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One day Alice came to a fork in the road and saw a Cheshire cat in a tree. "Which road do I take?" she asked. "Where do you want to go?" was his response. "I don't know," Alice answered. "Then," said the cat, "it doesn't matter."
"Alice In Wonderland"
Lewis Carroll
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"Capitalism lives off of change. The new challenge is to shake off the trauma of a decade that started with the ultimate loss of control and get to work on winning the new century."
Josh Tyrangiel
Bloomberg Businessweek
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"You have to have a 'never-give-up' perspective. You have to be irrationally determined."
Reed Hastings, Netflix CEO
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"The days of our lives, for all of us, are numbered. We know that. But I have found that in the simple act of living with hope, and in the daily effort to have a positive impact in the world, the days I do have are made all the more meaningful and precious."
Elizabeth Edwards
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Brian Buford PhD is an independent consultant, licensed psychologist, and Senior Lecturer at the Carlson School of Management at the University of Minnesota.
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A New Year! Time to Recalculate?
Today I will be driving in Seattle, listening intently as the GPS guides me with her charming accent via the most direct path to my destination. If I pay attention to the signs and can skillfully maneuver through the traffic and rain, it should be a pleasant drive without any problem.
Wouldn't a GPS at work and in life be handy?
For those about to retire: "Decrease speed to a grinding halt and prepare to reverse. The worst recession since the Great Depression ahead in December of 2007."
For newlyweds: "Inclement weather ahead at mile marker/years 7 and 21. Keep driving for the next 53 years to reach final destination, a meaningful and loving partnership."
For the current Presidential Administration: "Make a gradual Right turn, and then a U-turn. New majority in House of Representatives ahead in January of 2011."
It would be helpful (but not enjoyable) to hear "RECALCULATING" the precise moment I unknowingly make a mistake and veer off course.
When driving (with or without a GPS) we must have a specific, pre-determined end point. In the absence of a destination, we can't pinpoint the best path, don't need to pay attention along the way, and can drive however we want. This might be fun and freeing in the moment - but not efficient, effective, or productive in the long-term.
Of course we don't have the luxury of a personal GPS, but we can apply the same principles to our professional work and personal life:
Professional Excellence
1) What critical results must be achieved by January 1, 2012?
2) What is the most direct path to get these results?
3) What signs or obstacles do you need to pay attention to along the way?
4) What will you, your team, or your company need to learn, stop, or do differently to achieve these results?
Personal Success
1) How do you define personal success on January 1, 2012?
2) What is the most direct path to achieve your definition of success?
3) What signs or obstacles do you need to pay attention to along the way?
4) What will you need to learn, stop, or do differently to get there?
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Facts, Trends, Musings
Total US Stock Market return in 2010 = 15.6%
US Dow Jones return in 2010 = 11.0%
Global Dow Jones return in 2010 = 5.2%
% of non-financial US company assets held in cash = 7.4% (highest since 1959)
2010 decline in new home sales in the US = -14%
US workforce unemployed = 9.8%
Months unemployment has been above 9% = 18 (most since Great Depression)
US workforce unemployed + No longer looking + Underemployed = 17%
% of new college graduates planning to live at home after graduation = 85%
Projected increase of Medicare costs by 2020 = $929 Billion (or 80%)
Projected growth of home health aides in 2008-2018 = 50.0%
Projected growth of data communications analysts = 53.4%
Increase of digital book sales for the first 10 months of 2010 = 171%
Decrease of hardcover book sales = -7.7%
Facebook's % of total Internet traffic = 10% (now more than Google)
Google's January salary increase = 10% (presumably to prevent attrition to Facebook)
The world's largest holder of US Treasury debt = China
Expected economic growth in China in 2010 & 2011 = 10%
IPOs in China, 2010 = $104.3 billion
IPOs in US, 2010= $25.5 billion
Key challenges in 2011 for US CEOs = Branding, growth, and regulation in emerging global markets (e.g., the growing middle class in China and India); investing amassed capital; returning to top-line growth; executive succession planning; positively leveraging social media.
Sources: Bloomberg Businessweek, Wall Street Journal, Investor's Business Daily, USA Today
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Developing Leadership Resilience
My work as an executive coach is a privilege and quite gratifying. I feel very fortunate to have had the opportunity to work with many successful leaders in my career. Often I think that I learn just as much - if not more - than they do in the coaching process!
In coaching I've observed (time and time again) that resilience is essential to be successful at work and happy in life. But what exactly is resilience? I like this definition: Resilience is the capacity to cope with, bounce back from, and grow in adversity.
Adversity is inevitable. Resilient leaders manage challenges and hardships more effectively, recover from setbacks more quickly, and as a result develop their capabilities to be even better in the future. I know, based on firsthand experience and observation, that resilience isn't a fixed personality trait. It is a mix of mindset and skills that can be developed:
Carefully Manage Your Time and Attention. Our most precious resource isn't our money - it is our time and attention. There will always be too much to do and not enough time. Multitasking is a myth. I once worked with a mother of two who worked no more than 45 hours a week and ran a successful $2.5 billion dollar business. How did she do it? She was incredibly disciplined in how she spent her time and attention at work.
Take Care of Your Physical Needs. Our body is a machine. Optimal nutrition, exercise, and sleep increase our performance and capability to handle hardships. We must put on our own oxygen mask first, then we can help (or lead) others.
Be a Realistic Optimist. Resilient leaders see challenges as temporary instead of permanent, specific to a situation or context, and distinguish what can and can't be controlled. Pessimism doesn't inspire followers. Resilient leaders pull the levers they can.
Learn From Experience. If the world is a rapidly changing classroom, experience is the teacher. If we take the time to reflect, we can learn from both mistakes and successes. As a result we can be more effective in the future because we have evolved, adapted, and changed to do what it takes to be successful. From a very successful senior executive: "I've learned much more about my business and my leadership during the 2 or 3 years of the recessions in the past 30 years than any other period in my career."
Spend Quality Time With Supportive People You Trust. The best predictor of life satisfaction is the quality of one's relationships. In hardships, we need encouragement. Make time to be with the vital few that truly appreciate you in spite of your flaws and genuinely want you to succeed.
Take Thoughtful Risks and Decisive Action. Reflection, research, and deep analysis have their limits. Difficult, ambiguous, risky decisions require courage. We must move forward and control what we can control, in spite of what may (or may not) happen. "Fortune and love favor the brave" - Ovid.
Choose Your Attitude. Extreme circumstances or conditions with a clear biological basis (e.g., schizophrenia, dementias) aside, we can always choose our attitude. We can decide to be positive or cynical, grateful or bitter, committed or apathetic. (Read "Man's Search for Meaning" by Viktor Frankl if you disagree.)
Accept and Let It Go. It may not be easy or comforting when there is truly nothing we can do or control in difficulty. But we must accept it and let it go as best we can.
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