As leaders, we have no control over how fast markets grow or how wisely banks lend. But we do control our own mindsets and “animal spirits” — the phrase coined by John Maynard Keynes in the depth of the Great Depression. If all you’ve got is a spreadsheet filled with red ink and dire forecasts, it’s easy to be paralyzed by fear and resistant to change. But if you can summon some leadership nerve, then hard times can be a great time to separate yourself from the pack and build advantages for years to come.

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