As an entrepreneur, do you posses a growth mindset?
A growth mindset is a psychological concept coined by Dr. Carol Dweck, a renowned psychologist and researcher at Stanford University.
It is the belief that anyone can grow, develop, and improve themselves with enough hard work, effort, and perseverance.
Business owners with a growth mindset see their intelligence, talents, and abilities as malleable and capable of improving over time.
The opposite of a growth mindset is a fixed mindset. A fixed mindset is the belief that abilities and intelligence are static and cannot be changed or improved upon.
People with a fixed mindset tend to avoid challenges, give up easily, and become discouraged when they encounter setbacks. They may also feel threatened by the success of others and limit their own potential for growth and achievement.
Needless to say, if you’re an entrepreneur, you will find more success if you cultivate a growth mindset.
Here are 4 ways how business owners can adopt a growth mindset…
1. Embrace setbacks
If you own a business, things aren’t always going to go your way.
Change and setbacks are inevitable.
It’s only natural to feel discouraged from time to time, but don’t stay in this negative space for too long.
It can be hard at times, but you can train yourself to see failure as part of the entrepreneurial journey, and an opportunity to learn new things.
Sometimes, a colossal setback is what you need in order to pivot and try something new, and that could lead to unforeseen success in the long-run.
The more times you get back on your feet after a fall, the more resilience you will develop, and the more your business will succeed.
2. Develop a love for learning
Education doesn’t stop the day after your graduation ceremony.
If you are a business owner, you know that setting time aside to learn new things is necessary if you want to keep up with your competition.
Chances are, if you are an entrepreneur, you are naturally curious and like to solve problems. Do yourself a favour and constantly feed your creativity and ingenuity by learning new things.
Don’t allow yourself to fall into the trap of thinking that you have been a professional for a long enough time and you won’t ever need an upgrade in skills or knowledge.
Being a business owner means staying relevant and constantly evolving. Commit to being a lifelong student in order to stay motivated and engaged in your business.
3. Accept constructive feedback
No one likes to be criticized.
But, it is in your best interests as a business owner to develop a thick skin and take constructive feedback when it is appropriate.
After all, a new perspective from someone else can give you insight that you might not realize on your own.
Learn to recognize when feedback is helpful and see it as a tool for improvement, rather than feeling defensive or threatened by it.
You don’t have to accept every bit of advice that is thrown your way, but you can be open to suggestions from qualified sources without taking things personally.
4. Get inspired by the success of others
Be honest. Are you the jealous type?
If someone else’s business does well, do you feel happy for them, or do you sometimes get a little envious?
Don’t kick yourself if you get jealous from time to time. After all, you are only human. The trick with jealousy is to never let it go unchecked.
If you find yourself feeling envious towards someone else’s achievements, ask yourself why you are feeling this way. Be honest and label what it is that they have that you want.
Then, take accountability, and decide what you have to do in order to earn their success. Then do it.
If someone makes you jealous, maybe you can learn something from them. Instead of looking at them as competition, see them as inspiration. Instead of feeling threatened, use their achievements as motivation.
As a business owner, you will enjoy more success if you adopt a growth mindset. You can cultivate a growth mindset by practicing a few behaviours, such as: embracing setback, developing a love for learning, accepting constructive feedback, and turning jealousy into inspiration and motivation.
