Think It - When the Going Gets Tough

Today’s business environment is wrought by lots of uncertainty - political, economic, social to name a few. This uncertainty has caused many businesses to falter or even shut down. For the businesses to sustain in an environment of high inflation, high cost of utilities, low demand and competition from low cost producers overseas has made it tough. There is a very popular phrase in management that describes the solution to this problem and It is “When the going gets tough, the tough get going.” 

What does it mean to be tough? According to the Merriam-Webster dictionary it is “when there are problems, strong people work hard to solve them”. In today’s era of artificial intelligence (AI) it is not the strongest or hard worker but the smartest and adaptive to change that will survive. In Modern times hard work is synonymous to resilience. Resilience refers to the ideas surrounding how people are affected by and adapt to challenging things like adversity, change, loss, and risk. Researchers have studied resilience theory across different fields, including psychiatry, human development, and change management. Resilience is the ability to cope with and recover from setbacks. It’s about remaining calm in the face of disaster, having strong coping skills, and effectively managing available resources. Resilient individuals face life’s difficulties head-on, using healthy coping strategies to emerge stronger than before. They exhibit characteristics like effective emotional regulation, problem-solving skills, and a strong internal locus of control. Resilience doesn’t mean avoiding stress or emotional upheaval; rather, it involves working through emotional pain and suffering. When you are resilient then in the darkest of the hours you have faith, confidence and hope for better days to come.

Many people would question whether resilience is a natural phenomenon or it can be learned. Research shows that It is a combination of both learned behaviours and innate qualities. While some people may naturally possess greater resilience due to their temperament or genetic makeup, resilience can also be developed and strengthened through life experiences and intentional efforts. Here are some of the behaviours that can develop resilience.

Coping Strategies: Resilience can be cultivated by learning effective coping mechanisms. These include problem-solving skills, positive thinking, and seeking social support.

Adaptability: Exposure to challenges and learning from failures helps build resilience. It’s like a muscle that strengthens with practice.

Mindset: Developing a growth mindset—believing that challenges are opportunities for growth—enhances resilience.

Social Support: Having a strong support network contributes significantly to resilience.

The key is mindset—believing that challenges are opportunities for growth.

Here is one such research study “Should you launch products during recession” that shows that resilience pays. Intuitively many people will say NO to the idea of launching a new product during a recession but this study shows that many smart people see the recession as a time to capitalize on their different thinking. Here is another saying: “ When everybody thinks alike, nobody thinks any more.” So thinking differently from the herd opens up new opportunities to those who are adaptive to change and willing to take risks.

Another story of thinking differently is  “The Big Short”, it is a nonfiction book by Michael Lewis and also a feature film. The Big Short describes several of the main players in the creation of the credit default swap market who sought to bet against the collateralized debt obligation (CDO) bubble and thus ended up profiting from the financial crisis of 2007–08. 

In "Think and Grow Rich," Napoleon Hill's research reveals that success and wealth can be achieved by following specific principles. Hill's "13 Steps to Riches" include developing a positive mental attitude, setting clear and specific goals, creating a plan to achieve those goals, taking action, and maintaining a strong belief in oneself and one's capabilities.

The important ones are as under:

1. Desire: Start with a strong desire or burning ambition to achieve a specific goal.

2. Faith: Have unwavering faith in yourself and your ability to achieve your goal.

3. Imagination: Use your imagination to visualize your goal and see yourself achieving it.

4. Persistence: Keep working towards your goal, even when faced with obstacles.

5. The Brain: Use your brain to analyze, plan, make decisions, and take action.

6. The Sixth Sense: Trust your intuition and inner guidance to make the right decisions and achieve your goals.

Now is the time to Never give up and get tough.