When the markets started sliding recently, I was reminded of the dot-com bust in the late 90s, when I was working on Wall Street at an investment management firm.

I still remember sitting in a conference room as markets were collapsing. Clients were calling in panic, screens were flashing red and the entire office was in turmoil.

Like many of my colleagues, my response was to work longer hours trying to navigate the upheaval. I skipped workouts, lost sleep and relied on fast food and caffeine. Over time, the consequences showed up in both my physical and mental health, resulting in exhaustion, reduced focus and stress that actually made it harder to think clearly when clear thinking mattered most.

After living through several market cycles and other catastrophes, I finally came to understand that resilience, both mental and emotional, is essential if we want to lead well during disruption. Protecting our health isn’t a luxury; it’s what allows us to stay steady, make thoughtful decisions and support the people around us when pressure is highest.

Resilience is often misunderstood as simply being tough or pushing through adversity. In reality, it is deeply connected to mental and emotional well-being. According to a Mayo Clinic article, “Resilience: Build skills to endure hardship,” resilience is “being able to adapt to life’s misfortunes and setbacks” and using inner strength to rebound from challenges such as job loss, illness or crisis. Importantly, resilience does not mean ignoring pain or stress; rather, resilient people still experience anger, grief and anxiety but are able to keep moving forward both psychologically and physically. The Mayo Clinic also emphasizes that resilience helps protect people from mental health conditions such as depression and anxiety, showing that caring for emotional health is not just beneficial, but essential. 

One of the most powerful insights about resilience is that adversity itself often builds it. In a Harvard Businss Review article “What Really Makes Us Resilient,” Marcus Buckingham explains that “resilience is a reactive state of mind created by exposure to suffering.” His research found that people who experienced greater personal exposure to difficult circumstances were significantly more likely to develop resilience. In other words, resilience is not something we are born with; it is something forged through experience. Buckingham also argues that leaders should not hide difficult realities from their teams. When leaders “downplay tough or dark realities,” it can actually create more fear and anxiety. Instead, being honest about challenges allows people to face reality and discover their own strength.

Another key aspect of resilience is emotional connection with others. Leadership stress can easily isolate people, but strong relationships help sustain mental health. 

In another Harvard Business Review article, “The Secret to Building Resilience,” authors Rob Cross, Karen Dillon and Danna Greenberg explain that resilience is not simply an individual trait but is “heavily enabled by strong relationships and networks.” Their research with successful leaders shows that supportive relationships help people process emotions, maintain perspective and find solutions to complex problems. 

Maintaining resilience also requires deliberate care for one’s mental and emotional health. In addition to maintaining supportive relationships, the Mayo Clinic recommends practices such as reflecting on past challenges and taking care of physical and emotional needs through sleep, exercise and stress management techniques. These habits strengthen the emotional foundation that leaders rely on when pressure increases.

Looking back on those days during the dot-com crash, I came to understand that resilience does not appear in the middle of a crisis. It is built over time through experience, relationships and intentionally taking care of our own mental and emotional health.

Markets will always fluctuate and uncertainty will always test leaders. Resilience cannot be treated as simple survival in the moment. Leaders have to define it differently and cultivate it as a sustainable practice so they can think clearly, stay steady and guide others when it matters most.

I asked leaders to share challenging leadership moments that tested their mental or emotional health and what specific habits or support helped them stay resilient.

Michelle Book, CEO, Altus CXO 

In 2021 I was in a leadership role where I decided on a course of action that aligned with the mission of my organization but resulted in a public dispute. Headlines played out in local news and across social media, creating a situation that was both professionally challenging and personally difficult.

With the benefit of a full career, I knew how to do hard things; mental, spiritual and physical reserves accumulate as we conquer obstacles and setbacks. However, I was worn down from the demands of serving during COVID and my husband’s battle with cancer. I was running on empty.

