Your mindset is everything! Adopting a growth mindset will help you stay in the right headspace so you can achieve your dreams.
If you’re not sure if you have this type of mindset, then keep reading. You’ll learn what a growth mindset is, what it isn’t, and some strategies you can use to develop it to unlock your business potential.
[Theresa] Owning a business has its rewards, for sure. But it also comes with its fair share of challenges and setbacks. These can make or break your business.
[Meghan] It’s no secret that starting and running a business requires a significant amount of resilience, hard work, and perseverance.
But, what sets successful entrepreneurs apart from those who fail? One key factor is having a growth mindset.
What is a Growth Mindset?
[Theresa] A growth mindset is the belief that intelligence, abilities, and skills can be developed through hard work, dedication, and learning.
Those with a growth mindset are more likely to embrace challenges, persevere through setbacks, and learn from their mistakes.
[Meghan] They also see failures as opportunities for growth and improvement, rather than as evidence of their limitations. And, when you have a growth mindset, you actively work on removing limiting beliefs that may get in your way of success.
As a result, you are more likely to take risks and pursue ambitious goals.
What is a Fixed Mindset?
[Theresa] On the other hand, a fixed mindset is characterized by the belief that abilities and intelligence are fixed traits that cannot be changed.
In other words, someone who holds a fixed mindset believes that abilities and intelligence are predetermined and cannot be developed through effort or learning.
[Meghan] When you have a fixed mindset, you may shy away from challenges and feedback. You may fear that any failure or setback will be evidence of your limitations.
Growth Mindset Versus Fixed Mindset
Whichever mindset you hold, there are consequences.
[Theresa] That’s right. Not surprisingly, a fixed mindset has negative consequences like
- Fear of failure
- Limited growth
- Negative self-talk
- Resistance to feedback
- Lack of resilience
A fixed mindset will not help you achieve your goals. Instead, it will perpetuate a cycle of disappointment that will likely discourage you from reaching your full potential.
[Meghan] Alternatively, a growth mindset has several positive consequences that will benefit your personal and professional development.
Some of those benefits are:
- Increased resilience
- More openness to learning
- Better problem-solving skills
- Increased motivation
- Higher self-esteem
These benefits can help you achieve your goals, overcome challenges, and be more successful in business.
And, I personally believe – as an observer and from experience – that your mindset will make or break you. So, whether you have a fixed or a growth mindset is really important to your success!
A Growth Mindset in Action
[Theresa] I agree with that sentiment, Meghan.
One example of an entrepreneur who embraced a growth mindset and achieved great success is Sara Blakely, the founder of Spanx.
Originally, Sara wanted to be a lawyer, but she failed the LSAT twice and ended up with a job where she was required to wear pantyhose every day. She found the traditional pantyhose uncomfortable and unflattering, so she started cutting off the feet of her hose to create a more comfortable and streamlined silhouette.
Realizing the potential of her idea, she began researching hosiery manufacturing, and despite having no prior experience in fashion or business, she launched Spanx in 2000.
Initially, Blakely faced numerous obstacles and setbacks. She struggled to convince manufacturers to work with her. Investors were skeptical and dismissive, fearing the idea was too niche.
[Meghan] However, she remained focused on her vision and kept pushing forward. She embraced failures as learning opportunities and constantly iterated and refined her product.
Her persistence and growth mindset paid off, and Spanx quickly became a sensation.
Today, the company is valued at over $1 billion! Blakely is one of the most successful self-made women entrepreneurs in the world.
[Theresa] I find this story so inspiring.
It perfectly demonstrates that anything is possible when you adopt and cultivate a growth mindset.
[Meghan] Yes! Sara Blakely had many opportunities to just give up. If she’d had a fixed mindset, she’d not even have attempted to start her company. I mean, she knew nothing about clothing manufacturing, but she believed she could learn.
5 Ways to Develop a Growth Mindset
[Theresa] Exactly! Developing a growth mindset is super important, especially if you own a business.
[Meghan] With this in mind, we’ve got you!
Whether you feel like you’ve adopted a fixed mindset or you’d just like to further develop your growth mindset, we have a few ideas on the matter.
Theresa is going to get us started with the first of five strategies.
1) Embrace Challenges
[Theresa] The first way to cultivate a growth mindset is to embrace challenges. Don’t shy away from problems or difficult tasks. Instead, view them as opportunities to learn and grow.
Get excited about what the challenge will teach you. It will likely be a new skill that you can keep in your arsenal to use many times again in the future.
2) Learn From Failure
[Meghan] The second way to cultivate a growth mindset is to learn from failure. When you encounter setbacks or something completely blows up, take the time to reflect on what went wrong and what you can learn from the experience.
The next time you fail, try saying out loud, “I’m so glad I failed at that! I wonder what lesson I’ll learn!”
Then seek out the answer. Failure is a great teacher!
3) Cultivate a Love of Learning
[Theresa] The third strategy to help you develop a growth mindset is to cultivate a love of learning. Make a habit of seeking out new information and skills.
Adopt an “I can learn” attitude over an “I don’t know how” one.
Ask yourself, “What do I need to know to get to the next level?”
Approach your business with wild curiosity. Don’t let a lack of knowledge or know-how keep you from growing. And, never stop learning!
4) Surround Yourself with Positive Influences
[Meghan] The fourth way to develop a growth mindset is to surround yourself with positive influences. Like attracts like. Who do you know who already embodies a growth mindset? Hang out with THOSE people.
If you don’t have them around you, then seek them out. Find mentors, colleagues, and other entrepreneurs who embody a growth mindset. Look for those who encourage and support you.
Be super vigilant about not allowing the yuck to seep into your brain space. That stuff will wreck you! So, keep positive people around you. No negative Nellies allowed!
5) Stay Motivated
[Theresa] The fifth and final strategy we’re sharing is to stay motivated. While this can sometimes be hard to do, having those positive influences around you will help.
To stay further motivated, set ambitious goals and focus on the progress you are making. Celebrate the progress rather than the setbacks you encounter along the way.
Creating good work habits will also help.
Your Mindset is Your Choice
[Meghan] At the end of the day, it comes down to this: Your mindset is your choice.
As Henry Ford famously said, “Whether you think you can or think you can’t, you’re right.”
Remember that your abilities are not fixed. With hard work, dedication, and a willingness to learn, you can achieve great things in your business and beyond.
[Theresa] Well said, Meghan. And, of course, we wouldn’t be us if we didn’t remind you to start small. Change doesn’t happen overnight. It takes time, practice, and patience.
So, choose one strategy to help you boost your growth mindset. Start there. Put it into practice. Before you know it, you’ll be making better, faster progress.
That’s all we’ve got for you today. Which growth mindset strategy will you implement today? Let us know in the comments.
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