Definition of resilience
Resilience is a characterisation of the way successful managers deal with the inevitable but unforeseen interactions, difficulties and opportunities that arise during the implementation and operation of a business activity.
The resilient manager is attentive to marketplace signals that may indicate developments requiring a possible change in plans and intentions. Sometimes these signals and the necessary action are strong and clear. More often, they are weak signals that require careful consideration and analysis before any action is taken. The resilient manager encourages others to share knowledge and interpretation of such signals to provide an early and clear basis for determining appropriate action, if any.
The resilient manager is skilled in the assessment of the need for change and is able to improvise a solution that avoids pitfalls and/or takes advantage of emerging new opportunities. This improvisation may require rethinking prior understandings, the use of incomplete information and a willingness to trust in the difficult-to-substantiate views of others.
Resilience is the ability to adjust in response to the competitive forces that are constantly trying to erode your competitive advantage. The manager who accepts the inevitability of change and the need for continuous reevaluation of activities and actions is more likely to successfully practice this important dimension of business acumen.