In a downturn, the wise Founder will know the first action needed is a pivot of the mind. The CEO’s psychology is the greatest point of leverage in a company’s success or failure.
Leading my own VC-backed tech startups successfully through the 2000 and 2008 downturns, I’ve noted how great Founders shift their mindsets and psychology during a downturn in ways that drive survival and success.
Executing mind shifts can be hard work because typically, you must go against your optimistic instincts as a Founder. You must also often overcome the impulses of your employees and/or board.
We’ve noted 8 mind shifts of CEOs of companies that survived, then thrived, despite downturns. Once you have mastered your capacity for these mind shifts, however, you will be well-positioned to manage through nearly any period of crisis that might come ahead.