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The Benefits of a Growth Mindset for Entrepreneurs

business wellbeing May 31, 2023

7 min read

SUMMARY: In my early days as an entrepreneur, I encountered a significant challenge that tested my resolve. It was during this time that I realized the transformative power of a growth mindset. This mindset not only helped me overcome the obstacle but also shaped the way I approached my entire entrepreneurial journey.

This blog provides details on how to determine if you have a growth mindset, and practical tips on how to actually develop one. I'll also share with you my pivotal experience and how a growth mindset can be your most valuable asset as an entrepreneur.

When you're an entrepreneur, you know the journey can be tough. There's always something new to learn and grow from, and you're always striving to do your best. It can be a lonely journey as you often have to make tough decisions on your own and take risks that others may not be willing to take. You have to stay focused on your goals and be resilient in the face of setbacks and criticism.

Wouldn't it be great if you had a way of thinking that gave you an edge? What if there was a way to boost your confidence and motivation?

The answer is a growth mindset.

"A growth mindset is the belief that your intelligence and abilities can be developed and improved over time."

It is the opposite of a fixed mindset, which is the belief that your intelligence and abilities are set in stone and can't be changed.

Let's explore the amazing power of a growth mindset for entrepreneurs!

Why Should Entrepreneurs Foster a Growth Mindset?

Consider the story of my client Sarah, an entrepreneur who transformed her small startup into a thriving business. Her secret? A relentless growth mindset that turned every setback into a stepping stone. Like her, when you embrace the growth mindset, you open doors to innovation, resilience, and a deeper understanding of your potential. It's not just about bouncing back from failures; it's about using them as fuel for your entrepreneurial spirit

If you're an entrepreneur, developing a growth mindset also gives you a distinct advantage in your field of expertise. This is because it allows you to be more open experimenting with ideas, which can lead to greater innovation and success in accomplishing your goals. Additionally, it's easier for you to learn from your mistakes and use them to move forward, instead of staying stuck and beating yourself up about them. Lastly, a growth mindset builds resilience and perseverance, which can be key in achieving success as you'll be able to spot the opportunity in every challenge.

This is also important for:

Increased resilience: Entrepreneurs with a growth mindset bounce back from setbacks and obstacles much easier. They don't see these experiences as signs of failure, but rather as opportunities to learn and grow.
Increased creativity: A growth mindset encourages entrepreneurs to take risks and experiment. They are not afraid to try new things, even if they don't succeed the first time because they value the learning process more than the result at the end.
Increased confidence: A growth mindset helps entrepreneurs believe in themselves and their ability to succeed. They are not afraid to take on challenges and achieve their goals because they believe in their own potential for greatness!

Do You Actually Have a Growth Mindset?

Reflecting on my journey, I realized I was trapped in a fixed mindset, viewing challenges as threats to my competence. Transitioning to a growth mindset wasn't overnight but a gradual realization that embracing the unknown and learning from it was key.

To help you gauge your mindset, watch the video above entitled "Do You Have a Growth Mindset" while considering these questions:

Do you view challenges as opportunities?
Are you open to learning from feedback?

Your answers can reveal the mindset guiding your entrepreneurial path.

Benefits of a Growth Mindset

There are many benefits to having a growth mindset. For one, it can help you to be more resilient in the face of challenges. Entrepreneurship is a dance with uncertainty, a path that challenges your commitment to your vision again and again and a high level of resilience is your fuel on this journey. When you believe that you can learn and grow, you are less likely to give up when things get tough. For example, when faced with a difficult problem, a person with a growth mindset might think "I don't know how to do this yet, but I can learn" rather than "I can't do this". This can help you to stay motivated and focused on solving any problem you're faced with and thereby increasing your chances of success. Over time, you'll be able to build confidence in your own abilities and develop a positive attitude towards learning and growth.

A growth mindset can also help you to be more creative and innovative. When you're not afraid to make mistakes, you're more likely to take risks and try new things; allowing your curiosity to guide you rather than fear. This can lead to new and innovative ideas that can massively benefit your business. For instance, if you're working on a project and you come up with an idea that you initially think is too wild, adopting a growth mindset can help you take the risk and run with the idea; potentially leading to a unique and successful outcome! If you want to remain relevant and competitive in a crowded market, this is the way to do it!

Finally, a growth mindset can help you to be more successful in your career long-term. Studies have shown that people with a growth mindset are more likely to advance in their specialized fields and earn higher salaries. This comes as a consequence of their enhanced resilience, creativity and innovativeness!

It's like going for a jog: if you start off slowly and gradually increase your speed over time, you'll eventually be able to run faster and farther than if you had just gone out for a sprint one time. This is how a growth mindset helps you to succeed; by taking small steps and building on your successes, you can make progress that would have otherwise been impossible!

How to Develop a Growth Mindset

There are a few things you can do to develop a growth mindset. First, start by identifying where you hold fixed mindset beliefs. What do you believe about your intelligence and abilities? Note that it's possible to have a growth mindset in one area, but a fixed mindset in another. Once you have identified your fixed mindset beliefs, you can work on challenging them. Try to look for evidence that contradicts your beliefs and look for success stories of people who have achieved similar goals to your own, despite facing similar obstacles. This will help you develop more of a growth mindset and become more fulfilled and successful in your pursuits.

Focusing on your efforts and progress can help you challenge your fixed mindset beliefs. When you focus on your effort and progress, you're more likely to see yourself as a life-long learner and a growing person. For instance, if you're struggling with a task, instead of telling yourself “I can’t do this”, you can remind yourself that you are working on it, you may not be there yet but you will be able to do it with enough practice.

Another way to challenge your fixed mindset beliefs is to surround yourself with people who have a growth mindset. When you're around people who believe in your ability to learn and grow, you're more likely to believe in it yourself. That way, you'll be able to see yourself and your capabilities in a different light which can ultimately help you to embrace failure and step out of your comfort zone more. It can also give you the motivation you need to keep growing and developing, as you're being encouraged by those around you.

Finally, don't be afraid to make mistakes! Mistakes are a part of learning and growing and they are by no means bad! When you make a mistake, don't beat yourself up about it. Instead, learn from your mistake, use it as feedback and move on. Making mistakes is actually the best way to understand how something works, and to gain the knowledge and experience needed to do it better in the future! It's hard to accept mistakes, especially if you were punished for them as a kid, but mistakes are often the best way to learn and grow and have nothing to do with your worth!

Additional Resources:

Here are a few of my all time favorite resources that personally helped me to remain on this life long journey of fostering a growth mindset.

Mindset: The New Psychology of Success by Carol Dweck
The Upside of Stress: Why Stress is Good for You and How to Make It Work for You by Kelly McGonigal
The Power of Habit: Why We Do What We Do in Life and Business by Charles Duhigg
The 7 Habits of Highly Effective People by Stephen R. Covey
The Alchemist by Paulo Coelho
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Embracing a growth mindset gives you a powerful, transformative tool to unlock greater success and fulfilment as an entrepreneur. If you want to develop a growth mindset, start by identifying your fixed mindset beliefs, focus on your effort and progress, surround yourself with people who have a growth mindset, and don't be afraid to make mistakes. With a growth mindset, you can conquer any challenge and achieve anything you set your mind to!

Stay Inspired,

References:

Dweck, C. (2006). Mindset: The New Psychology of Success.
Yeager, D. S., & Dweck, C. S. (2020). What can be learned from growth mindset controversies? American Psychologist, 75(9), 1269–1284. https://doi.org/10.1037/amp0000794