Do You Have a Fixed Mindset or a Growth Mindset?

One of the most valuable assets that a business owner can possess is a growth mindset. This sense of innovation, motivation, and self-awareness creates a potent concoction that will fuel you through even the darkest night or deepest valley. 

What is a Growth Mindset?

Carol Dweck, a renowned psychologist and author, has written several books about the power of a growth mindset and its role in how “able” we think we are. It became popular in education due to its specific references to a child’s eagerness to learn. 

When we are kids, we are excited to try new things. We want to understand, explore, and experience our world. It creates a sense of “reckless abandon” when it comes to fearing failure because, at that point, we haven’t experienced enough failure to know the pain it can cause. 

As we grow older, though, that joy begins to fade. We repeatedly stumble as we learn to read, make new friends, or practice writing the alphabet. With those failures comes a sense of shame and a need to avoid situations that create failed results. 

So, Dweck argues that from there, people generally grow into two camps: 

Growth Mindset: “People believe that their most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment.”

Fixed Mindset: “People believe their basic qualities, like their intelligence or talent, are simply fixed traits. They spend their time documenting their intelligence or talent instead of developing them. They also believe that talent alone creates success—without effort.”

Growth Mindset and Business Ownership

In a business setting, a fixed mindset shuts down opportunities, breeds insecurity, and can often spark envy of those who are continually growing. If, as an entrepreneur, you believe that all of your talents, skills, and abilities were pre-determined at birth, you will never help your business reach its full potential. 

A growth mindset, on the other hand, helps business owners excel at three critical components of successfully running a company:

• Willingness to put in the time, work, and energy to learn to be a better entrepreneur. 
• Learning from, instead of focusing on, failures. 
• Holding yourself accountable as the ultimate obstacle or encouragement on your way to your goals. 

A Quick Mindset Quiz

Wondering where you fall on the spectrum of growth mindset to fixed mindset? Take a quick quiz to find out:

Do you agree or disagree with the following?

1. I believe that you “can’t teach an old dog new tricks,” so I’d instead stick with what I know rather than try something new.
2. I believe that everyone is intelligent in their own way, but trying to be smart about things we’re not naturally good at is a waste of time. 
3. I believe that learning as an adult is pointless. I already know what I need to know to get by. 
4. I believe that I will never achieve as much as someone who is more naturally talented than I am. 
5. I believe that you are born with particular innate abilities and that the only practical use of time is mastering those skills. Branching out will only lead to failure. 
6. I believe that successful people can do great things without practice. They’re “naturally” good at it.

If you disagreed with most of those statements, you have a growth mindset! You’re willing to try hard things to improve yourself as a person. 

If you agreed with most of those statements, you have a fixed mindset. You most likely believe that you’ve done all the learning and growing you’re going to do– If that’s the case, give this Carol Dweck TedTalk a view. It just might change your mind (pun intended). 

How Able Are You?

Business owners stuck in a fixed mindset for years might find it challenging to unwedge themselves from those harmful ideas, but working with a business coach can give you the boost you need to dig deep and find your potential. Don’t waste any more of your valuable time believing that you can’t learn something new.

Catalyst Group ECR works with entrepreneurs, business leaders, and owners just like you to rekindle a love for learning by exploring your talents, finding your growth areas, and providing you with the mentorship you need to turn them into success in your business.