Michael Dubin advises that after surviving enough "near-death experiences," a founder develops a crucial skill: the ability to mentally project past the current panic. By remembering that most crises resolve, you can adopt the calm perspective of your future self, which helps you navigate the present turmoil with less fear.
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Serial entrepreneurs lose their "super happy" and "super distressed" genes. They become skeptical of moments that feel too good or too bad, developing an emotional evenness. This allows them to persist and stay focused through intense volatility, where others might quit or get sidetracked.
Founders often experience extreme emotional volatility, swinging from euphoria after a win to despair after a setback. The key is to understand that neither extreme reflects the true state of the business. Maintaining a level-headed perspective is crucial for long-term mental health and sustainable leadership.
The most powerful form of preparation isn't trying to predict every outcome. It's developing the core confidence that you can handle uncertainty and figure things out as they come. This mindset allows you to take action despite an unpredictable future, which is the essence of entrepreneurship.
Resilience is not a learned trait for entrepreneurs but a fundamental prerequisite for survival. If you are still in business, you have already demonstrated it. The nature of entrepreneurship, where the 'buck stops with you,' naturally selects for those who are resilient and adaptable.
The entrepreneurial journey is mentally taxing due to constant high and low swings. The founder's coping mechanism is to anchor himself to what's controllable: delighting the customer. Focusing on product and user feedback cuts through the noise of fundraising, competition, and existential dread, providing a stable focal point.
The title "CEO" is misleading. A founder's real job is to be a firefighter, constantly on call to handle unexpected crises, from employee emergencies to losing major clients. This mindset shift from strategic leader to crisis manager better reflects the reality of entrepreneurship and its inherent volatility.
Steve Garrity maintains perspective during high-stress situations, like a 2 a.m. contract negotiation, by comparing them to his worst days battling cancer. This "perspective reframing" technique diminishes the perceived severity of current challenges, fostering grit. Any professional can adopt this by using their own past adversities as a benchmark.
When facing an existential business threat, the most effective response is to suppress emotional panic and adopt a calm, methodical mindset, like a pilot running through an emergency checklist. This allows for clear, logical decision-making when stakes are highest and prevents paralysis from fear.
In crises, focus only on what's inside an imaginary "hula hoop" around you: your attitude and your actions. Surrender the outcome to external forces. This mental model, used by endurance athlete Dean Otto when paralyzed, prevents overwhelm and allows for clear-headed decision-making when stakes are highest.
After losing a $16 million account, the founder's reaction was to spend less than a minute on the news before moving on to the next task. The time to prevent the loss was in the past. Once it happens, dwelling on it is useless. The only productive action is to immediately focus on what's next.