Running a long-standing, successful business requires a certain type of person. They need to be determined, resilient and not easily deterred. If you don’t see yourself as this type of character, owning a business might not be for you. But that isn’t to say that you cannot develop the mindset needed to helm a profitable business in the future.
In this piece, we’ve outlined the importance of a psychological approach you’ll find successful people have in common. A way of thinking that business leaders everywhere have namedropped as being integral to their success: a growth mindset.
What is a Growth Mindset?
Having a growth mindset means you believe that your skills can be cultivated and developed over time. It was coined by psychologist Carol Dweck and it has become extremely popular in recent years. Adopting a growth mindset gives you the resilience and self-confidence to overcome any failures and continue to aspire towards greatness.
Setbacks aren’t defining for those with a growth mindset– they are merely an opportunity to learn. Those with a growth mindset seek out new challenges and are eager to get feedback so they can continue to grow.
What is a Fixed Mindset?
A fixed mindset is invariably described as in opposition to a growth mindset. While a growth mindset allows you to rebound from any obstacles you encounter, a fixed mindset will cause you to meekly accept any of your failures with a whimper. Your skills and abilities are pre-determined at birth and there is nothing you can do to change what you are able to accomplish.
How can a Growth Mindset help you in Business?
While they didn’t know it at the time, you can see how the tenets of a growth mindset (it didn’t become popular until recently) might have catapulted these famed business leaders towards the heights of the business world.
Walt Disney set up his first film, Laugh-O-Gram in 1922. A year later, he was saddled with a mountain of debt and was forced to declare bankruptcy. He wasn’t deterred however. He opened the Disney Brothers studio and became wildly successful.
Similarly, tech titan Bill Gates was able to bounce back from an early failure. He struggled to turn a profit with his first company Traf-O-Data but he used as a learning experience and implemented some of the lessons he had learned into his next project: Microsoft.
Applying this kind of attitude towards your new business will give you an excellent foundation for success. You can register your business using an easy to use, intuitive app like Machfast.
What is a False Growth Mindset?
The psychologist who coined the term growth mindset, Carol Dweck, has lamented the rise of a false growth mindset in an interview with the Atlantic. She believes some people have misunderstood what a growth mindset involves and are incorrectly applying its principles. Some educators don’t have a strong grasp of what a growth mindset is and their misinformed views have been passed on to students.
What you should remember about a growth mindset is that it isn’t just renewed efforts in the face of adversity. It demands that you try different strategies, ask for constructive feedback and do the work necessary to shore up your area of weakness.