Every individual who establishes a business aspires to be successful. Building a thriving and successful business is probably one of the shared goals of each entrepreneur. They all want to succeed and do not want to fail.  That is why this question has been repeatedly asked by entrepreneurs – how you can build a successful business.

As a result, many people find it intriguing how self-made millionaires reach the summit of success. What did they do? People wonder about their daily habits, the mindset that they adopt, and the steps they took to succeed.

Through the years, experts have noticed that what sets successful entrepreneurs apart from average business owners is the mindset. Any journey towards success begins with the right frame of mind. When it comes to business success, mindset is everything. If you do not believe that you will be successful, more likely it will come true. Henry Ford, a titan of the automobile industry, once proclaimed that you are right whether you think you can or cannot. Ford’s statement illustrates a significant mindset for any entrepreneur. It has a crucial and vital role in dictating your success or failure.

When talking about mindset, one of the groundbreaking theories was put forward by a world-renowned American psychologist, Dr. Carol Dweck. Dr. Dweck is a Stanford University professor who worked for decades on deciphering human motivation. She presented her theory to the world in her bestselling book entitled “Mindset: The New Psychology of Success.” It was a bestselling book that was instrumental in changing millions of people with a growth mindset.

The Two Mindsets  

Dr. Dweck presented the power of mindset in people’s lives. According to her study, two types of mindset, fixed and growth mindset, can affect how you think about your talents and abilities. How can you distinguish the two mindsets from one another?

For Dr. Dweck, if you believe that talent is everything, then you have a fixed mindset. Individuals with a fixed mindset think that their abilities, such as artistic talents, intelligence, or athletic abilities, are unchangeable and can no longer be improved. For these people, their skills are already set by their genes, which is why they no longer exert any effort to improve them.

If they do not have the ability to perform something, they believe that they are bound to fail. Individuals with a fixed mindset think that their skills are predetermined; they need to prove themselves repeatedly. Dr. Dweck explained that their fixed mindsets urged them to accomplish a task to prove to everybody that they are talented and smart. She pointed out that people with a fixed mindset always seek validation of their skills and abilities.

Hence, people possessing a fixed mindset avoid challenges and concede upon seeing an obstacle. They tend to believe that exerting any effort is unproductive because their skills are carved in stone.

On the other hand, Dr. Dweck introduced another group of people with a different mindset. If you think you can achieve whatever you want if you work hard for it, you possess the growth mindset. Dr. Dweck argued that people with a growth mindset believe that their skills and abilities can be grown and improved through their efforts.

She added that people with a growth mindset see talent and intelligence as things that can be developed through continuous effort and work. For these people, they believe they can learn everything given the right conditions. They are more focused on making progress, confronting a challenge, and learning over time. They do not turn their back on challenges, but instead, they thrive on them.

A study involving middle-school pupils from a suburban public school showed that pupils who believed they could develop intelligence got higher grades and progressed to advanced math courses over time. Researchers also found out that pupils who think that they can control their emotions had fewer depressive symptoms.

However, Dr. Dweck explained that the fixed and growth mindsets are a spectrum and not a dichotomy but a spectrum. In other words, no one can be wholly possessed with a fixed mindset or a growth mindset. It is all about the level or scale of being fixed or a growth mindset. You might have a high tendency to have a fixed mindset and a low tendency to have a growth mindset. She also added that an individual’s mindset could vary from one situation or context to another. You could have a fixed mindset on certain situations and a growth mindset on other situations.

Mindset And Business  

You might be wondering if Dweck’s Mindset Theory applies to a business setting. The answer is yes. In the book, Dr. Dweck emphasized that a CEO’s mindset is vital in determining a business’s success. It makes sense since the CEO is the primary decision-maker of the company. If you are a CEO, the company will be based on your vision and directives. Your mindset could be the deciding factor between success and failure.  

Dr. Dweck explained that a CEO who possesses a fixed mindset would be more focused on preserving their image than the company’s growth. As a CEO with a fixed mindset, you will perceive that employees with the most innovative ideas threaten your status. You will believe that some people are superior while other individuals are inferior.

Meanwhile, Dr. Dweck pointed out that CEOs with a growth mindset will put forward what is good for the business first and set aside their desires. As a leader with a growth mindset, you will continuously ask questions, and you will not shy away from obtaining the most brutal answers.

How To Develop A Growth Mindset??  

Dr. Dweck pointed out that people’s mindset will significantly contribute to determining how well they do in any aspect of their lives. She highly advocates for the adoption of the growth mindset since, in most cases, it can be a game-changer in your life.

You can develop the growth mindset with these three tips:

  1. Recognize your weaknesses and stop making excuses. For example, you can admit that you are struggling with mathematical computation, but you know you could get better through practice.
  2. Focus on learning rather than seeking approval. People with a growth mindset are not concerned about getting validation from other people. Instead, divert your energy and time to improve yourself for your own good.
  3. View challenges as windows of opportunities. Individuals with a growth mindset do not fear challenges. Instead, you can look at challenges as opportunities to get out of your comfort zone to grow and learn.

Final Thoughts

How you see yourself, and your environment influences your life to a great extent. That is why it is essential to maintain a mentality that allows you to achieve your goals despite adversity. When it comes to business and financial goals, mindset is also crucial. The way you see your environment and your future goals will have a dramatic impact on your success.

If you are doing the same thing every day and waiting for something to change, nothing will change. However, if you are continually working on yourself to hone your skills and abilities, you will see growth in the long-term. By changing your rules and daily routine, your future will differ from your present and your past. Adopting the growth mindset will bring change to your life.