RESILIENCE: How Business Leaders Can Beat The Odds Even In Uncertain Times
Attributed to Dato’ David Gurupatham, Advocate, Solicitor and Co-founder of Industries United
The past year and a half has proven to be an unusual and unprecedented time for businesses globally. Responding to the COVID-19 crisis has been one of the biggest organizational challenges in our history thus far. Businesses and employees have had to radically adapt to different ways of working, living and sustaining themselves for the long run. While the initial shock of the pandemic has passed in many regions, it still persists in others.
Nevertheless, this period of crisis has brought about numerous valuable lessons – starting with leadership, digital adoption, and in quite a few cases, strategic operational restructuring. To achieve mastery in these areas, resilience has proven to be a key component.
What is Resilience?
By definition, the word means the ability to recover from difficulty quickly and to demonstrate toughness in the face of adversity. The current generation of business owners has never seen adversity caused by a virulent pandemic such as COVID-19. Nevertheless, those who have failed and succeeded in navigating through this socio-economic meltdown, will have learnt the meaning of the word, resilience.
Those that have been through a crisis as challenging as the one we are in now truly understand the definition of the word – resilience. They represent the strongest kind of captain that businesses will need to chart a steady course through violent storms such as a pandemic and global recessions, among others,.
I, for one, have been through three economic crises since 1997. Having been through these various challenges, I know that at the end of the day, the law of the jungle applies and success revolves around the survival of the fittest. The same concept applies in our current economic crisis and adaptation to ever-changing hostile environments is required if business owners are aiming to beat the odds.
Adapting to Survive
For businesses, stagnation is a prolonged period without any growth or development, and it can occur on a macro or micro economic scale in any industry or company. It can be a temporary condition, a sudden shock or part of the long-term structural condition. However, the socio-economic climate is never stagnant and business owners must not make the mistake of allowing their companies to fall into the trap of complacency. Businesses need to be alert and, on the move, taking effective action and bringing about policy changes to reflect the new realities of the environment.
I believe that there are no level playing fields. Hence to survive, one needs to change and adapt quickly to the dynamics of the business environment.
According to the advocate, there are eight common traits of the resilient entrepreneur, as detailed below:
1) Having the Right Mindset
Having the right mindset is a key component to developing resilience. A positive mind opens up doors to new possibilities and alternatives. A resilient entrepreneur is one that is able to think strategically and manage difficult personal and market conditions. Performing calmly even when under pressure with admirable self-confidence is what will help the resilient to pull through adversity.
2) Having the Will to Succeed
Resilient entrepreneurs have an irrepressible will to succeed. They understand that there is no going back and that they must keep moving forward. Rather than resist change, they welcome it with open arms. Their continuous trajectory forward is never usually done in the comfort zone of their plateau. They are always climbing their mountain in a race to reach the summit.
3) Relentlessly Pursuing their Goals
Despite potential obstacles, disadvantages and even environments of toxic negativity, resilient entrepreneurs are relentless in achieving their goal. Despite the many challenges, their goal never wavers. You will usually find resilient entrepreneurs passionately focused on their objectives, generating higher performance, in search for the best and more efficient path forward.
4) Leadership
There is no ‘I’ in team. Resilient entrepreneurs are able to lead even in a team of two. Understanding the power of the collective pack, they lead by empowering others. They fully comprehend the concept that with collective strength, their weakness is diminished. A true leader is one that serves the purpose and the team continuously.
5) Embrace The Mistake, Embrace The Learning
Resilient people understand that learning from mistakes is a priceless lesson. Entrepreneurs are human beings and mistakes are often inevitable. Learning from mistakes only makes one stronger, akin to the tears on muscle fibers. It only makes the muscle grow bigger and stronger. Scars of the past and defeats are looked at not in fear but obstacles that have been overcome, as a beacon of hope and confidence.
6) Creativity and Flexibility
Entrepreneurs who are resilient are fluid in their approach, they know to expect the unexpected. Major changes are part of life in general, and life likes to throw curve balls in general. However, the resilient entrepreneur does not give in. They are unafraid to innovate, to change and try new strategies.
7) Decisive in Nature
Resilient entrepreneurs understand that one can never run away from problems. In times of crisis, one has to make decisions. They are able to weigh the risks and act timely, whilst executing new pathways, ideas and methodology, for the betterment of the business.
8) Reaching the End Goal
They know that success, at the end of the day, is all about producing results, reaching the end goal. Resilient entrepreneurs are unwavering in their focus, and likewise they ensure there is clarity in their teams. With an eye on the end-game, even their teams are focused on achieving the goal.
For many of us, this pandemic feels like we are being hit by wave after wave of tsunamis in the form of challenges, from every angle. However, as said by the great ancient Chinese philosopher, “In chaos, there is opportunity.”
Because of this, there is always light at the end of the tunnel. After that, the question becomes, “Are we resilient enough to stay the course and find the path?” Entrepreneurs, it is time to think, time to act, and time to lead! BE RESILIENT.