I’m one of those lucky enough to have grown up with a lot of challenges — the opposite of a silver spoon, so I got a great start on understanding what is on the other side of hard things.
Since then, I have had many more hard things: a failed start up, divorce, health concerns, betrayal of trust, unfortunate real estate investments, hiring the wrong person into a key position in my firm (yes, even search people can do this!), questionable parenting decisions, etc., etc.
While very little of it would go into the fun column, I am grateful for it all (well, except for the parental ones).
True to form, every “bad” thing and subsequent survival of said bad thing has given me so much. The confidence to trust myself and know if it doesn’t work out, I’ll not only be fine, but I’ll learn something and be stronger for it.
In Which Direction Are You Running?
Recently, I listened to a keynote speaker share one of his professional challenges. He was a triple-A player, but was let go after a restructuring.
He had plenty of options for what to do next. And yet, he surprised many people by joining a distressed company.
From his telling, it was clear from the outset that the chance of survival was very low. But he did it because he knew the experience of digging in with a team of good people and searching for options to save the company would be valuable throughout the rest of his career. In the end, it did not survive (the best solution was a reverse merger). But as he explained, he didn’t at all regret his decision.
What a great reminder of the value of hard things.
In Crisis There Is Opportunity
Given today’s environment, it’s easy to be stressed by so many things, preoccupied by trying to avoid difficult situations, or engaged in simply wishing things would just “get back to normal.”
Yes, things are uncertain right now. But let’s not pretend the past was perfect or that we ever had control over the future. I’ve worked with many high-flying clients over the last 27 years that looked like they had it all, only to have the situation change completely, sometimes literally overnight. I’ve also worked with clients that looked much less promising, yet turned out to be home runs.
Two suggestions with that in mind…
#1. Prioritize People
I once worked with a senior head of R&D who had spent time in a sleep clinic during his medical school training. There were several Vietnam vets that came in who had PTSD. They did not sleep much so they would tell him stories all night. One memorable vet told him there were two types of soldiers: one type would hear fighting and run towards it to help their friends. The other type ran away from it to safety.
My R&D colleague told me that ever since, he evaluated job candidates based on which way he thought they would run when the next crisis arrived.
You can’t chase certainty; what you can chase are good people. Working with those you enjoy and from whom you will have the opportunity to learn is priceless. While circumstances are largely out of your control, you can manage your own development.
#2. Lean Into the Suck
There’s nowhere to hide — not now, not anytime soon. Your first instinct may be to keep your head down and try to stay out of the fray.
But this could be an opening to test yourself by finding and stepping into challenging situations, whether that means helping a company merge, pivot, make hard decisions, or shut down. Even if it fails, you will have worked under stressful conditions and learned to dig deep. You will have something to be proud of, regardless of what happens.
When I interview candidates, I’m always most interested in the stories of difficult situations: where they failed, what didn’t go well, what challenging decisions they had to make.
There is nothing linear about biotech. Our business is built on resilience and problem-solving is the name of the game. Nothing reveals that more clearly than how someone responds when things get hard.
This is an opportunity here. Don’t miss it. And don’t forget to help your friends.
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