Business Planning

How to Develop a Growth Mindset

What is growth mindset?

Growth mindset is a way of thinking based on the belief that we can grow and improve with practice. A growth mindset can help you problem solve and tackle obstacles, while encouraging you to see your current skills and talents as traits that can grow with time and effort. The opposite of a growth mindset is a fixed mindset.

For example, someone with a fixed mindset might think that only certain people are born to be entrepreneurs, so when it comes to being a successful founder, you either have it or you don’t. On the other hand, having a growth mindset allows us to see entrepreneurship as a skill that can be improved over time through mentorship and practice.

How do I develop a growth mindset?

You can develop a growth mindset by practicing some key skills:

Fail but grow – Look at failures and challenges as a part of the learning process and as opportunities for growth.

Comfort zones – Don’t limit yourself to only actions that you’re comfortable with, take some risks in order to grow.

Take time – Set aside time daily to refocus your energy on your visions and to reflect on your day.

Keep learning – Seek out new information and try to read something every day (even if it’s just quotes that will inspire you to action).

Seek criticism – You don’t have to heed all advice, but be open to feedback and accepting of constructive criticism.

Process is key – While the results are important, the process is where you will have learned the most important lessons so approach problems from all sides and you will find that there are always more than one best solution.

Why is growth mindset important?

Entrepreneurs face many obstacles to start a new business. They need to define their goals, gather resources, prepare their product or service, find customers, and much more and having a growth mindset can help you overcome the daily grind and stay focused on your goals.

Pro Tip

Pay attention to your own fixed-mindset triggers. When we face challenges, receive criticism, or perform more poorly than others, we can easily fall into insecurity or defensiveness, a response that inhibits growth. Be aware of your triggers and be quick to correct them in order to remain focused and thrive with a growth mindset.

How can I apply a growth mindset to entrepreneurship?

In addition to using the tips above, you can improve at entrepreneurship by learning what experts do and practicing these skills in your business. Watch our video What do expert entrepreneurs do? to learn from the experts. You can also work with other entrepreneurs or mentors who will help you practice and improve your entrepreneurial skill set.