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7 Ways to develop a growth mindset for your business

7 Ways To Develop A Growth Mindset For Your Business.

While trying to develop a growth mindset for a business, it is critical to understand first, the purpose of the business.

An ideal business should be geared towards creating value to its customers. Value is that which is lasting and in turn, creates wealth. If your goal only is to make profit, it may affect the business on the long run, because as times changes, so does human needs and wants.

An ideal business should be able to adapt to changes and improve on its products/services, thereby continuing to remain relevant and meeting the changing needs of customers. Hence, the purpose of a business is to offer value (through products and/or services) to customers, who pay for the value with cash or equivalents. Value is always that which is perceived by the customer. Ideally, it should evolve, change, and multiply over time.

“Every product or service is sold on the promise of a better future. The purpose of business is to deliver on the promise, and profit is the reward for doing so.”

Patrick Dixon

You can also read: 6 Easy Ways To Build A Millionaire Mindset For Growth.

If business is understood in this context, then developing a growth mindset for an ideal business is imperative.

To understand what a growth mindset is, one needs to understand what one looks like. A growth mindset is a belief that one’s effort and those of other people will lead to success in business. A growth mindset encourages one to overcome obstacles and view setbacks as opportunities. There are lots of benefits for your organizations once you develop a growth mindset for your business. This will help improve on product or service and ensure it meets customer’s need, aid its delivery to customers, provide support and encourage repeat business. This will in turn continue to keep the organization in business, increase profit and improve brand identity.

A growth mindset is a continuous belief that improvement is possible and that failures are opportunities to learn. If you have a mindset of growth, you are open to the possibility of positively influencing the culture of your business. This mindset will propel the success of the people you work with and as a result, your company entirely.

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See some insights before you develop a growth mindset for your business...

Professor of psychology at Stanford University, Carol Dweck first coined the term, “growth mindset.” In its essence, having a growth mindset means believing that intelligence is not fixed or predetermined. Having a growth mindset is having the ability to recognize that the human brain is plastic, not static – the human brain has the ability to learn and improve.

Growth mindset is a frame of mind. By leading with a growth mindset, business leaders cultivate and encourage a mentality of growth mindset in their companies, encouraging their employees to challenge themselves and learn with a growth-oriented company culture. Leaders can positively assist people in adopting growth mindsets by fostering a culture encouraging specific behaviors and practices.

Research suggests that companies where a growth mindset permeates are more successful. These companies experience higher productivity from more motivated staff, with better collaboration and innovation. Everyone in the organization values hard work and appreciates and celebrates efforts to learn more, try things and develop and improve.

As opposed to companies where a Fixed Mindset is more prevalent, and competition is rife. Where people are afraid to appear unknowledgeable, unintelligent and not one of the naturally gifted. This will of course affect their product or service delivery over time, and may lead to a disservice or a decline in client patronage.

“Developing a growth mindset will help you keep your business afloat—even thrive—during uncertain times”.

Here are 7 Ways to develop a growth mindset for your business.

  1. Create a learning culture for your business

One of the most effective ways that business can foster a growth mindset is to actively seek and encourage it in their staff. Look at your (and your employees’) deficiencies as opportunities, rather than shortcomings. Each new thing you realize you don’t know presents a new opportunity for education and growth. In essence, businesses should have excellent Learning & Development polices and budgets so all employees have access to development, training, coaching, whatever they want and need to progress.

  1. Embrace innovation

Innovation is a key attribute, and a way of promoting growth. By fostering an environment where fear of failure is removed, staff have the opportunity to be creative, think outside the box, dream big and shoot for the stars.

  1. Foster collaboration

Once you have developed a growth mindset for your business, you automatically eliminate unhealthy competition between staff. The focus immediately shifts to efforts and not just results. With this step, a collaborative atmosphere is encouraged. Staff become more willing and enthusiastic to share their skills, seek help when required and learn from the more knowledgeable in the group. This in turn allows for creative group thinking and problem solving, where “issues” are seen as challenges that can be readily overcome.

  1. Focus on strengths

If efforts are geared towards developing skills that one is already good at, there is a far better chance to become an expert at it. But in focusing on weakness, a lot of effort will be employed to raise skill level. Hence, businesses are to consolidate their strength and work on continuous improvement.

  1. Encourage and accept feedback

Although we all love to receive compliments, the most valuable feedback is that which fosters improvement, rather than feelings of approval. Criticisms and feedback should be welcomed and taken seriously. It should be employed towards service or product improvements and not seen as an attack. Business leaders are to be open and listen to feedback and see mistakes as opportunities to learn. Naturally, this doesn’t mean you follow all the comments thrown your way. First, understand where the feedback is coming from, analyze it from the perspective of your business and goals, and then, act upon it if it will be valuable to the business.

  1. Learn from the mistakes of others

Growth-minded leaders should be open to learning from other people’s mistakes and not criticize business mishaps and failures. They are to try to learn as much as they can from these situations so that they avoid making the same mistakes. Pinpoint the errors of past entrepreneurs, competitors and leaders that may apply to the business and goals you wish to attain. This helps alleviate the fear of trying new things because you’re willing to see through another’s lens.

  1. Set SMART goals

If you want to develop a growth mindset for your business, it is important to set goals that are achievable. Setting goals is challenging because they can be too big that it’s more of a dream, or too small that people will lose interest. Setting SMART goals will effectively assist you in getting those first checkpoints in place. Setting SMART goals means setting goals that are Specific, Measurable, Achievable, Relevant and Time-based. These goals should also be clear and understandable.
“In all, growth requires tenacity, consistency and perseverance”.
It also requires that goals be kept in sight, pushing through frustrations, failures and challenges along the way. The growth mindset can be an incredibly powerful business tool for business to foster talent, create innovation and reap real results. To develop a growth mindset for your business is a process, not a destination, and should be employed effectively by every organization to embrace change, seize opportunity, and ultimately thrive.

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