Facing setbacks is an inevitable part of every business journey. Some ambitious goals will be achieved with resounding success, while others might fall short due to unexpected challenges like a competitor’s bold move or worldwide crises like the COVID-19 pandemic.
Once serving as COO for a Fortune 500 tech giant, I navigated the turbulent waters of a significant industry downturn. The financial strain was so severe that we were on the verge of bankruptcy, and traditional lenders refused more credit. Our only path to survival was a strategic asset sale. Leading this effort, I gathered a dedicated team, and together, we tackled our anxieties about the company’s and our futures.
My upbringing in a household that cherished positive thinking, aided by my sports background, instilled in me a mindset to persevere through adversity. During challenging times, adopting the adage “when the going gets tough, the tough get going” helped not only me but also inspired my team to strive beyond perceived limits. This attitude was pivotal in leading us to sell major assets, amassing $600 million, and steering the company away from bankruptcy. The funds reinvigorated our remaining divisions, multiplying the company’s value by 20 times.
Four Proven Ways to Cultivate Strong Leaders
Throughout my career at various tech firms, I’ve experienced wild ups and downs, learning valuable lessons on leadership. Here are four tested methods for fostering leadership that rallies teams through challenges:
1. Recognize and Accept Business Cycles – Teach leaders to expect these fluctuations and maintain a positive attitude. Encourage them to motivate their teams to view setbacks as opportunities for collective growth and persistence.
2. Encourage Participative Leadership – Foster a culture where all team members are involved in problem-solving, enhancing morale and engagement. This participative approach was crucial in our asset sale success story.
3. Evaluate the Path Forward – Guide leaders in assessing whether to pivot or persevere with current strategies. Often, setbacks offer perspectives for innovative approaches, leading to unexpected opportunities.
4. Employ Structured Decision-Making – Encourage leaders to take time for thorough evaluation, involving their teams in the decision process. My book, Mega Thinking, offers insights into effective leadership decisions.
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