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.

The essence of the entrepreneurial journey is the ability to tolerate immense uncertainty and fear over long periods. It involves working for months or years with little visible progress, making high-stakes decisions with limited information, and shouldering the responsibility for others' livelihoods. This psychological endurance is the ultimate differentiator.

The intense, relentless drive seen in many successful entrepreneurs isn't normal ambition. It's often a corrosive fuel derived from significant personal trauma, like family financial ruin. This experience provides a level of motivation that those from more stable backgrounds may lack.

Nikesh Arora attributes his ability to adapt to new situations to his father's Air Force career, which required moving every few years. This constant change instilled a sense of impermanence, making him more comfortable with career pivots and instability.

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 ability to remain calm and steady through market cycles and intense pressure is a distinct, non-negotiable skill for senior leaders. The Lovesack CEO has seen many otherwise smart and talented people fail because they couldn't manage the psychological strain, making this resilience a key differentiator.

The experience of moving frequently as a child in a military family instills an early tolerance for uncertainty and discomfort. This resilience becomes a valuable asset in an investment career, where sitting with discomfort is a constant requirement that many professionals struggle with.

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.

Entrepreneurs in emerging markets develop unique resilience by navigating daily chaos. This learned ability to "deal with chaos" translates into a powerful advantage when managing the inherent uncertainty of startups and the complex global business environment.