10 Steps to Achieve a Growth Mindset in Business
Here's how to supercharge your wellbeing on the path to success.
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We all take pleasure when our ideas come to fruition. We're even more pleased when the ideas have an impact by improving motivation, innovation or productivity, among other areas. The spread of an idea can benefit many, but that popularity can also alter and distort the original.
I am a fan of Carol Dweck's research. Dweck is a highly regarded professor of psychology at Stanford University and the author of several books, including Mindset: The New Psychology of Success. In Mindset, Dweck differentiates a "growth mindset" from a "fixed mindset." According to Dweck:
A growth mindset is "the belief that an individual's most basic abilities and skills can be developed through dedication and hard work—brains and talent are just the starting point."
A fixed mindset is "the belief that an individual's basic abilities and skills, their intelligence and their talents, are just fixed traits."
Dweck concluded that individuals who believe they can develop their talents through hard work, good strategies and input from others have a growth mindset. These individuals are likelier to achieve more than those with fixed mindsets because they put more energy into learning and are less concerned about looking smart.
Related: How to Create a Growth Mindset as an Entrepreneur
Adopting a growth mindset can supercharge your wellbeing and growth. Here are ten ways to develop a growth mindset in business.
1. Be 100 percent accountable
To grow, you need to be accountable, or willing to accept responsibility. As an entrepreneur, you must start to be responsible and accountable to yourself. As you grow, you will be demonstrating accountability and its value to your team; they will follow your lead, making accountability part of your company's culture.
2. Do not be concerned with what others have
Avoiding envy is fundamentally important when you're trying to be focused, driven and leading. Focusing on what others have and what they are doing sets expectations that simply slow you down and take focus away from your purpose.
3. Become an expert in your field
I meet so many so-called "headliners," people who skim the surface. In a world fueled by fake news, Photoshop'ed social posts and other illusions, it's critical to become an expert. Strive to become truly good at what you do—so good that everybody wants your services. Stand out based on your specialty.
4. Don't focus on your failures
When we learn that we should work on our weaknesses, we tend to think we need to hold on to our failures. But focusing on your failures gives detractors too much leverage against you. Instead, claim and learn from your failures and then focus on learning and growing from your mistakes.
5. Do the work and put in the time
Greatness does not come when you put in just ten percent. Put in ten percent, and you'll achieve only two percent of your potential. To achieve greatness, you've got to be at 100 percent, putting in the time and effort.
6. Do what you love for the people who love what you do
One of my favorite sayings is, "You need to be purpose-driven doing what you love for those who love what you do."
Related: Understanding The Growth Mindset
Discovering your purpose is as important as finding your niche. You will bring much more value and expertise to those that need you, and you will have so much more fun delivering your products and services.
7. Don't focus on money
Business leaders that focus solely on money are never fully satisfied, and often lose their customers. Instead, care about creating value. You want customers to say how proud they are about your products and services. You want employees to say how great it is to work for you and how much they learn from you. Focus on creating fans through value creation.
8. Achieve your outcomes quickly
Do not be obsessed with perfection. Instead, be fast. Getting somewhere first has more value than being perfect but last. That first-mover advantage is very important for growth. Develop an appetite to fail often and quickly, developing your products and services quickly and better aligned with the needs of your customers.
9. Be grateful for what you have
Be grateful for what you have now. Be grateful for what you're going to achieve. Be grateful for what you don't have. Gratitude is a gift and a core requirement for a growth mindset. The true expression of gratitude sets off energy that has the power of drawing people towards you. Explore and embrace it.
10. Become self-aware and understand your purpose
If you want to succeed in life, you must know your purpose. If you want to have a business growth mindset, you must become self-aware and understand your purpose. Self-awareness has the power to align your will and humility, which attracts people to you through your purpose.
Related: To Survive and Thrive, You Need a Growth Mindset
Growth mindset is the belief that skills and abilities can be improved and that developing these is the purpose of your actions.
Build a culture whereby all employees are enabled and encouraged to develop growth mindsets for themselves—reward improvement.
Emphasize that failures are opportunities and not threats. Leaders need to encourage and challenge employees to be brave and courageous.
A growth mindset is a continuous belief that improvement is possible and that failures are opportunities to learn. It is much larger than the limited objective of improving earnings.
Growth mindset is a frame of mind. Leaders can positively assist people in adopting growth mindsets by fostering a culture encouraging specific behaviors and practices. Individuals and organizations can have growth mindsets.
A growth mindset is not unbounded. Just because you put your mind to something doesn't mean you can do anything. You have to work at it, so start by implementing these ten steps and begin to live with purpose.