DOES ANYONE EVER ASK THEMSELVES if their organization has enough adversity? I seriously doubt it. In fact, most leaders are on a constant mission to reduce and remove adversity.
Here’s a quick exercise analogy to prove my point that adversity is a fundamental ingredient to long-term success for any organization: When someone who is looking to lift weights to build muscle and improve strength goes to the gym, are they asking themselves, “Can I get stronger and feel great about my workout by lifting lighter weights and doing it fewer times?” Obviously, that is ludicrous and contradicts sound reason. So, why do we think our professional experiences and our business trajectories should be any different?
Let me give an example that forever changed the future success of Onset Financial—when adversity that emerged from the Great Recession felt like gale force winds blowing right into our faces. In 2009 we were having a very difficult time getting banks to take on any new origination sources. This was critical to help us fund our transactions (we founded Onset Financial in 2008). This adversity seemed insurmountable until we formulated a solution: We went to private equity groups and asked if they would fund our equipment finance transactions. Fortunately, this strategy worked, and we were able to successfully navigate through the recession funding transactions with private equity capital. And over time, as macro-economic conditions improved, the banks started funding our deals.
Fast forward to 2020, and one of our significant competitive advantages is our ability to finance almost any transaction. In large part, this is due to the unique funding capabilities that we were only able to capture because we were in dire need of a solution to a problem that threatened the very survival of our business. Looking back, we are so grateful for that problem because of the “company muscles” we were able to build.
Albert Einstein said, “Adversity introduces a man to himself.” I would also propose that adversity introduces a business to itself. If two companies are competing in the same space and one company seems to have a very easy road to success while the opposing company has extraordinary challenges accomplishing similar success, which company is stronger for the experience and had a more enjoyable path?
The answer to that question is similar to the reward of actually running a marathon and feeling the satisfaction of running through the finish line versus hitting the stop button on the treadmill and reviewing the digital overview of your workout stats. I can look back at the myriad of challenges our company has faced over the years and, without fail, we became stronger and more experienced as a result of every trial we overcame.
The greatest companies in the world are full of stories of adversity that precipitated their success and their rise to dominance. In my experience as a leader of an independent equipment finance company, I have come to know and trust that adversity is a direct harbinger of massive success. So, take a minute and ask yourself: Does your business have enough adversity?
Here’s a quick exercise analogy to prove my point that adversity is a fundamental ingredient to long-term success for any organization: When someone who is looking to lift weights to build muscle and improve strength goes to the gym, are they asking themselves, “Can I get stronger and feel great about my workout by lifting lighter weights and doing it fewer times?” Obviously, that is ludicrous and contradicts sound reason. So, why do we think our professional experiences and our business trajectories should be any different? Let me give an example that forever changed the future success of Onset Financial—when adversity that emerged from the Great Recession felt like gale force winds blowing right into our faces. In 2009 we were having a very difficult time getting banks to take on any new origination sources. This was critical to help us fund our transactions (we founded Onset Financial in 2008). This adversity seemed insurmountable until we formulated a solution: We went to private equity groups and asked if they would fund our equipment finance transactions. Fortunately, this strategy worked, and we were able to successfully navigate through the recession funding transactions with private equity capital. And over time, as macro-economic conditions improved, the banks started funding our deals.
Fast forward to 2020, and one of our significant competitive advantages is our ability to finance almost any transaction. In large part, this is due to the unique funding capabilities that we were only able to capture because we were in dire need of a solution to a problem that threatened the very survival of our business. Looking back, we are so grateful for that problem because of the “company muscles” we were able to build.
Albert Einstein said, “Adversity introduces a man to himself.” I would also propose that adversity introduces a business to itself. If two companies are competing in the same space and one company seems to have a very easy road to success while the opposing company has extraordinary challenges accomplishing similar success, which company is stronger for the experience and had a more enjoyable path?
The answer to that question is similar to the reward of actually running a marathon and feeling the satisfaction of running through the finish line versus hitting the stop button on the treadmill and reviewing the digital overview of your workout stats. I can look back at the myriad of challenges our company has faced over the years and, without fail, we became stronger and more experienced as a result of every trial we overcame.
The greatest companies in the world are full of stories of adversity that precipitated their success and their rise to dominance. In my experience as a leader of an independent equipment finance company, I have come to know and trust that adversity is a direct harbinger of massive success. So, take a minute and ask yourself: Does your business have enough adversity?
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EL&F magazine article
Executive Perspective
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2020