We are in an unprecedented time in world history. On March 11, 2020 the World Health Organization (WHO) announced that the new Severe Acute Respiratory Virus (SARS-CoV2) induced illness called "the coronavirus disease 2019" (COVID-19) was a pandemic. This virus has brought the world to its knees. Daily, businesses are on pause or closing their doors permanently. People are finding themselves without a paycheck, and fear and uncertainty has gripped the United States and the global community. Nonetheless, I am certain of one thing:
WE WILL SURVIVE. THE COUNTRY WILL SURVIVE! AND WE WILL BE STRONGER THAN BEFORE.
These are though times, there is no sugar coating it. But we as Americans have seen rough times before. We survived the 2008 market crash, we survived 911, and we survived the 1929 stock market crash which caused the Great Depression.
Panic set in acrossWall Streetin October 1929. Banks across the nation failed – and life savings evaporated with them – ushering in an era of cost-cutting that gripped the nation until the U.S. entered World War II. It was devastating. An estimated 15 million Americans were unemployed at its height. Many were rightfully lost in despair, depression, and anxiety. BUT...some refused to give up. Some individuals saw opportunity in the middle of difficulty. The result, these brave souls not only ended up providing for their family, but changing American history as well...and they became millionaires! What was their secret?
During the Great Depression, many survivalist entrepreneurs in urban areas opened small grocery stores in their own homes or in abandoned storefronts. These entrepreneurs bought stocks of nonperishable food because, if they could not sell their goods, at least they and their family members could live off of the unsold inventory and avoid hunger or starvation.
Jenkins opened up a neighborhood store with the help of some friends who complied money to purchase "shares" in the company. While most people were lost in desperation, he rolled the dice on a gamble. He startedPublix Super Marketsin 1930, and it paid off. With $29 billion in sales, it now counts more than 1,000 stores across the southeast, bolstering his family’s $5.2 billion fortune.
John Willard Marriott:
The Hotel mega-chain Marriott was founded byJohn Willard Marriottin 1927 when he and his wife,Alice Sheets Marriott, opened aroot beerstand inWashington, D.C. Marriott lay down $6,000 for a nine-stool A&W root beer stand just two years before the stock market crash. He stuck with the franchise,and the company stayed in the food industry until it shifted to hotels in 1957. The hotel conglomerate,Marriott International, now known for high-end brands like Ritz-Carlton and Renaissance, has helped the family amass an estimated net worth $5.7 billion.
There are MANY more stories of people (e.g., Charles Darrow, Glenn Miller, J. Paul Getty, John Templeton) who literally struck business gold during the worse economic time in American History.
WHY? HOW?
What was the secret ingredient that these individuals possessed?
The answer is the RIGHT MINDSET. It was GRIT. It was internal fortitude. Psychologist Angela Duckworth defines this mindset of GRIT as "acombination of passion and perseverance for a singularly importantgoal". It is the hallmark of high achievers in every domain. It is the ability to persist in something you feel passionate about and persevere when you face obstacles. This kind of passion is not about intense emotions or infatuation. It’s about having direction and commitment. When you have this kind of passion, you can stay committed to a task that may be difficult or when the external environment looks bleak.Without grit, talent may be nothing more than unmet potential.
Grit isn’t about getting an incredible dose of inspiration or courage. It’s about building the daily habits that allow you to stick to a schedule and overcome challenges and distractions over and over and over again. Mentally tough people don’t have to be more courageous, more talented, or more intelligent — just more consistent, focused, and committed.
GRIT made millionaires of some people even through the dark days of the depression, and it all started in their mindset.
So, which mindset do you have? Fear and frenzy?...or the mindset to accept the challenge, and change. This global pandemic is real. It is scary. It is not the NORM. Yet, each one of us has a personal choice to make in response to this scenario. So...choose wisely.
