance of a recession over the coming 12 months, and 98% percent of CEOs anticipate a recession. Whether in the 2% that remain optimistic about a recession yet or not, you recognize that during turbulent times, every decision counts.

    All the uncertainty takes its toll. Each new hire, layoff and expense gets analyzed to ensure whether it leads to growth and, in some cases, even company survival. One of the biggest mistakes during recessionary times is making decisions too late. New entrepreneurs navigating this climate for the first time face difficulty making strategic predictions and knowing who to trust, seek advice and confide in. Even seasoned entrepreneurs, who have been through previous recessions, have learned that going it alone is not a good strategy.

    This is an epidemic among entrepreneurs. The Gallup Wellbeing Index highlights that 45% of entrepreneurs report feeling lonely compared to 42% of other workers, with 50% of CEOs reporting loneliness.

    Amongst entrepreneurs, a much higher percentage is feeling anxious or depressed daily. During these times, it is vital to cultivate communities of support to build resilience, ensure you do not make the necessary difficult decisions too late and weather the tough times ahead.

    Related: 7 Outdated Habits That Will Paralyze Your Business

    As the President and CEO of The Alternative Board, which represents 5000 privately-held small businesses in 22 countries worldwide, I speak with entrepreneur leaders daily about their concerns running seven and eight-figure companies to grasp the nuanced issues facing business leaders on main street.

    The antidote is action if you are struggling with extreme stress and anxiety. But not just any action. Take action with the wisdom and guidance of others who have been through recessions already. You need support to boost your resilience and make sound decisions that advance your company’s growth and overall well-being.

    How do you make difficult decisions confidently? It’s vital to surround yourself with other business owners, traveling down the same journey and learning from each other’s experience, to have the confidence to make hard decisions.

    Facing the upcoming economic turbulence, here is the 7-step process to make difficult decisions and guide your enterprise to smoother times.

    Related: How to Develop an Executive Presence and Earn Respect

    1. Get clarity on the core issue.

    The adage “it’s lonely at the top” doesn’t have to be the case. If you feel you cannot share your day-to-day struggles with anyone, take some time to create the space you need to get clear. What is the underlying issue? It may not be an underperforming staff member. Perhaps it is the company culture overall or an outdated offer. Get to the root cause issue underlying the situation. You are not alone, even if you feel lonely.

    2. Air the issue with your peers.

    Napoleon Hill’s bestselling book “Think And Grow Rich” introduced the concept of an alliance of business leaders that convene around a given topic as a “mastermind.” Create a group of support between five to 10 individuals; they can be in varying industries, ages or demographic — the more diverse, the better. Articulate your issue to the group for their assessment.

    3. Seek first to understand.

    Ask clarifying questions to understand in a round-table style session; at my company, our philosophy is “don’t move the fence until you know why the fence was put there in the first place.” Our members want to ensure they are helping each other solve root-cause issues rather than symptoms. Have everyone ask clarifying questions to understand in a round-table style session. When everything is understood, you are better able to receive valuable feedback.

    4. Share your experience.

    The best advice is experience-based advice. Business owner peer boards often represent 150 years of business experience or more. Peers share their collective experiences. Sometimes the best advice is, “I tried this before, and it didn’t work out well for me.” That kind of advice is invaluable to other business owners. Consider whether any experience could apply to you or spark a new path forward.

    Related: Being Vulnerable Is the Boldest Act of Business Leadership

    5. Evaluate your options.

    Many entrepreneurs spend too much time consuming information and not enough time in execution. After considering the feedback from your group, process what the takeaway points will be. What is most beneficial for your company in its growth trajectory? Decide on what from the session you would like to prioritize.

    6. Commit to action.

    We intentionally use the word “commitment” in board meetings. Members commit to each other that they will take a specific action. Commitment implies not only action but that each person is committing to their peers that they’ll take action. These commitments are a key part of moving key issues and opportunities forward.

    7. Stay accountable.

    The easiest person to let down is yourself; the hardest person to let down is someone else. Peer board members hold each other accountable for their commitments. They do this since they support each other, work together and try to help each group member address their challenges and take their business to the next level.

    Although what lies ahead is uncertain, one thing is clear: by curating a community of support, advisors and mentors — whether, via a Board of Directors, accountability groups or peer-led support — entrepreneurs will be well-equipped to draw upon wisdom across industries and demographics to bolster each other and make better decisions to navigate the times ahead.

