Facing the challenge in global market contexts: lessons from tennis, myth, and entrepreneurship theories
By Lorenzo Bona
Recently, while watching a tennis match and thinking about business competition, international markets, and current uncertainties - like those reflecting situations of fragile global economic growth or tragic war scenarios in many parts of the world - I was struck by the interplay of challenge, victory, defeat, progress - and the ever-present fear of failure.
As we are often reminded, the essence of competition is not just about winning but about transcending limits - pushing beyond what once seemed insurmountable. Even champions seem to be not immune to fear; they often appear as facing the paralyzing dread of failing, of falling short when the stakes are highest. This tension, between courage and fear, seems to lie at the heart of human growth and achievement.
Reflecting on this, it came to my mind the mythological figure Hector in his fateful duel with Achilles. Hector’s story embodies the heroic spirit: his initial fear causes him to flee, but ultimately, he decides to face his seemingly invincible opponent. Achilles, being half human and half god, possesses superhuman strength and skill, making him the embodiment of an overwhelming challenge. Hector’s journey teaches us that courage is not the absence of fear but the decision to act in spite of it. His choice to fight "to the best of his ability" underscores a universal truth: the measure of a champion is not just in victory but in their response to fear and adversity.
These ideas resonate beyond sports and mythology. They appear as mirrored in theories about entrepreneurship and human endeavor.
Consider the economic perspectives of Joseph Schumpeter, Israel Kirzner, and Herbert A. Simon, whose work provides insight into the challenges of innovation, balance, and decision-making.
Schumpeter saw entrepreneurs as innovators, disruptive forces who shake the status quo. In markets characterized by imperfect knowledge, entrepreneurs break through static systems by introducing new combinations of goods, services, and organizational methods. Much like Hector or a champion on the tennis court, they confront uncertainty and risk failure to propel progress. Their role is transformative, reshaping stagnant systems into dynamic ones.
Kirzner, by contrast, emphasized the entrepreneur’s ability to restore equilibrium. In his view, markets are dynamic ecosystems where dispersed information creates opportunities. Entrepreneurs succeed by spotting these gaps - overlooked by others - and acting decisively to exploit them. This balancing act mirrors Hector’s initial flight from Achilles. Like Kirzner’s entrepreneur, Hector recognizes an opportunity: he circles the battlefield, buying time to assess his chances and summon the resolve to act. Both Hector and the Kirznerian entrepreneur transform fear into a new plan of action, using insight and timing to regain their footing.
Simon highlighted the limits of human rationality, describing how entrepreneurs navigate complexity through a series of "satisficing" choices: that is by making decisions that are good enough under the constraints of limited knowledge. Hector’s ultimate decision to confront Achilles echoes this principle. Knowing well the odds against him, Hector does not aim for a perfect solution but resolves to fight within the limits of his ability. Similarly, entrepreneurs operating within constrained environments develop routines and strategies to tackle challenges systematically, transforming overwhelming situations into manageable ones.
Together, the ideas of Schumpeter, Kirzner, and Simon seem to suggest that progress often hinges not on eliminating fear but on acting intelligently within its constraints. Hector, like the entrepreneurs portrayed by these economists, demonstrates that when perfection is unattainable, courage and preparation can still yield meaningful progress - whether in tangible outcomes, such as the creation of new products, or in more intangible ways, like Hector’s transformation into a hero through the sacrifice of his life.
This shared dynamic - whether in myth, sports, or business - underscores a fundamental truth: the way individuals confront fear and uncertainty shapes not only their success but their growth. Whether on a tennis court or in market contexts true progress often demands facing fear and transcending limits. Champions, entrepreneurs, and heroes alike must frequently wrestle with the unknown, drawing strength not just from their skills but from their willingness to embrace the struggle. In the end - as we often hear - it is not just the victories that define us, but the battles we choose to fight.
In today’s world, with increasing global uncertainties and the fast pace of change, it is crucial for every business - perhaps even more so for small and medium-sized ones - to take courage, embrace the unknown, and become less fearful or hesitant in adopting international growth strategies.
Global expansion and entering international markets are no longer just pathways to success - they are vital strategies for businesses to stay competitive and resilient in a global environment marked by uncertainties and challenges that often seem to fuel a sense of fear.
Like the heroes of myth and the entrepreneurs of economic theory, businesses and firms must be willing to face their own "Achilles", not with blind confidence, but with calculated courage, determination, and the willingness to adapt and innovate