Key takeaways
Having a growth mindset is essential to growing a successful business
Everyone in the company should have a growth mindset, from the CEO to the entry-level newcomers
Leading with a growth mindset means being comfortable with change and seeing obstacles as opportunities
To be successful in almost anything in life, having a growth mindset is essential. A continuous desire to improve allows us to grow and reach more potential than we ever thought possible. The same principle applies to running a business or a company. A company can’t grow by sticking to the status quo. Having a fixed mindset only gets you so far.
If you are looking to make a change in your company, start by embodying the growth mindset.
So, what is a growth mindset?
The growth mindset concept was developed by psychologist Carol Dweck, who introduced the idea in her book Mindset: The New Psychology of Success. According to Dweck, a mindset refers to a self-perception we believe of ourselves. She focuses on two mindsets: the fixed mindset and the growth mindset.
A growth mindset is just what it sounds like—the belief that you can grow and develop
yourself and your skills with time, dedication, and hard work. On the other hand, a fixed mindset refers to the belief that certain traits we possess are limited.
Most of us have perceptions of our abilities; “I’m terrible at math,” or “I can never achieve that goal.”
Growth mindsets can be applied to any area of your life; personal growth, financial growth, professional growth, and intellectual growth. You name it. This way of thinking can take any area of your life from ordinary to extraordinary.
Is a growth mindset beneficial for your company?
You may ask yourself, “Is this growth mindset concept all it’s hyped up to be?” Especially when applied to company mindsets rather than individual mindsets. Well, Carol Dweck and her colleagues wondered the same thing. They’ve conducted research and surveys from seven Fortune 1000 companies.
Their research found that employees at fixed mindset companies “often said that just a small handful of ‘star’ workers were highly valued.” This left the rest of the employees feeling less motivated than those working at a growth mindset company.
Overall, their research suggests that companies with a growth mindset had happier employees and better work culture.
In their survey, they found that employees working for a growth mindset company are:
47% likelier to say that their colleagues are trustworthy
34% likelier to say that the company supports risk-taking
49% likelier to say that the company fosters innovation
Source: Harvard Business Review “How Companies Can Profit from a “Growth Mindset,” Nov. 2014.
Great minds think alike
To run a successful business, each player, each individual, must have a similar mindset to reach new heights. The leader, owner, CEO, and top leaders must embody a growth mindset. In turn, the drive to continuously learn and improve continues throughout the rest of the company.
Those at the bottom or just starting with your company might already have this mindset; they are eager to grow and prove themselves. However, what about those who have been with the company for some time? Often, it’s those that are around the longest that sometimes lose sight of the importance of having a growth mindset. It’s good to encourage these members of the company actively.
Why leaders need growth mindsets
Leading with a growth mindset is essential to succeed as a company, but leading this way also encourages a culture of creativity, innovation, sharing ideas, and so much more. Simon Sinek says, “Success is a team sport.” Without the support of your team, you won’t get very far.
On the other side, leading a company with a fixed mindset—sticking to the status quo and refusing to change—might make the team feel ill at ease. The team won’t be encouraged to make suggestions or bring new ideas to the table. Who wants to work for a company like that?
Adopting a growth mindset as a leader encourages your team to grow, learn, and develop their skills. Thus, the potential of your company and its success becomes even greater. Leaders with a growth mindset tend to overcome challenges much easier than those with a fixed mindset. The ability to overcome business hardships is essential in a world and economy that is constantly changing.
Applying a growth mindset to yourself and your company
You can do several things to adopt the growth mindset in your life and your company.
Start with yourself—apply the growth mindset to every aspect of your life and change your outlook on life. Ask yourself how you can overcome whatever obstacle lies in front of you. When faced with a limiting thought, work through it.
Apply the mindset to your leadership—start implementing a growth mindset into your business. It’s daunting to face any issues or problems with your company, but you need to be honest with yourself. What areas of your company need improvement?
Encourage your team—Do what you can to encourage your team to adopt a growth mindset. Offer training to help your team improve their skills and encourage them to learn new skills that will benefit them.
Having a growth mindset takes a lot of openness and willingness to change. It is essential to be self-aware, embrace change, and see challenges as opportunities.
The team at Kremer Leadership Institute organized a training day for one of our clients where the team focused on self-growth. We wanted this training to empower the company and its employees to improve their lives in various capacities, both in their careers and personally. The company and its team enjoyed the day and found value in the training materials.
Change your life and your company with a growth mindset
By removing yourself from a fixed mindset, you free yourself from limitations. Really, the growth opportunities are endless. Once you realize that, you and your company can reach new heights you never thought possible.
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