    Jason Zickerman

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  • What is Resilience and Why is it Vital to Your Success?

    What is Resilience and Why is it Vital to Your Success?

    Opinions expressed by Entrepreneur contributors are their own.

    Resilience is the ability to adapt successfully and recover from challenging life experiences. It is the ability to endure adversity and grow despite challenges. Resiliency doesn’t mean there won’t be setbacks, but it’s the strength and will to continue through pain. Take the COVID-19 pandemic as an example. Many people showed resilience by finding means to cope and work through a very challenging period.

    Resilience is not a lack of stress, emotional disturbance or suffering. It is the strength to work through whatever disturbance and suffering life throws you.

    Related: 5 Ways to Adapt to Change and Build a More Resilient Business Model

    Why is resilience important?

    Resilience is important because it’s an essential life skill. Perhaps the best example of resilience was shown by the late Nelson Mandela, who said, “Do not judge me by my success, judge me by how many times I fell down and got back up again.”

    Without resilience, you get easily overwhelmed by challenges and what was supposed to be a temporary setback paralyzes you. Our very survival in this new world depends on our ability to adjust and thrive in the face of trauma and hardship. Without resilience, we fall back on unhealthy traits like avoidance and helplessness. Resilience not only empowers us to accept, adapt and move forward in difficult situations, but it is also the core strength that makes bearing the load of life possible.

    What it takes to change

    When I was in eighth grade, one of my teachers called a student to the front of the class to express how disappointed he was in the student for his performance with school work, despite his obvious potential. The student was none other than me.

    As I stood in front of the class, he explained why he was disappointed in me and how I showed up late to class even though my house was just a few minutes from school. It wasn’t that I flunked; my grades were mostly average. The reason for his disappointment was the potential and opportunity going to waste.

    Related: 8 Ways Successful People Master Resilience

    Although I felt his gesture was harsh, his assessment was accurate. I devoted my time to other things, like playing sports and messing around with my friends. I was an excellent reader as long as it wasn’t schoolwork. I was slacking, my teacher knew it, and I knew it too.

    Anytime results came out, I got nervous and promised myself that “I would change” and put in real effort. Deep down, I knew I was capable of much better than my grades suggested. I felt I just needed to put in real effort to become a success. I had to change something. But how?

    At the end of my senior year, I became so uncomfortable with some of my antics and the kind of person I was becoming. I wanted to be a role model for my siblings; someone others could admire. I realized this was something I would have to do for myself. What I wanted to make out of my life was up to me. And that was when I began to change.

    I was going to college, but I decided to do things differently this time. Right from that moment, I began to direct my energy toward building life skills and habits that reflected the kind of person I wanted to become. I began to spend my weekends getting familiar with the courses I was going to do not only in college but also in my private time. I began to plan and work toward my success.

    There were times I lost focus, but I put myself back on track. I knew I would be a few steps ahead of my colleagues by planning for my success, which gave me a positive feeling. I could see myself changing; I would not be the class clown. I was going to become a more responsible and committed student.

    And that was how it happened. I showed up in college as a student enthusiastic to succeed. After the first semester, I had a reputation as an A student. Sticking to that path of success was no longer an option; I had already set higher standards for myself.

    Related: 7 Keys to Developing Resilience

    Sometimes I think about what would have become of me if I didn’t have that resilience and courage to change. What kind of life would I have? One thing I know for sure is it may have been a life filled with regrets. Regrets for taking the easier way out, regret for not putting in enough effort even though I knew I was capable of more. And even though the change happened slowly and gradually, there were times my friends who knew me as the class clown made fun of me and times I slipped up. The fact that I made the decision to change and showed resilience made me ready at the right moment.

    However, what brought about this much-desired change? Having my new girlfriend certainly influenced me; however, it was nothing more than the fact that I had reached my emotional rock bottom and wasn’t happy with the lack of focus in my life. I began to think of myself and my actions in line with what I wanted to be. More importantly, I didn’t wait to be in college to start changing, I started the journey immediately, even though I was still in high school.

    Perhaps you find yourself in a challenging or overwhelming situation and need to pull through. Resilience will play an essential role in getting you over that line. As a first step, if you can make and stick to the decision to change the way you work, reflect on yourself, and challenge your thought patterns. Over time, you’ll begin to see changes in your life too. By tapping into resilience, you can change how you think and behave to achieve your definition of success. My lived experience says don’t wait, start now!

    Jon Michail

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