Building a tight and strong team is a common goal for many organizations. While various team-building activities and strategies exist, Binance CEO Changpeng Zhao (CZ) shares a counter-intuitive “secret” to fostering a strong team: external pressure. This approach draws inspiration from experiences in military combat and highlights the importance of reliance, alliance, resilience, and trust among team members. CZ believes that Binance’s ability to thrive under pressure has contributed to its tight-knit team and the unwavering support of its community. This article explores the concept of external pressure as a catalyst for team cohesion, using CZ’s insights as a guiding example.
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A little secret for building tight teams.
I often get asked about what’s the best way to build tight/strong teams. So, here is a little counter-intuitive “secret” on how to do that.
It’s not fancy team building dinners, outings, etc.
It’s not the coaching exercises, mentors or…— CZ 🔶 Binance (@cz_binance) July 10, 2023
The Power of External Pressure: Contrary to conventional team-building methods, CZ argues that lasting team cohesion is not derived from fancy dinners, coaching exercises, or motivational speeches alone. While these approaches may have temporary effects, they often fade over time. Instead, CZ proposes that external pressure can be a significant factor in building strong teams.
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Insights from Binance CZ on building a strong team
- The Impact of Adversity: Drawing parallels from real-life combat situations, CZ highlights the camaraderie that develops among soldiers facing adversity together. The presence of a common threat or external pressure creates a sense of purpose, reliance, and trust among team members. In a corporate setting, this external pressure can be simulated by the existence of intense competition, industry challenges, or even public scrutiny.
- They are fostering Reliance and Alliance: External pressure forces team members to rely on each other’s expertise, support, and collaboration to overcome challenges. It encourages individuals to put aside differences and work towards a shared goal. This reliance and alliance-building create a solid foundation of trust within the team.
- Cultivating Resilience: Enduring external pressure fosters resilience among team members. The ability to navigate and adapt to challenging situations together enhances the team’s capacity to handle future obstacles. Through perseverance and shared experiences, team members develop a resilient mindset that enables them to face any challenge head-on.
Binance’s Experience: CZ cites Binance, a leading cryptocurrency exchange, as an example of a team that thrives under external pressure. He attributes the company’s tight-knit team to the continuous presence of external pressures such as FUD (fear, uncertainty, and doubt) within the crypto industry. These pressures have propelled the Binance team to unite, collaborate, and support each other in their mission to increase financial freedom worldwide.
Impact on Binance’s Community: The strong internal cohesion within Binance has also had a positive impact on its external relationships. CZ emphasizes the importance of collaboration and cooperation with the broader community, which fosters trust and support from external stakeholders. Binance’s ability to navigate challenges together has instilled confidence in its community, further solidifying its position as a trusted leader in the cryptocurrency space.
Conclusively, while traditional team-building activities have their merits, CZ’s insights shed light on the power of external pressure in building strong teams. By facing and overcoming challenges together, teams cultivate reliance, alliance, resilience, and trust. Binance’s experience serves as a testament to the effectiveness of this approach, highlighting the impact of external pressures on both internal team dynamics and external stakeholder relationships. By understanding and embracing the potential of external pressure, organizations can foster cohesive teams capable of tackling any obstacle in pursuit of their mission.