During that period, I leaned into analyzing the experience and what could be learned, seeking insight, refining strategies and strengthening my approach. I relied on peers for candid perspective, sought solace in nature, recommitted to my health and, most importantly, worked with a mental health professional. I came through that season and experience with a deeper well to draw from and a steadier sense of how I want to lead, especially when the path is difficult.

Patrick Dix, vice president, client & association engagement, Shazam

Eleven years ago I changed jobs. It was a jarring experience because I also completely changed industries. I went from “knowing” how to do my job to a job where I was literally starting from zero. My new co-workers were not always kind or patient while I caught up. It was embarrassing and humbling. 

A light bulb went off when I decided that my lack of knowledge was a superpower. I gave myself permission to ask “obvious” questions. I learned that if I set aside my own fear of embarrassment or ego, sometimes I was asking the question everyone was thinking! Those moments often led to a shared sense of understanding and new ways of solving problems together. 

Leadership cannot just be about a store of legacy knowledge anymore. Leaders can invite collaboration with humility and find better answers with their curiosity. 

My job switch did not teach me any new skill. My own perspective shift revealed resilience. For me resilience is a choice. A choice to reject fear or embarrassment of not being “good enough” or having the “right” answer and embracing my contribution to a shared solution.   

Jason R. Edwards, COL, USA (Ret); founder and CEO, Compound Coaching and Consulting

I was with my unit in Fort Irwin, Calif., prior to deploying to Afghanistan in 2010. Adding to the natural detractors of the Mojave Desert, we were challenged with strenuous time constraints, enemy fire and sleep deprivation. The exercise tested everything about who I thought I was.

Resilience comes when your team has a shared, non-negotiable code. For us, it was the Warrior Ethos. I will always place the mission first. I will never accept defeat. I will never quit. I will never leave a fallen comrade. Resilience came in knowing that the other 3,500 members of the team shared the same ethos and that we all had the same goal – to complete our mission and come home to our families. 

Even outside the military, you can push yourself farther than you ever thought when your team shares the same non-negotiables. Resilience equals mindset and ethos.

Kris Pete-Swanson, chief financial officer, Community Foundation of Greater Des Moines

Last year, I stepped into the CFO role at the Community Foundation of Greater Des Moines after 17 years with the organization, following a colleague who had invested 25 years and with whom I had worked closely and respected. Stepping into a role she had shaped, I felt the pressure to succeed while honoring the foundation she had built. 

What helped me stay resilient were a few simple habits: seeking perspective from mentors, maintaining a clear plan for priorities and giving myself time to pause, reflect and reset. I also leaned on our team; their deep knowledge of the organization was invaluable. Being open about uncertainty, trusting myself, staying grounded in our mission and remembering that growth often comes from stretching yourself has helped me navigate this transition with perspective and a growing sense of confidence.

Robert Warren, CEO, Hoyt Sherman Place

In 2018 we launched a $5 million capital campaign at Hoyt Sherman Place to expand backstage, the lobby and restrooms. Nearly a year of design and more than 1,000 hours went into getting it right. At the same time, we were still producing major shows, bringing trucks and tour buses through the back door while construction moved forward. It was exhausting, but the momentum and revenue made the project possible. To keep myself going, I focused on a reward, a trip to Ireland in spring 2020.

We finished ahead of schedule and on budget, receiving our certificate of occupancy on March 10, 2020. Days later, COVID-19 shut everything down. My trip unraveled into a scramble just to get home. After a few days where it was hard to even think, I realized I had no control over the situation, only over how I responded.

I shifted into a more disciplined mindset, something I carried from my time in the military. I made lists, assessed our assets and focused on what we could control. The biggest priority was keeping our team intact. Instead of shutting down, we moved up a long planned mansion renovation and put people to work.

That decision changed everything. It gave the team purpose, lifted morale and created momentum when everything else had stopped. The community responded, support grew and we stayed active in a completely stalled industry.

When we reopened, we still had our team and a restored space to show for it. That period taught me resilience is built by focusing forward, even when the world stops.