Growth mindset. Many business owners either forget or overlook it. But a growth mindset plays a critical role in your success or failure.
The business world is full of ups and downs. It is full of challenges, uncertainties, risks, and tons of stress that can quickly turn a perfect day into the worst.
Such events often prevent small business owners from reaching their maximum potential. They can change a positive mindset into a negative one.
It’s perfectly normal, but 100% avoidable!
How? By having a growth mindset.
But what exactly is a growth mindset?
Let’s find out...
Carol Dweck, a psychologist famous for her work on the mindset psychological trait, defined growth mindset as:
In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work - brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment.
The idea is plain and simple;
When you have a #GrowthMindset you can accomplish anything you put your mind to.
Having a growth mindset is believing and working extra hard on:
It’s about going beyond what you can do today as an individual or a business owner.
Remember what Napoleon Hill said:
Whatever the mind can conceive and believe, the mind can achieve.
When you train your mind towards growth, your body and soul work double time to achieve it. That’s what having a growth mindset is all about.
A growth mindset enables you to value what you are doing, regardless of the outcome. It helps you handle problems, chart new opportunities, and work on more critical business issues.
As a small business owner, I believe in the wonders of having a growth mindset. I apply it to my personal life and my team every day.
I am a massive believer in growth. When stuff falls through the cracks, my team and I learn from it. We put in more effort in correcting whatever went wrong. As much as possible, we don't want to dwell on mistakes.
However, I honestly can’t say that all entrepreneurs have a growth mindset. A lot have a fixed one.
So what exactly is a fixed mindset? How is it different from a growth mindset?
While a growth mindset focuses on growth and constant improvement, a fixed mindset is the complete opposite.
Dweck defined a fixed mindset as:
In a fixed mindset, people believe their basic qualities, like their intelligence or talent, are simply fixed traits. They spend their time documenting their intelligence or talent instead of developing them. They also believe that talent alone creates success - without effort.
The rules of the game for people with this kind of mindset is this:
Either you have it, or you don’t!
If you have it, then you will be recognized. If you don’t, then there’s nothing much to talk about. It's always about the outcome. If you fail or if you are not the best, all efforts are wasted.
Growth is off the table if you have a fixed mindset. Your intelligence, skills, or talents are in static mode.
Small business owners who have a fixed mindset care about their reputation, generally at the expense of the business. They believe that they are more superior to others.
Here’s an infographic that shows the difference between a growth mindset and a fixed mindset:
Having a growth mindset will obviously serve you better in the long term.
So what are the different benefits of having a growth mindset for small business owners?
Continue reading to find out more...
Surely, you will benefit tremendously from having a growth mindset. At this point, I can't think of any disadvantage of having this type of mentality.
With that said, here are the benefits of a growth mindset for your business.
Some small business owners give up easily in times of difficulty.
Here are a few reasons why:
Are you guilty of any of these reasons?
A growth mindset can help you persist and stay positive in the face of setbacks. Everything I mentioned above is almost non-existent if you have a growth mindset.
Also, a growth mindset can help you give up on BAD IDEAS and embrace only the good ones.
We fear change or brand new ideas because of the uncertainties they bring.
However, in business, change is inevitable. It happens every minute of every day.
Keeping an open mind to changes requires specific skills but always remember that it’s all in “the mind.”
Having a growth mindset is essential in opening your mind to learning new things in your business.
These growth mindset development tips will help you become more open to new ideas or changes:
Perfectionism is a pass-or-fail type of attitude that shouldn’t be present in business and life in general.
It creates stress, damages creativity, limits productivity, and ultimately cuts profitability.
Perfectionism is not the key to business success. If you own a business, then you need to overcome perfectionism or else you are more likely to fail than succeed.
The solution is simple - have a mindset that thinks about growth.
Here are a few growth mindset tips to overcome perfectionism in business:
Here is another truth about doing business - you have no control over many of the things that happen in it.
People who think they have control over everything in their business, micromanage and refuse to delegate tasks.
Again, having a growth mindset will help you realize that you need to focus on the things you can control.
If you worry too much about things you can’t control, here are six tips that can help:
What I love about having a growth mindset is the fact that it lets business owners learn from their setbacks. If you can learn from your setbacks, they actually become wins instead of losses.
Check out the vital steps below on how to learn from your business mistakes:
If you have a growth mindset, you will always look for ways to grow your business.
A growth mindset will keep your business ideas from flatlining and push you to strive for constant improvement.
Ultimately, a growth mindset will help you build better and stronger business relationships.
There’s no better way to build strong relationships with your employees, stockholders, stakeholders, and business partners with a fixed mindset. People gravitate towards growth minded individuals.
A growth mindset can be used to build trust, confidence, and loyalty in and out of your business.
In conclusion, a growth mindset can help you become a better and stronger entrepreneur, leader, manager, and person.
And that’s it, folks! Those are the reasons why a growth mindset is essential for small businesses.
For more information about this hot business topic, don’t forget to check out the recommended resources below.
From the Classroom: A Strategy for Applying the Growth Mindset Concept to Your Business
The Effort Effect
How You Can Develop a Growth Mindset to Win at Business and Life
So what do you think about having a growth mindset? Are you ready to set your mind towards growth?
Let us know in the comments section. It would also be a great honor if you feel this article is worth SHARING.
Tim Fitzpatrick is the President of Rialto Marketing. At Rialto Marketing, we help take the guesswork out of marketing so your small business can grow. Marketing your business shouldn't be a constant challenge. If you are ready to eliminate the uncertainty and confusion of marketing your business, we can help.