Courage is an attribute all CEOs should have, but it doesn’t always come easy. Having experience–good and bad, wins and losses–can help develop a strong sense of courage. There are plenty of examples of leaders who have stood up to difficult challenges and led their businesses forward towards success. Though their stories may differ from other CEOs in terms of size and scope, their portrayal of perseverance is inspiring to all.
Here are two specific stories of courage, identified by Jeffrey Pfeffer in the Harvard Business Review.
- “In the days following September 11, 2001, Southwest Airlines did not follow its many competitors and lay off tens of thousands of people, thereby keeping intact its record of never having a layoff, or furlough, and building its market share.”
- Pfeffer also names Apple guru Steve Jobs, who ignored critics of the company’s “enormous cash hoard,” and proceeded with new products, “even in the midst of economic downturns.”
To help business owners gain a sense of courage in the workplace, here are 10 benefits to and ways of developing perseverance in challenging time.
1. Tackle Your Fears
It takes courage to confront personal weaknesses and fears. A good example is the shared fear of public speaking amongst many adults. Unfortunately, public speaking is a requirement faced by pretty much every CEO in today’s business climate. Steve Tobak discusses how these fears can be used to portray courage and leadership in his story for Inc.com.
“An associate of mine was so shy as a child, he nearly passed out when he had to speak in class,” Tobak writes. “Now he’s a CEO. Likewise, I had a terrible fear of public speaking. It’s far more common in successful people than you might think. Where does courage come from? You’re not born with it. You develop it through experience. Every time you face a fear, you build confidence and courage. No matter the outcome, it’s never as bad as your fear makes it out to be. That’s what makes the ‘get back up on the horse’ metaphor so powerful.”
2. Self-Awareness
Courage plays an especially crucial role when faced with tough economic times. Recessions can cause panic moves across all industries, but some CEOs choose to continue innovating. Having a clear understanding of your strengths and limitations is part of developing this type of courage, Gail Angelo writes for CEO.com.
“Know who you are, what you are afraid of, what you are inspired by and what your typical patterns of resistance look like,” she says. “Self-awareness puts us in the seat of choice. Once we become aware, we have the power to choose consciously and take responsibility for the choices we make. When we are increasingly aware of our strengths and gaps, we can surround ourselves with talent that complements our skills and attributes.”
3. Encourage Courage
Writing for Forbes, Margie Warrell tells us that humans are “innately risk averse,” and will naturally lean toward playing it safe in most scenarios. This is why CEOs should try to foster courage in their employees, which will help them feel that their work and opinions matter.
“Given that people will play safe unless they assess it’s safe to do otherwise, one of the key responsibilities for every leader is to ensure that employees feel as though their employers have ‘got their back,’” Warrell writes. “For this reason it’s vital for leaders at all levels to create an environment that celebrates innovative thinking and provides a safety net for employees to take risks—whether it be trying a new approach, challenging the status quo thinking or providing candid upward feedback.”
4. Be Bold
A courageous CEO is not a passive one. The role requires them to lead a business and inspire their employees to follow suit. They have to serve as a leader to their employees, and in many cases are expected to act as a role model. As Angelo writes, this kind of leadership “is not for the faint of heart.”
“It may often require going against the tide or tradition or ‘the way we have always done it’ for the greater good,” she explains. “It is holding up the mirror to help others see what they have been unwilling to see or hear. It is challenging people to try a different approach—asking why not? Courageous leaders make choices intentionally and take responsibility for those choices. They step up boldly, lean in, speak the truth, focus on what is possible, make decisions for the highest good and inspire others to do the same.”
5. Be Decisive
The time to make tough calls come fast and furious for a CEO, and being prepared for such times so that you can make the best decision possible is vital. So too is the ability to make firm decisions based on solid analysis and planning. Employees don’t want to see their CEO going back and forth on crucial matters, Gregory Hamel writes in a story for Demand Media.
“If a manager can’t decide what to do or frequently backpedals on decisions, he might come off as a weak leader to his subordinates,” Hamel says. “A quick and confident decision to take a risk is a concrete way to exhibit courage. Still, managers should understand the advantages and disadvantages of the various courses of action available to them before coming to a decision, as hastily making uniformed decisions is a sign of poor leadership.”
6. Dream Big
CEOs are expected to maintain a certain amount of realism when planning for the future of their business, but setting minor benchmarks can also be too conservative of an approach. Jeff Haden writes about this in a story for Inc.com, saying this is why business goals often “incremental rather than massive or even inconceivable,” and that it takes courage to go for a bigger score.
“Incremental is safe,” he says. “Believable is safe. Why? Because you’re less likely to fall short. You’re less likely to fail. You’re less likely to lose credibility and authority. A few people do expect more from themselves and from others. But they don’t stop there. They also show you how to get to more. And they bring you along for what turns out to be an unbelievable ride.”
7. Be Personable and Honest
There’s a difference between being professional and being effective. People often connect “professional” attitudes with being cold and showing indifference about anything outside of work. It takes courage for CEOs to balance professionalism with personality and to realize that it’s OK to show some emotion in the workplace, Haden says:
“Acting professionally is actually fairly easy. (We all know a few robots.) Acting professionally while also remaining openly human takes courage—the willingness to show sincere excitement, sincere appreciation, and sincere disappointment, not just in others, but also in yourself. It takes real bravery to openly celebrate, openly empathize, and openly worry.”
8. Consider the Worst-Case Scenario
Though it’s not a fun exercise, there is value to pondering failure—even doing so to the extreme. In a story for Entrepreneur.com, Rebecca Smith gives the example of Wendy Tarzian, president of a Chicago recruiting company. Smith explains how Tarzian puts in long hours to help ensure her business succeeds: “I’m putting everything I have into this business. That is a little bit terrifying at times. I don’t want to end up knocking on the door of the homeless shelter, asking if they can spare a cot, [so] I have to bear down and work through the fear.”
Smith recommends building courage through the preparation of a contingency plan: “Ask yourself, what is the worst thing that could happen? Laying off your employees? Bankruptcy? Losing your home? Losing your family? Facing down your fear at the faintest death rattle can help you plan to avoid financial and familial ruin.”
9. It’s Not a Popularity Contest
Just as it’s important for CEOs to inspire employees and clients with big dreams and bold initiatives, it’s also essential that they focus on what’s right for the business—even if that means making unpopular decisions. Haden’s piece for Inc.com explores this and talks about how people often choose “sizzle, not steak” when attempting to stand out.
“It takes real courage to take an unpopular stand,” Haden says. “And it takes real courage to take risks not just for the sake of risk but for the sake of the reward you believe is possible, and by your example to inspire others to take a risk in order to achieve what they believe is possible.”
10. Welcome Community Involvement
Beyond the day-to-day occurrences around the office and with clients, CEOs can show courage by getting involved in ventures outside of the business. While these endeavors shouldn’t become a distraction or take up too much valuable time, but the willingness to become involved in the community is a courageous approach to business, Hamel describes.
For example, if a business owner has the opportunity to sit on the board of directors of a nonprofit organization that does good work in his city, accepting the positing can give him the chance to build his leadership abilities,” Hamel explains. “Being active in the community, such as organizing charity events and fundraisers, are other ways to show leadership and social responsibility.”
