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Research and Development in Learning
”
When uncertainty hits, working memory shrinks. Leaders lose sight of the bigger picture, and the result is collective thinking at a lower level and lower levels of resilience. One way to overcome this is to pull back and hone your sense of purpose.
“
THE SELF: Find your “why”—your purpose.
These days, uncertainty is unavoidable. So how do top entrepreneurs lead with confidence during uncertain times? With a resilient mindset.
This means adapting to and processing challenges, using healthy coping strategies, and staying flexible to internal and external demands, as defined by the American Psychological Association.
“Building a resilient mindset, team, and culture is a three-step process, and it starts with the leader,” says Heidi Grant, Ph.D., social psychologist, best-selling author (Nine Things Successful People Do Differently), TED speaker, and EY Americas director of research and development in learning. “Cultivating a resilient mindset is possible if you use the
right tools.”
3 steps to a resilient mindset
How to build a resilient mindset
Entrepreneurs staying ahead in a changing world
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1
THE TEAM: Encourage validation and growth.
2
THE CULTURE: Integrate resilience strategies.
3
Source: Heidi Grant, Ph.D., EY Americas Director of Research and Development in Learning
The self:
Finding your “why”
To get started on the road to a resilient mindset, Grant says it’s vital for leaders to analyze their sense of purpose—why they show up to work. When a leader is tied to a strong sense of purpose, opportunities and threats become more manageable. Although finding such purpose is critical, it’s easy to forget when times get rocky. According to Grant’s research, the brain normally runs on autopilot while its working memory makes usual decisions under regular circumstances. But this can be overcome with the right tools.
The brain’s 3 motivational systems
Although primed for survival—the ultimate resilience—the brain has multiple states that dictate mindset and action.
Suitable for relaxation, reflection, and intricate thought
SAFE BRAIN
The fight, flight, or freeze state, with self-protective mechanisms taking over
THREAT BRAIN
A highly active mode, ready to compete and experiment
DRIVE BRAIN
Source: “Is Your Threat Brain Always On?“ Psychology Today
1
—Heidi Grant, Ph.D., EY Americas Director of
Overcoming threat brain
Threat brain is an enemy of resilience. Building a resilient outlook depends on how a leader personally frames situations or setbacks. A positive, but realistic, outlook can help overcome perceived barriers and achieve even the most ambitious long-term business goals.
A commitment to the long term is what drove Sheila Mikhail, cofounder and former CEO, AskBio, and EY Entrepreneur Of The Year® 2021 National Overall Award Winner, to rescue a million-dollar funding package—without letting instincts take over.
“The night before closing a $240 million deal, everything collapsed,” says Mikhail. “I had six weeks of cash flow, $3 million in legal fees, and 180 employees to consider. … With a focus on our long-term purpose … we successfully renegotiated.”
—Sheila Mikhail, Cofounder and Former CEO, AskBio, and EY Entrepreneur Of The Year® 2021 National Overall Award Winner
”
“
You always mitigate risks with a backup plan.
When leaders embrace a growth mindset, it ripples throughout the organization. When everyone feels welcome, the potential positive impact is far-reaching. Reinforcing collective purpose and individual self-worth fosters team-wide resilience. Key actions leaders can take are to implement diversity at every level in the organization, ensure all team members feel validated, and encourage a realistic, yet positive, mindset when facing uncertainty.
“You can build a resilient culture in an organization by laying foundations for psychological safety and encouraging a ‘culture
of growth’ mindset, where people feel the company believes in their ability to develop and grow,” says Grant. “Leaders should make everyone feel validated, feel safe to make mistakes, feel safe to speak up. Everyone should feel safe to be their authentic selves when they come to work each day.”
The team:
Encouraging diverse ideas
2
Before she started the fintech firm Stax, former CEO Suneera Madhani felt overlooked. She had pitched the idea for the company to managers at a previous job, but it wasn’t greenlit. Rather than letting a negative outlook take hold, she continued pursuing her dream. Madhani cofounded Stax in 2014, and the company has since achieved unicorn status. Today, Madhani helps clear the path to entrepreneurship for others by advocating for supportive work environments that welcome diversity of thought.
Diverse teams that feel engaged and included are:
Source: “Diversity and Inclusiveness Means Growth,” EY
50%
3.5X
more productive
more likely to innovate
—Suneera Madhani, Cofounder and Former CEO, Stax
”
“
I never had a seat at the table. When the room looks nothing like you, you feel judged or like you have to prove yourself even further. For the women out there, make sure your voices and ideas are heard. For everyone, make sure that the conversation is equitable.
When a resilient organization can withstand uncertainty, its potential is limitless. Leaders must remember that strategies for cultivating resilience should not be reserved for leadership or specific teams, but rather for the whole enterprise; they should be implemented across HR, operations and logistics, finance, and more. But EY research shows that business leaders’ focus on resilience is currently low and dips further as a project progresses.
The culture:
Integrating resilience strategies
3
of private sector leaders see the value of resilience thinking.
30%
build resilience thinking into guidelines.
27%
assess resilience strategies after a project begins.
19%
think there’s enough funding to support resilience strategies.
12%
Source: “Getting Real About Resilience,” EY
Resilience is crucial to entrepreneurial leadership and should be reevaluated regularly. The EY Enterprise Resilience Tool offers support across nine business areas, including employee well-being, workforce development, and risk management. In today’s rapidly changing landscape, leaders can take these concrete actions to encourage stability.
Actions for a resilient workforce
Support and provide resources for crisis management.
Now
Review and accelerate virtual or hybrid collaboration.
Use virtual communication channels for employee questions, health,
and wellness.
Gauge sentiment through pulse surveys with analytics.
Assess and challenge your company’s operating model.
Use technology to upskill or reskill employees where business needs or capacities have changed.
Assert greater accountability for
all employees.
Identify any functions or skills hampered
by hybrid work.
Next
Remain agile; excel at deploying new processes or tools at speed.
Level up team capabilities and move employees or work where necessary to enhance long-term value.
Add digital upskilling and reskilling into
talent strategies.
Bring talent
planning to life for
all employees.
Beyond
—Heidi Grant, Ph.D.
”
“
At the end of the day, resilience is a very learnable skill. It’s about learning to control your emotions, focusing your thinking in positive ways, and not ruminating on things going badly. You can build your resilience, and you can build a resilient culture across an organization.
For more insights from high-growth entrepreneurs and business leaders, visit ey.com.
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—Sheila Mikhail, Cofounder and Former CEO, AskBio, and EY Entrepreneur Of The Year® 2021 National Overall Award Winner
—Suneera Madhani, Cofounder and Former CEO, Stax
©2023 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights). | CCPA Do Not Sell My Information Fortune may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests
Back to Home
WATCH
What happens when entrepreneurs fully unlock their ambition?
WAtch
How entrepreneurs deliver sustainable, inclusive growth
Read
The entrepreneurial mindset that saved two
businesses after major pandemic hits
Read
How business leaders can persevere through uncertainty
WAtch
What’s expected of leaders in this ever-changing world?
Explore more
Read
Sustainable, inclusive growth: From promises
to progress
