A growth mindset proves to be the top factor in making a business successful. I have 8 growth mindset tips for entrepreneurs (and more).
What makes a business successful?
It’s a simple question. The answer… is harder.
But I’m going to make an attempt anyway.
So let me ask that again.
WHAT IS THE #1 FACTOR IN BUSINESS SUCCESS?
It’s not the products you offer
It’s not the marketing
It’s not the investments
It’s not the hours you work
FAIR… I’m making this sound very black and white, which we all know it isn’t. Because any of these are important. Very important.
But without THE RIGHT MINDSET FOR BUSINESS SUCCESS… it’s going to be a massive struggle.
It’s easy to get all caught up in the practical side of running a business, but I’ve learned that the journey of a successful entrepreneur is just as much about …
- your mental framework
- your personal development
- your thinking
- your attitude
- your beliefs
And I have to tell you, it took me a while to learn this lesson.
But these days I know better.
It’s all about having a fixed mindset vs. a growth mindset
Fixed Mindset Vs Growth Mindset
- If you approach your business with a fixed mindset, you believe your abilities and your intelligence are static. Challenges and risk give you the heebie-jeebies. And you have a huge fear of failure. The status-quo is your comfortable hiding place.
- On the other hand, if you embrace a growth mindset, challenges become opportunities to learn and grow. Getting push-back is part of the game and it’s an opportunity to do better next time around. If things go pear-shaped, it’s not the end of the world. (Fair enough, initially it may feel that way, but you don’t remain stuck there.) Rather, it’s an opportunity to reflect and improve.
I have a comparison between mindset in business and a super sophisticated high-speed computer that I think explains it rather well.
You just received a beautiful new shiny high speed computer. To get the most out of it, you will need to take it out of the box, unpack it, and then learn its capabilities and its features. Not all of that is going to be easy. But if you want this computer to do what it’s capable of, you will have to go through that process. If you’re too scared to break it, you will never reach its full potential.
Similarly, just like the new shiny computer, we have to take our minds out of the box and do the learning. Embrace the hits and the misses, the victories and the failures.
Overcoming Limiting Beliefs In Business
But if it’s that simple, why do we get so scared to do the obvious thing?
BLAME THE CAVE MEN AND WOMEN.
By default, our primal brain wants to protect us. It avoids risk, and it avoids failure. Because back in the day, these things were likely to be fatal.
Bottom line: we have to tell our brains that it’s okay. That this challenge won’t kill us and it’s an opportunity to learn.
But our cave women's’ brain is only half of what stands in the way of the right mindset for business success.
We also have to deal with what we call “limiting beliefs”.
Usually they show up as “I'm not enough” statements.
So what do I have to say about overcoming limiting beliefs in business that are bound to hold us back? And more importantly, how do we turn them into liberating truths?
Practical Sandra has 4 steps for you.
Turning Limiting Beliefs Into Liberating Truths in 4 Steps
Overcoming Limiting Beliefs In Business Step 1: Be Aware
You know it: awareness is half the battle won.
So, be on the look-out for thoughts or feelings of self-doubt.
They are likely to show up when you're facing a new challenge, or when you are considering making a big, bold move in your business.
When the self-doubt comes …catch it out!
Overcoming Limiting Beliefs In Business Step 2: Questioning It
Now, it’s not because you have feelings of self-doubt that they aren’t valid either.
Ask yourself if this belief is based on facts and evidence, or if you are simply telling yourself a story? Is it other people that are putting the brakes on your success?
I mean, there are a lot of things we're told in our childhood that pave the way we think about ourselves as adults. And for the most part, … they are not true.
Overcoming Limiting Beliefs In Business Step 3: Reframing
The next step is one of action.
After we’ve identified the limiting beliefs as nonsense, we have to reframe them and place them into an empowering statement that reflects our true potential.
Here’s an example of what I mean: The negative self-chat tells you you're not experienced enough. You now reframe it as “I have the ability to learn and adapt quickly”.
Overcoming Limiting Beliefs In Business Step 4: Consistent Practice
Practice makes perfect!
