A Crisis Is an Opportunity in Disguise, Just Add Grit!
The Chinese word for crisis is made by combining two characters meaning crisis and opportunity. The wise and ancient Chinese understood that the true nature of a crisis is an opportunity in disguise.
A crisis implies change that has not been invited and an outcome that is not predictable. Rarely do changes come into our life that do not require an significant amount of restructuring and readjustment.
Similar to remodeling a house, you will be required to tear down what needs to be renovated and replace it with stronger materials. This can feel like a crisis when your abilities are tested and you reach that point where you dig deep for the grit to endure the reconstruction.
Grit is what separates successful people from their competition. Grit is not knowing what to do, but doing it anyway. It is endurance, conviction, and pluckiness. It will take you where you want to go when change starts to feel like a crisis.
Related: 5 Things Your Walk Says About You
Here is how to develop grit in times of crisis:
1. Know When To Stop Struggling
There is a difference between knowing when to quit and knowing when to stop the struggle against something that we cannot stop. When we quit, we throw in the towel, admit defeat, and feel like a victim of our circumstances.
If we stop the struggle, we face up to our fear. “What is the worst that could happen?” This is the first step toward detecting new possibilities that may reveal themselves in our circumstances.
How To Make It Work For You: Do not quit when you feel you can no longer deal with a crisis. Instead, find ways to adapt to your new circumstances. Have the grit to stay in the game but be flexible in your attempt to correct a situation according to your idea of “right.”
2. Manage Emotions
When facing a crisis, emotional incontinence is a temptation and we share our sorrows with anyone who will listen. To those who have created our crisis, it’s an admission that they have the power to hurt us. If the people who are listening are outsiders, they are helpless to offer us sound advice on how to move forward.
This doesn’t mean you should ignore and tamp down what you are feeling! Emotional competence is one of the cornerstones of mental toughness. If we are emotionally intelligent and aware of our innermost emotions, we have a much better chance of responding to a crisis in a way that is positive.
How To Make It Work For You: If you manage your emotions, thoughts, and behavior during a crisis, you will have a better chance of recognizing new opportunities as they unfold.
3. Keep Ego In Check
Our ego takes a beating when shit hits the fan and we find ourselves up to our knees in it. No one likes to suffer or face unpleasant situations. They are, however, a fact of life and if we can keep our ego in check, we can come through them stronger.
Everyone knows how to survive in good times. That doesn’t take any talent. It’s the trying times that separate those who have what it takes to succeed from those who just project the image.
How To Make It Work For You: Developing grit is a quality that is essential for our personal growth. We take responsibility for our actions. When we stop whining, pointing fingers, and blaming others—especially during a crisis—we are able to choose our destiny.
4. Maintain Clarity Of Vision
Vision is where you see your life heading. Goals are the stepping stones to get there. Goals should be reviewed and revised on a yearly basis. If you don’t, goals can end up obstructing your original vision for yourself.
Vision and passion are the linchpin of grit. It is doing something and following a dream that gives you both value and meaning.
How To Make It Work For You: When you feel your grit begin to waver, remember the reason you want to accomplish your goal. If you surrender and give up, ask yourself if it’s because there is no fire in your belly and you are not really following your vision.
5. Develop An Entrepreneurial Mindset
Most interviews or studies of entrepreneurs only look at people who have been successful. They rarely focus on asking questions about what made them successful in the first place. It’s very difficult for people to describe themselves at the beginning of their career. Most of us could not remember what was going through our mind, especially if we’re scrambling to keep our company afloat.
In a recent study, researchers interviewed over 800 entrepreneurs who had not been in business for more than 3 months. They found two commonalities in the thinking of the most successful entrepreneurs: 1) they could not come up with reasons they might fail, and 2) they couldn’t care less what people think about them.
How To Make It Work For You: Find something that makes you happy and go for it. At the end of the day, the way you feel about yourself and your potential will give you confidence that you can develop the grit you will need in times of crisis.
Most Read IRIS Articles of the Week: March 19-23
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, March 19-23, 2018
Click the headline to read the full article. Enjoy!
Let’s pretend you are a US investor that wants to deploy some of your money overseas. You think international developed market stocks are attractive relative to US stocks, and you also think the US dollar will decline over the period you intend to hold your investment. — Chris Shuba
I had a chat with The Financial Times the other day, and provided lots of background as to why I don’t think cryptocurrencies are the choice of criminals. The comment that was reported was the following ... — Chris Skinner
During the tumultuous red and green gyrations of the capital markets this year have your clients anxiously called to ask: “What’s going on with my portfolio?” What do you do when the usually smooth ride in your luxury automobile becomes as bumpy as Mr. Toad’s Wild Ride in the Happiest Place on Earth? What does the average investor do? — Ted Parker
Inflation is a bad thing, right? It make things more expensive, right? For those of us of, let’s say, a certain vintage, we recall the runaway inflation of the late 1970’s and early 1980’s. So why does the Federal Reserve – in charge of managing the country’s currency and value thereof – actually try to create inflation? It’s called the inflation targeting and it matters to your money. — Bill Acheson
As you near your 60’s, your prime earning and saving years will transition into a period of time where you get to enjoy the “fruits of your labor,” a.k.a retirement. We call this segueing from accumulation to decumulation, the period when you will be drawing from your accumulated nest egg. — Dana Anspach
Exchange traded funds (ETFs) are popular vehicles for market participants looking to engage in thematic investing. Thematic investing looks to take advantage of future growth trends, including disruptive technologies. Given that forward-looking approach, stock-picking in the thematic universe is equally as hard, if not harder, than in traditional market segments. — Tom Lydon
It’s not enough for your salespeople to be product experts, they also need to be capable of having the kind of conversations that position them as business experts and even strategic resources. — Lisa Rose
Business growth doesn’t come from wishful thinking. As you know, it takes a lot of hard work. The growth of your business is not an option – it is a necessity. Coordinating the right mix of strategies to gain market share and improve client acquisition rates is essential to advance your firm in today’s economy. — Michelle Mosher
It’s undoubtedly true that investors’ financial security is no laughing matter, and this is reflected in the stolid, dour, reliable imagery and branding that is, by and large, the industry standard. This is hardly surprising—investors need to believe they’re placing their hard-earned money in the hands of experienced, trustworthy professionals. — Alexandra Levis
The number one question advisors ask when exploring a move to independence is how the economics compare to accepting a recruiting package from a major firm. It’s certainly a valid concern, because while the recruiting deals being offered by the wirehouses are down, it is still very possible for a top advisor to get a really attractive hard-to-pass-up offer. — Mindy Diamond
Municipal bonds might not be the first thing that comes to mind when you think of a sexy investment. They don’t typically command news headlines like the stock market or bitcoin. — Frank Holmes
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