Growth Mindset in Business
October 11, 2021 | Spotlight on Women
What do you think of when you hear the term “mindset?” How do you think your mindset affects your everyday life? There are two types of mindsets: fixed and growth. And which mindset you have can greatly impact your success.
Fixed and growth mindset were first discussed by Dr. Carol Dweck in her study and subsequent book Mindset: The New Psychology of Success. She describes it as:
“My work bridges developmental psychology, social psychology, and personality psychology, and examines the self-conceptions (or mindsets) people use to structure the self and guide their behavior. My research looks at the origins of these mindsets, their role in motivation and self-regulation, and their impact on achievement and interpersonal processes.”
Someone with a fixed mindset believes intelligence is static. As such, they tend to avoid challenges, give up easily, see effort as fruitless, and ignore feedback. People with this kind of mindset tend to plateau and not achieve their full potential.
On the other hand, someone with a growth mindset believes intelligence can be developed. As such, they tend to embrace challenges, overcome challenges, see effort as a path to mastery, and learn from feedback. People with a growth mindset tend to reach higher levels of achievement and success due to their continuing efforts.
A growth mindset in business is important for entrepreneurs to “grow” their business. They know that their efforts will lead to success, no matter how many obstacles or setbacks they encounter. They view failure as a learning experience to do better next time and learn from mistakes. It also allows people to anticipate risks, but not let those risks hold their business back. They also use what they have learned to mitigate risks moving forward.
With the right mindset, entrepreneurs can learn and grow their business, reach their customers, and find success in their product or services. To learn more about mindset research, check out Carol Dweck’s book, Mindset: The New Psychology of Success.