Let’s be fair, changing your mindset in business will not happen overnight. It takes dedication and practice. And it’s the typical story of two steps forward, one step back.
But I also want to remind you that none of us are alone with these limiting thoughts.
Even the most successful entrepreneur has to deal with them.
The reality is… it's just part of the journey. The difference lies in how you respond. Either you let them hold you back or you rise above them and use them as stepping stones to reach your goals.
8 Mindset Tips For Entrepreneurs
1. Get a good coach
Going back to when I was doing my transformational coach training, a big part of what we studied was our ability to tell the difference between a growth mindset and a fixed mindset.
We learned to identify fixed mindset statements in our clients and then reflect them back to them as a question. This is important because it’s easy enough to tell your clients they have a fixed mindset. But when you ask them a question and they reframe it themselves as a growth mindset statement, it becomes so much more potent.
Admittedly, it’s difficult to ask the right question. And it took me (and the other students in my class) a while to learn this. But a good coach will know how and will help you take the first steps.
2. Embrace Challenges
Challenges are the crucial point where growth happens.
I say that because challenges push you to expand your skills and your knowledge. And they help you build resilience.
Embrace them. Welcome them.
3. Celebrate Effort, Not Just Talent
Your innate talents are probably what got you into business.
But it’s effort that puts you on the road to mastery. As we lean into effort, we get better and better and better.
The good news is that it's something that is completely within your control; something the cave woman's brain likes a lot.
4. Setbacks Are Good
We often view setbacks as slam-dunk failures. But they are so much more than that. They are valuable learning experience.
What did you learn from it?
What could you do differently?
What did you do because you just didn't know what you didn't know?
And what is it you’ve realised going through this experience?
Journaling is a marvellous tool for this because it allows you to reflect on what you might consider a total failure. Too often we pocket the setback and keep going full steam ahead. But it’s hard to underestimate the process of learning from your own reflection.
I know that was definitely my journey for several years. If something didn't go my way, I would just shrug it off, stick it in a box and keep moving forward. I didn't actually stop to learn the lesson.
What a missed opportunity that is!
5. Seek Feedback And Constructive Criticism
Welcome feedback and constructive criticism as an opportunity to refine your skills and make improvements.
However, I would say this with a word of caution because not all feedback is helpful or even valid. Ask yourself if taking it onboard creates positive change. If not, let it go.
Let it GOOOO!
6. Embrace The Power Of The Word YET
What am I talking about?
Notice the shift in language when you replace “I can't do this” with “I can't do this YET”.
Small as it is, it’s a powerful statement that acknowledges the growth in time and the effort that is going to be needed to get you there. But it also expresses the willingness to do it.
I’m telling you, often there’s more power in a simple word than we realise.
7. Surround Yourself With Growth Minded Individuals
You are who you surround yourself with.
So if you want to foster a growth mindset, then you have to surround yourself with like-minded individuals.
8. Cultivating A Growth Mindset Is An Ongoing Journey
Cultivating a growth mindset will never be a done deal. It’s a never-ending journey.
But equally, if you commit to it, you'll always be better than you were yesterday.
Start small, but start today and do it every day.
And on a final note: take heart. It becomes easier as you go.
It’s really worth it!
Because a growth mindset is not a nice to have but the key to unlocking your business' true potential. (Take that from someone who had to learn the hard way. )
Do You Want Some Help With That?
If you are thinking “Yes, please”, I would like to develop a growth mindset but I need some help with that, then someone to show you the ropes is a godsend.
Bring your setbacks and challenges to a coaching session with me and I will help you move your mindset from fixed to a growth mindset. It’s invaluable, and it’s something I wish I would have discovered much earlier in my business journey.
I have introduced a one-off Clarity Coaching Session to dip your toe in the water.
You can experience what it is like to get coaching from me. If you want to continue from there onwards, we can look at coaching packages that work for you.
Hit the subscribe button so you receive a notice when I release a new episode.
Don’t forget to share, so other people find value in this episode too.