The Necessity of a Growth Mindset as a Business Owner

growth mindset

Growing a business takes a lot of work, but it doesn’t end there. Inevitably, as a business owner, you will come up against challenges you’re unsure of how to move past. You will also experience failure along the way. These are facts that no one wants to accept, but it’s a reality that every business faces. However, some business owners can embrace these failures and challenges and continue growing, while others experience them and retreat or give up. So, what’s the difference? Some business owners adopt a growth mindset, while a fixed mindset holds others back.

Fixed mindset vs. Growth mindset

The difference between a fixed mindset and a growth mindset is a person’s ability to believe that they can continue to grow and improve in areas over time.

Someone with a fixed mindset tends to think things like:

  • I’m good at it, or I’m not.
  • There is no point in trying.
  • If something is difficult, it should be avoided.
  • It’s too late to learn something new.
  • That’s just how I am.

People with fixed mindsets tend to be jealous of others’ success. They have difficulty receiving feedback and see failure as a negative experience instead of a learning experience. They believe things are outside their control, and they are incapable of achieving certain things in life and business. And they don’t usually try new things. Instead, they stick with what they know.

A fixed mindset keeps entrepreneurs stuck and unwilling to get the help they need to grow and scale their businesses.

Someone with a growth mindset tends to think things like:

  • I can learn to do what I need or want to do.
  • Feedback helps me learn and grow.
  • Failure helps me grow and improve.
  • The success of others motivates me to succeed.

People with growth mindsets believe they are capable of growth. They are empowered to learn new things, try new things, and continue working toward their goals. Failure may feel like a temporary setback, but it’s a learning experience that brings opportunity and future growth. Entrepreneurs with growth mindsets are willing to work to overcome difficult obstacles because they believe they can learn what they need to achieve their goals.

growth mindset helps entrepreneurs push past challenges to grow and scale their businesses.

The good news is that if you can relate more with having a fixed mindset, all is not hopeless (although a fixed mindset may have you feeling that way.) Instead, you can learn how to transform your thinking and develop a growth mindset.

How to Develop a Growth Mindset

1. Pay attention to your thoughts

There is so much power in our thoughts. But one big problem is that many people don’t notice what they’re thinking. They go through the entire day simply thinking about whatever pops into their head. You need to know what you’re thinking to learn to improve your thoughts.

One of the first things you can do is start paying attention to your thoughts throughout the day. For example, what thoughts roll through your head when you know things aren’t going well in your business? What do you think when you see on LinkedIn that someone in your industry is experiencing a high level of success? And what do you think when you’re up against a problem you don’t know how to solve?

You can also take this a step further and pay attention to how you feel when you have those thoughts. Do you end up feeling hopeless? Do your thoughts empower you to take action?

Becoming more aware of your thought patterns enables you to learn how to change your thoughts to those more productive, aligning with a growth mindset.

2. Change how you feel about failing

No one enjoys failing. But people with growth mindsets understand that failure is not the end and that it brings opportunities to grow. On the other hand, those with a fixed mindset have negative beliefs and feelings about failure.

If you want to develop a growth mindset, it’s essential to learn how to disconnect your worth and value from the results of your work. You are not a failure when you fail at something. Likewise, you are not a failure if you step out to try something new in your business that doesn’t work.

Failing is simply one outcome of trying something. When we fail, we can learn what changes we need to make to succeed next time. And sometimes, we fail at something multiple times before learning how to succeed. So each failure is a chance to identify what needs to be changed and improved. But if you have a fixed mindset, failure feels more like a final destination than a step in the right direction.

Learning to remove your emotions from the situation and evaluate why you failed at something helps you learn to keep growing forward.

3. Learn your strengths and weaknesses

Understanding your strengths and weaknesses is important as a business owner. It might hurt to acknowledge your shortcomings if you’re used to ignoring them. Still, approaching it with a growth mindset is simply a way to identify an area for improvement. It’s not about getting down on yourself because you’re not perfect or as talented or knowledgeable as another person.

Understanding your strengths helps you see areas where you can continue to grow and excel. It can also help you begin to see ways you can use your strengths in places where you may have struggled in the past.

In addition, it’s important to learn to recognize your areas of weakness. These are the areas that don’t come naturally to you. We all have weaknesses; it doesn’t mean that you’re a failure or incapable of scaling your business. Learning to acknowledge your weaknesses is the first step in learning how to grow through them so you can continue to grow your business.

Receiving feedback from others can help you learn to identify your strengths and weaknesses.

Are you ready to learn more about developing a growth mindset?

These are just a few tips on ways you can begin to develop a growth mindset as a business owner.

SPEARity helps business owners transform their company into a scaleable enterprise by fostering a growth mindset and holding them accountable to their vision. If you’re ready to take the next step, SPEARity will meet you where you are right now. Contact us today to explore your coaching options.

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