Rohit is the CIO for Harvard Business School Alumni Association NC and serves on the Advisory Board. In addition to his CIO responsibilities, Rohit is an investor/ advisor at the Harvard Business School Angels, an advisor at the Harvard New Venture Contest and a Mentor at the Innovation Lab at Harvard University. He serves on the Harvard Business Review Advisory Board and is frequently quoted in Forbes. He is an alum of Harvard Business School. He is also the Vice President of Technology, Applications and Analytics at iRhythm (Nasdaq: IRTC), a digital healthcare company.

Rohit has previously held leadership positions at IBM, Stanford University and Upwork (Nasdaq: UPWK), where he enabled a very successful IPO. He also co-founded Dhobighat.com, a precursor to today’s social media companies.

Through this article, Rohit Jain discusses the transformative shifts in power dynamics and the importance of embracing challenges as opportunities for growth. Jain emphasizes the value of "coopetition"— collaborating with competitors for mutual benefit—and the need to refocus on core competencies amidst global changes. Drawing parallels between personal experiences and business challenges, he advocates for a systematic approach to overcoming obstacles, including evaluating options and executing plans precisely. Jain underscores the significance of leadership, empathy and recognizing team efforts in navigating complex projects and achieving success.

In every historical epoch, we witness transformative shifts that redefine power structures, economic landscapes and technological advancements. The era we currently inhabit is no exception. The emergence of a global, borderless community marks a fundamental change in how societies, economies and industries operate.

To comprehend this profound shift in power dynamics, it is essential to delve into the underlying forces driving it. A critical factor is the relentless ambition of thosehistorically marginalized—the "have-nots"—to succeed. This drive for success transcends national borders, cultural differences, industry distinctions and economic disparities, making it a universal phenomenon.

In the face of such a paradigm shift, one must assess whether these changes are advantageous or detrimental. I believe challenges are inherently valuable because they compel us to refocus on our core competencies. We are driven to seek innovation and improvement whenwe encounter situations that strip away our sense of control. Although the transition may be challenging and immediate results may not be readily apparent, we must persevere, concentrating on our strengths. Our ultimate objective should be to position ourselves as the global hub for information technology.

Achieving this ambitious goal requires implementing various strategies. However, I contend that the primary strategy should be centered around the concept of cooperation—collaborating with competitors to achieve mutual benefits. Let us pause to reflect on the significance of this notion.

Recently, I conducted an engaging presentation with my team members, reviewing our year-to-date results in the context of the goals we had established at the beginning of the year. I was pleased to report that we nearly achieved all our targets. I presented them with an even more significant challenge, which they eagerly accepted (I will delve into the topic of motivation in a future article).

After the meeting, I contemplated the concept of "results." We consistently strive to achieve positive and avoid adverse outcomes, so why do we refer to them as "results" rather than "goals"? While this may seem like a semantic distinction, it is worth considering: We seek a solution when we encounter a problem. When we face an issue, we strive for resolution. When we identify a risk, we pursue mitigation. However, when we set a goal, we aim for a result.

Challenges are valuable because they push us to innovate and focus on our strengths. In a world of shifting power dynamics and global change, embracing 'coopetition' and maintaining composure in the face of obstacles are crucial for achieving success and leading with empathy

Allow me to share a personal experience that parallels the business world. I have been training for a marathon for over a year. Along the way, I encountered numerous setbacks—injuries, a job change, timing conflicts, etc. Despite these challenges, I steadily increased my training regimen. However, just as I was nearing the final stretch, I was struck by a severe bout of allergies, casting doubt on my ability to recover for the race.

Imagine planning a significant transformation project involving teams across multiple continents. You meticulously plan and verify every detail before entering the final phase, only to be blindsided by an unforeseen obstacle—much like my allergies. These unexpected challenges can derail your progress. What should you do when faced with less than 96 hours before your critical deadline?

Is there a definitive solution? Is there a magical remedy that will make all your problems disappear? Not. Anyone who promises a quick fix leads you into the realm of fantasy.

In moments like these, where unexpected challenges arise at the eleventh hour, the following steps are essential: evaluate, review, evaluate again and execute. It is not uncommon for executives to become anxious and resort to frequent status meetings throughout the day to assess the situation. While this approach may be necessary in times of crisis, it is crucial to trust your instincts in the business world.

First, evaluate the available options, including possibly aborting the project if necessary. There is no shame in considering this. Once you have thoroughly reviewed the impacts of each option, re-evaluate your final decision and proceed with execution. The importance of flawless execution cannot be overstated; there is no room for error. Throughout this process, maintaining control and composure is vital. Stay calm, remain in charge and execute with precision.

The next time you encounter an unexpected obstacle, ask yourself: Will you panic, confront the problem headon, or accept it? Regardless of your approach, always acknowledge your team's efforts and express how proud you are to lead them—this is not an option but an imperative.