Why is a growth mindset essential for business?

How can you, and why should you, continue to learn through feedback? Rather than seeing feedback as negative, it can be your best friend.
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What does a growth mindset mean?

Have you ever heard the old maxim “We don’t learn anything new when we get old?”

This is not true. We can learn something new anytime, as it’s never too late. With a growth mindset, we have the flexibility to take in feedback and make adjustments as needed — and our rate of learning doesn’t need to slow down with age.

Have you ever heard the old maxim “We don’t learn anything new when we get old?”

In this blog post, I’ll explain what growth mindset means and how you can try making it a part of your life. I’ll also show you how to develop a growth mindset and give you some ideas for specific strategies that have worked for me.

What is a Growth Mindset?

A growth mindset is the belief that your outlook on life can change and get better. It’s the idea that you can actually learn and improve your skills based on feedback, rather than giving up when things get hard. You can learn new things and improve what you do even if you’re older or working with limited resources.

Some people might wonder what it has to do with learning, but a growth mindset is really a personal philosophy on life that we can all improve from. The idea is that you can grow as a person and learn new things every day.

How can you tell if you have a growth mindset?

If you believe that your knowledge and skills are always improving, or that you can learn new things based on feedback, then you have a growth mindset.

Here are some examples of what a growth mindset looks like in action.

  1. You believe that making mistakes is actually an advantage to learning. To some people, mistakes are potential obstacles to learning, but with a growth mindset, mistakes can be opportunities to learn something new. Everyone makes mistakes, and the mistakes themselves won’t necessarily stop you from learning. But if you can figure out why you made a mistake, it can help you improve in the future.
  2. You believe that intelligence is malleable or learnable rather than fixed. People with a growth mindset believe that their intelligence can grow and change based on effort. They don’t believe “I’m not very smart”, but instead, they approach learning with the idea that they can improve.
  3. You believe that your abilities can grow as you apply yourself. People with a fixed mindset believe that there are some things they just can’t accomplish or won’t be able to do unless they’re born with a specific talent or genius for it. People with a growth mindset don’t believe that you have to have natural ability to learn something, and are willing to work hard and practice in order to develop new skills.
  4. You challenge yourself and find ways to achieve your goals. Someone who has a growth mindset will respond differently to failure than someone with a fixed mindset. When everyone gives up, the growth-minded person finds out what went wrong and takes steps to fix it by learning from their mistakes so that they can improve in the future.
  5. You believe that past mistakes won’t necessarily negatively impact your future success or performance. It’s really important to realise that past mistakes don’t necessarily mean you will be a failure in your future situation.
  6. You know that boredom is an opportunity to learn and grow. With a growth mindset, you’ll realise that boredom is actually an advantage to finding new ways to learn. You can take the time to develop new skills or try something new.
  7. You believe that effort is the key to learning and improving which leads to success. With a growth mindset, you believe that your success is based on how much effort you’re willing to put in. With a fixed mindset, you believe that whether or not you succeed is based more on your intelligence or whether or not you were born with certain talent.
  8. You see learning as something you enjoy and want to do rather than something you have to endure. Someone with a fixed mindset thinks that if there’s too much work or studying involved, it becomes stressful and makes them feel bad about themselves.
  9. You know how to set goals, dream big, and work hard to reach your goals. The growth mindset is the best way to achieve success because you’re determined in any situation you find yourself in, and believe that hard work will pay off in the end. A fixed mindset can hold you back because you’ll set low goals for yourself or give up before even trying.
  10. You have good things to say about yourself, and you’re more comfortable with who you are. Having a growth mindset allows you to view your successes as more than just chances to show off or get praise. You understand that your successes in life will help you feel better about yourself.

Why is a growth mindset important in business?

In business, it’s crucial to have a growth mindset because you need to be able to improve your skills and constantly learn new ones. If you don’t have this ability, you’re going to be left behind in a saturated and growing marketplace.

In order to stay competitive, you need to learn new skills and adapt quickly to changing situations. Staying stagnant will prevent you from flourishing in your business.

A growth mindset will help you learn from your mistakes and improve the next time around. It’ll also help you get motivated to work hard in the first place, which is an important trait in the business world.

A fixed mindset will lead to low motivation, anxiety, and stress. The stress might be caused by a lack of confidence in your abilities or it might be caused by unrealistic goals you’ve set for yourself. Either way, you’re not going to succeed if you have a fixed mindset.

When you have a growth mindset, you’ll be more confident than someone with a fixed mindset. You’ll think “If I put my mind to it, I can learn this material. I’ll put in the effort and work hard to succeed.” This will keep you motivated and focused on your goals, and help you achieve them.

If you have the growth mindset, you’ll be able to learn from failures which will make you more successful over the long term. Remember, failures are a part of life; it’s only when we fail that we can learn or improve! 

In fact, if we fail 20% of the time, but we only try 3 times, we can only win a few times. If we try 60 times, we will win around 45 times. That could build your business quickly!

You also need to recognise that everybody has strengths and weaknesses. Some people are great at math but terrible at writing or speaking. Some are brilliant planners but hopeless when it comes to actually executing on a plan. Some are amazing at sales but may struggle with money management. Nobody is perfect and you can’t please everyone all the time.

In summary, the growth mindset is an important way of thinking that will help you succeed in business. It helps reduce stress and anxiety because it allows you to view failure as a chance to learn something new or improve on an existing skill. You’ll get less frustrated when things don’t go your way and be more likely to keep trying new strategies in order to achieve success.

How to Develop a Growth Mindset

There’s no one way to develop a growth mindset: You can’t force it or adopt it overnight. It takes time and practice to get used to the idea of taking feedback and making adjustments. But it’s something everyone can work on — and learn — if they put in the effort.

Here are three simple steps you can take to develop a growth mindset:

1.  Take in Feedback

Feedback is necessary for developing a growth mindset. If you don’t believe that you can learn from feedback, then there’s no way you’ll want to spend time with a skill coach, or journal about your skills and progress. You won’t take the time to try new things or improve your skills, even though they could help you greatly in other areas of your life.

If you don’t develop a growth mindset, then you’re likely to think negatively about feedback, because you might associate it with failure. This will only make you less likely to take advice or learn something new in the future.

2.  Learn from Any Feedback

If you’re taking advice from someone professionally, that’s great, but that’s not a requirement. 

You can also find ways to learn something new every day by talking to your parents, spouse or friends about their skills and experience, reading articles about skills and hobbies online, and listening to podcasts or radio shows related to skills.

3.  Make Adjustments

When you take in feedback, you can make adjustments to your skill set and your strategy for improving. Make sure you take this seriously, especially if you’re working with a professional coach. This is an important step in the development of a growth mindset. You need to take action based on what you’ve learned and put in some time to adjust your skills and mindset accordingly.

Part of developing a growth mindset is putting in the effort to learn new things or improve your skills. You can’t just take in feedback and listen to your spouse or friends talk about their skills. You need to take action: Try new things, change your strategy for improvement, and stick with a new skill that’s challenging or difficult.

As you grow as a person with a growth mindset, you’ll get better at taking in feedback. You’ll be able to reflect on what’s good about your current situation and take steps to improve from there. And you’ll also have the ability to change your mindset and start using these skills in new ways.

Do you need assistance?

If you’re struggling with negativity towards feedback, or you can’t seem to move on with your personal growth, please get in touch and we can discuss how I may help.

Create more success

If you’re an entrepreneur, executive, business owner or freelancer who’s feeling lost in a maze, I would be happy to lend a hand.

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