In today’s competitive landscape, companies and individuals seek ways to innovate, stand out, and have an edge over the competition. One of the ways that’s been pointed out as a vital asset for success is developing a growth mindset. But what exactly is a growth mindset, and is all the hype around it worth it?
Read on to learn from entrepreneur Samier Chavez.
A Growth Mindset
Coined by Dr.Carol Dwek, a growth mindset refers to a belief in the potential to develop intellect, improve and increase talent, plus adjust your moral understanding. Proponents of this theory argue that changing our mindsets can impact how we approach challenges, respond to criticism, and orient our goals.
Samier explains that a growth mindset fosters greater innovation, creativity, and collaboration in the business setting. When you have leaders and team members with a growth mindset, you’ll have people who are not afraid to experiment, learn from mistakes, and see failures as opportunities.
A growth mindset helped Samier overcome the obstacles he faced as an entrepreneur. Some of the challenges include bad partnerships, tough acquisitions and being scammed. Instead of letting these challenges motivate him to quit, he drew lessons from them and went ahead to launch multiple businesses.
The opposite of a growth mindset is a fixed mindset. This mindset, as the name suggests, is fixed. It does not believe in self-improvement because it believes that personal intelligence, talents, and personalities are fixed traits that cannot be developed.
What it Takes to Develop a Growth Mindset
One study showed that employees in a company that values a growth mindset are 47% more likely to view their colleagues as trustworthy, 65% more likely to admit that their company supports risk-taking, and 47% more likely to say that their company supports risk-taking. Employees value working in a company that promotes a growth mindset.
Even in leadership, you’re likely to experience a low turnover rate if you lead by example by engaging in communication that empowers your team members to brainstorm, take risks, and develop creative ideas. A growth leader says, “I am willing to fail,” Such leaders encourage risk-taking even at the minor level and do not punish their team members for trying.
A growth mindset is how businesses build resilience. If the covid-19 experience is anything to go by, companies with a fixed mindset are likely to shut down because of the need for more agility to adapt to changes.
So, what does it take to develop a growth mindset? It takes embracing challenges, learning from criticism, persistence in the face of setbacks, treating failures as opportunities, and celebrating the successes of others and your own. A person with this mindset sees challenges as opportunities to learn and improve. Such a person does not shy away from criticism but views it as feedback for improvement.
Benefits of a Growth Mindset
A growth mindset is what you need in today’s competitive landscape. Perhaps the most significant benefit of such a mindset is the development of resilience and adaptability. Entrepreneurs who embrace failures and learn from adversity will likely bounce back quickly from setbacks and adapt to changes.
The growth mindset is how we develop ideas, problem-solve, and innovate. The influence of such a culture goes beyond the individual to positively impact other team members, the clients, and the community. Such a mindset can be developed when we embrace challenges, learn from criticism, and persist in facing setbacks.