Resilience: The Cornerstone Of Entrepreneurship
Over the last couple years, resilience became the most important skill to learn in business. Often associated with the sporting world, resilience is defined as “the role of mental processes and behavior in promoting personal assets and protecting an individual from the potential negative effect of stressors.” Today, these processes and behaviors are critical to business success.
Many leaders repositioned their companies to cope with the new landscape, overcoming hurdles that could have pushed them to failure. Some once again became entrepreneurs, tapping skills they used when setting up their business. They found new opportunities, sectors and approaches that directed them onto a positive trajectory. For example, research from McKinsey and Company discovered that some organizations onboarded digital solutions in record time — doing in less than a month what they had assumed would take two years. It also discovered that most of the digitalization efforts would likely outlast the pandemic.
Overcoming adversity and adapting to never-seen-before situations is clearly the new lifeblood of business. So, what lessons can leaders take from the sports sector to improve their resilience?
In sport, an injury or race not going to plan can present challenges, but athletes are renowned for rising above enormous obstacles to succeed. British freestyle swimmer Tom Dean battled Covid-19 twice ahead of the Olympics. The second time he tested positive was immediately after he qualified to swim at Tokyo 2020. Undeterred by this setback, Dean refocused on training following his recovery and became a gold medalist despite the odds.
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