Are you a ‘glass half full’ kind of person? Do you believe you can achieve? If you answered ‘yes’, it’s a good sign that you have a business growth mindset.
We live in an uncertain world. You may think you’re on a certain path and then a curveball comes your way. Your mindset plays a huge part in how you deal with setbacks. Some rise to the challenge and choose to adapt and thrive. Others will surrender to it, believing that they don’t have the requisite skills to overcome it.
Those who believe they can develop their skillsets through hard work and learning from others have a growth mindset, and they’re more likely to succeed in business. The good news is that you can learn to develop this positive outlook. Here’s how.
What is a Growth Mindset in Business?
This concept was the brainchild of the well-regarded professor of psychology at Stanford University, Carol Dweck. In Mindset: The New Psychology of Success, Dweck defined a growth mindset as “the belief that an individual’s most basic abilities and skills can be developed through dedication and hard work—brains and talent are just the starting point.”
Business leaders with a growth mindset are adaptable and believe they can overcome challenges through effort. When that approach becomes part of the company culture, your business is better able to deal with change, evolve and drive forward to profitability. The opposite state is a fixed mindset where you believe factors are set in stone and can’t change.
Here, we’ll share the benefits of a growth mindset and how you can develop one.
What are the 5 Characteristics of a Growth Mindset?
Firstly, it’s worth noting that a growth mindset isn’t a fixed state. In some situations you may adopt it, whilst in others you shy away from risk-taking. Our mindset can change in different circumstances. But you can get better at developing a more open, growth mindset.
The key characteristics of a growth mindset are:
- You believe achievements come from hard work and effort, not just natural talent
- You want to learn from mistakes and take criticism on board
- You believe in lifelong learning and developing new skills
- You’re willing to ask questions and admit when you don’t know something
- You seek out new challenges and take risks.
What are the Benefits of Having a Growth Mindset?
Builds resilience: setbacks become an obstacle to overcome rather than a reason to quit. Life doesn’t always go to plan. With a business growth mindset, you learn from mistakes and embrace challenges. When life goes pear-shaped, you dust yourself down and give it another go.
Lifelong learning: to stay ahead of the curve in the business world, it’s important to evolve and learn new skillsets. A growth mindset pushes you to seek out new opportunities, to develop, grow and adapt to change. Failures and disappointments are seen as learning opportunities.
Positive outlook: you’re sure that your business dreams can become a reality. When you believe that you can succeed with some effort and hard work, risk-taking becomes easier. Failure isn’t scary when you know that you can overcome challenges and evolve.
Improves company culture: your optimism and confidence will filter down to all team members making a more positive and enthusiastic work environment. Giving your team permission to fail, as long as they face challenges and seek out new opportunities, is an empowering position.
Encourages risk taking: stepping outside of your comfort zone and into the unknown can be scary. A growth mindset gives entrepreneurs the courage to give it a go and enjoy the ride. This approach can be really positive in your personal as well as business life.
How Can I Develop a Growth Mindset?
Many of us have that inner voice that keeps us in a fixed mindset. Perhaps you didn’t excel at school and that knocked your confidence and self-belief. With a fixed mindset, you’ll believe that you’re stuck with that characteristic for life. On the flip side, a positive growth mindset will drive you to change that record and develop your full potential through learning and self-discipline.
Here’s how to start developing your growth mindset:
Learn from others: listen to podcasts, read books and articles. Explore different viewpoints and learn from others’ experiences. For example, if you want to startup your own small business, follow other business owners on LinkedIn and absorb information about entrepreneurship.
Start with small steps: make change and challenge a daily habit. That doesn’t mean you need to bungee jump on Monday and learn Spanish on Tuesday. Take a small step towards change daily by making time for positive actions like regular meditation or reading new material.
Challenge yourself: get more comfortable outside of your comfort zone. Is there something that you’ve been tempted to try but have been too scared to attempt? Just do it! Whether it’s stand up comedy or salsa dancing, taking up a new hobby or fulfilling an ambition is a great confidence boost.
Become more self-aware: once you better understand yourself, your motivations and limitations, it becomes easier to shake that up and disrupt your normal state.
If you’re thinking, “That sounds great, sign me up!” – there’s no time like the present to get started. As a small business owner, the path to profitability starts with you. A growth mindset will give you the confidence, ambition and positivity to walk that path.
If you’d like somebody to get you started or keep you on track, Phil Chantry provides support, advice and accountability. Contact Phil for a free consultation session now
