The growth mindset has now become quite a buzzword in business, self development and financial success. It’s time to look at what it really means and what can be done to cultivate and nurture a growth mindset.
A growth mindset is relative to a ‘fixed mindset’ – this is described as a belief that talent and intelligence are fixed assets, that there are traits we are born with and cannot be changed. Conversely a ‘growth mindset’ is the belief that any skill can be learned and developed into a talent with purposeful practise and hardwork.
This fundamental difference in attitude is a key to entrepreneurial success and skill mastery. To know that if one has the determination to make purposeful effort towards learning one skill and to pick oneself up from failure and create learning and progress is essential to succeeding in business.
Here is how you can use a growth mindset to help your business thrive:
Recognise your failures, learn the lessons
- Mistakes, errors and failures are the keys to future success. Taking time to evaluate without dwelling, to move forward with actionable steps for improvement and success.
- Repeating the same actions and expecting different results is the definition of insanity!
Build a team of learners
- Surrounding yourself with people with a growth mindset will give you a collective mastermind, each bringing different tools to solve a problem or overcome a barrier.
- New businesses are often driven by one or a few people, having different perspectives and individuals driven to grow is more likely to give you return of investment that is priceless.
Keep channels of communication open
- Being able to give and receive feedback perpetuates the growth cycles. Whether the leader of the corporation or the new recruit taking feedback in the spirit it’s intended – to improve the individual, the group or the business as a whole.
- Having a culture of feedback excels growth of the whole system, entrepreneurship is about continually making gains and being adaptable to each new territory.
Set challenging goals
Having aspirational goals should mean going somewhere that hasn’t been explored before, pushing boundaries, stepping into the unknown – all of these types of cliches explain the growth mindset – to achieve something new, you have to go somewhere new, psychologically or actually.