A fixed mindset could have a direct impact on the success of your business goals and abilities, so explore a fresher approach of getting things done.
How do you get your business to go from good to great? It’s simple: Change your perspective. If you hold the belief that “it’s either you have it or you don’t” when it comes to talent, you’re not alone.
Known as the fixed mindset, this outlook is most commonly adopted by business leaders, and could hamper the growth of your business if left unchecked. Believing that where you are is as good as it gets limits your risk-taking capacity, dramatises setbacks and plateaus your performance.
It is reversible though. According to Carol Dweck, Professor of Psychology at Stanford University, individuals who believe their talents can be developed through good strategies, capitalising on setbacks and collaborative effort have developed a growth mindset. This is what you should be aiming to adopt, and here’s how.
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“The ability to take risk is the best currency in the world. It’s more valuable than capital.” – Ran Neu-Ner, co-founder and co-CEO of The Creative Counsel.
Believe that you can do it
Once you’ve set that goal of business growth, believe it can be achieved. Self-doubt can lead you astray and could be at your peril. Just ask Ran Neu-Ner co-founder and co-CEO of The Creative Counsel: “When I started out I didn’t believe in myself, which is the mindset of most entrepreneurs. You’ve have to believe that one day your small business will become an empire and start making decisions like a giant.”
Encourage a growth mindset across the business
“When entire companies embrace a growth mindset, their employees report feeling far more empowered and committed; they also receive far greater organisational support for collaboration and innovation,” Dweck explains. But changing people’s minds and outlooks isn’t easy. Getting your employees on board will only work if you’re already there.
How to grow your mindset
It’s not just about an optimistic view in the face of challenges though. Getting back up after failing is as key as taking the risk that may lead you there.
Related: Why unrealistic expectations are good for you (and your business)
Change your mindset from a fixed view to one of growth in the following ways:
1. Try new strategies
There are no guarantees in business. Knowing that, you made the choice to start your own business and look how far you’ve come. Nothing can stop you from growing even more if you push yourself a little further and broaden your horizons. While trying new ways of achieving your goals could yield positive results, you have be prepared that some risks won’t work out as you’d hoped.
2. Encourage appropriate risk-taking
Know which risks are worth taking and which aren’t. “Some risks offer the promise of higher value. Some risks offer smaller potential consequences than others. Some risks could make or break your business. But there’s one key element all risks have in common: they’re differentiators,” says former entrepreneur Larry Alton.
3. Capitalise on setbacks
Failure isn’t fatal and mistakes are lessons you wouldn’t otherwise have learnt had you gotten it right the first time. In the same vein, take criticism and negative feedback as sources of information and not as an attack on your capabilities.
Applying a growth mindset to your business means embracing and not avoiding failure, taking risk and learning from situations where you fell short and seeing effort as something essential to grow and master your skills.