Micro mindset during scary times: Chop Wood. Carry Water.
As I write this, the COVID-19 precautionary measures are driving the economy into the ICU. Gold’s Gym, J. Crew, and many other iconic brands are filing for Chapter 11 bankruptcy. The unemployment rate is climbing and the stock market is jumping up and down without any rationale. This is my first experience in the workforce during a tumultuous economic climate. I'm still trying to grasp as most people are what the repercussions will be and what will be a "new normal."
Regardless of the macro economic affects, it's important to appreciate at a micro level we can become stronger. On average most people will be victims not victors to this situation because of mindset. There are incredible examples of great companies emerging amidst chaos: [1]
Proctor & Gamble (Panic of 1837)
Coors (Depression 1873)
Standard Oil (1865 final year of Civil War)
UPS (Panic of 1907)
General Motors (Panic of 1907)
Fortune Magazine (1929 after market crashed)
Walt Disney Company (1929 market crashed)
United Airlines (1929)
Revlon (Great Depression 1932)
Hewlett-Packard (1935, Great Depression)
Fed Ex (oil crisis 1973)
Microsoft (1973 recession)
LinkedIn (2002, post-dot com bubble)
This is an A list of companies. They most likely had many days where doubts of existence were legitimate.
These are companies who can "embrace the suck." These organizations ingrained a mindset to find a way to win regardless of the macro environment. "A person who does not face stressors will not survive should he encounter them. Just consider what happens to someone's strength after he spends a year in bed." (Taleb)
Stressors and obstacles provide a strengthening of skills and abilitiies. This is a powerful, micro mindset. Taking each day one at a time is important to remember right now. This COVID-19 pandemic is a reminder to focus on putting one foot in front of the other. Leaders cannot get swept into the fear of the macro right now. Leaders must lean into the micro. The day to day grind. Chop Wood. Carry Water. Chop Wood. Carry Water. Living in the here and now.
The companies willing to grind and live into this moment will come out of this pandemic stronger while others will have lost focus and be financially and emotionally depleted. Or even worse: irrelevant.
It's invigorating to see such a great list of companies who have been born during times of "disadvantage." It's the mindset during difficult times which creates differentiation. From 2009 to 2019, it was certainly an economic expansion of historic proportions. It allowed many to experience financial success while not necessarily being tested or even facing "stressors." A lot of companies have probably succeeded not in part to their micro business competency but due to the macro expansion. Simply floating with the current.
This is the time to get 1% better every day. This 2020 fiscal year is the year to run sprints up the hill to build the strength for the future. The micro mindset is imperative.
As a leader, this is a great time to purge the negative inputs of news, social media, and other crummy media platforms. It's so very clear what is a bad input right now because it has a sense of fear or is not reframing the obstacle of this pandemic as an opportunity. The micro mindset needs to be in place and watered by the right books, the right news, the right podcasts, etc.
It's comforting to see the list of great companies taking the obstacles as the opportunity to greatness. I think it comes down to the micro mindset. Embrace the suck. Chop wood. Carry water.
FOOTNOTES
1. "Obstacle Is The Way" by Ryan Holiday