Whether you believe we are just experiencing a handful of poorly managed banks failing, or the beginning of an epic new economic slump in which 1,000 or more banks will fall, there is no question that there are financial challenges out there.
Most won’t make it through these times. So, how can you embrace the great leadership traits that helped others through previous crises, and may be just what you need to grow through it. Then come out the other side as a market leader?
Stay Objective, Not Emotional
Billions of dollars are being spent to tug on your emotions and to create fear. It’s what keeps the media industry alive. As well as the bulk of the wealth in market manipulators’ accounts.
Stay objective. Think forward. Do adapt, but don’t make knee jerk reactions that will sabotage your career and venture.
See Opportunities Not Problems
Even as a newer business owner or independent professional you’ve probably figured out that your role is pretty much just championing an endless barrage of challenges.
There will be plenty of challenges ahead. Do have a healthy respect for the threats they can bring. Though choose to see them as opportunities to innovate and be creative with solutions.
Maintaining this pragmatic optimism will make all the difference in your short and long term success.
Know Your Cycles & Real Data
It’s sad to see so many investors, property owners, and businesses becoming victims of misinformation.
If you know your business and market cycles, then what’s happening now, and what will happen next is very predictable. Meaning that you can plan and march through it successfully.
However, you also must really know the numbers in your market, and your historical data. Be very, very cautious about trusting stats in media headlines, or averages proclaimed by most media pundits.
Even data from sources like NAR can be revised years later.
If you don’t have access to real data, and a pulse on the street, consult others who do.
Surround Yourself With The Best People You Can
The most successful and experienced entrepreneurs and CEOs will tell you that it is all about the people.
The best team will always win. You can hack decades of knowledge and experience and avoid all the mistakes by leveraging better talent too.
This applies to your department heads, regular employees, advisors, and strategic business partners.
Don’t just recruit and hire them either. Share the vision, and then get out of the way so they can do their best work.
Serve Don’t Take
The best leaders are servant leaders. They are not just trying to take and extract value or drive people by force. They have a mindset of being there to serve others.
That includes serving your team and partners, in enabling them to thrive in their positions.
As well as asking how you can serve more customers, better, and provide more value to them.
Understand Your Number One Job As A Business Leader
Your number one job is really to ensure that your venture does not run out of financial fuel. Find new sources of financial leverage, and working capital to keep the machine moving.
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