Harvard Business Review LogoFive strategies to drive bold action amid uncertainty. by Ranjay GulatiMariola Grobelska/UnsplashIn the face of political, economic, and technological uncertainty, business leaders are often reluctant to take bold action. Some freeze, too overwhelmed to make decisions. Many hunker down, hoping to wait out the chaos. Others retrench, trying to protect their organization’s future and their careers. However, research shows that the old adage is true: Fortune favors the brave, not the cautious.
Now Is the Time for Courage
Research has shown that fortune favors the bold, not the cautious. But in volatile and uncertain times, many leaders hesitate to act, and others simply freeze up. The question is, Can bravery be acquired? In this article an HBS professor who has done extensive research on the subject argues that everyone can—and should—learn to be courageous. Risk management helps tamp down fear, of course, but it isn’t enough. By studying daring CEOs like BlackRock’s Larry Fink and PepsiCo’s Indra Nooyi, gutsy whistleblowers like Frances Haugen of Facebook, and everyday heroes like the Taj hotel employees who helped guests survive a 2008 terrorist attack, the author uncovered five specific strategies used by people who demonstrate bravery: (1) They create positive narratives that guide them through chaos, often recasting their work as a moral quest. (2) They build their confidence through training and preparation, by expanding their arsenal of mental tools, and by focusing on what they can control. (3) They size up complex and ambiguous situations step-by-step, adjusting course as their understanding grows. (4) They enlist the help of allies, mentors, and critics. And finally, (5) they help themselves stay calm by practicing self-care, embracing rituals, and reframing situations more positively.
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