As humans, we generally view failure in one of two ways. Either, as a hopeless unbeatable obstacle, or as an opportunity to learn and try again. The kind of mindset you have can make all the difference to the way you deal with everyday challenges, but from a business perspective this can be the difference between making it… or breaking it!
Renowned motivational psychologist Carol Dweck divides people into two main mindset categories: a growth mindset and a fixed mindset. Those with a growth mindset believe that intelligence is not fixed or predetermined. They believe skills and abilities can be acquired through dedication and hard work. The other group — with a fixed mindset – believe their abilities and skills are individual traits that cannot be changed.
If having a specific mindset impacts how someone deals with day-to-day situations and can influence their success, can an organisation also have a growth or fixed mindset?
The short answer is yes.
When a business and its leaders lead with a growth mindset, they embrace failures, seek challenges, and cultivate a growth mindset culture. Ultimately, this helps them to stay on track and achieve their goals.
In Australia, it’s estimated that more than 60% of small businesses will fail within the first three years of operation. This is a daunting figure to get your head around! That’s why having a positive growth mindset, and encouraging one within your organisation, is crucial if you don’t want to be just another statistic.
We’ve put together some tips on how you can develop a growth mindset for your business, starting today!
You can’t accomplish everything on your own, and that is why you have employees to assist you. Sure, you may be able to accomplish a task without help, but it will take you longer and is also probably not the best use of your time. Many hands really do make light work and this is why delegation should be the foundation to your operation.
Hire people who have skills and abilities that can be nurtured, so you can free up your own valuable time to focus on the business’s key growth aspects. Just know who can handle what effectively and assign the tasks. That way, you will not only challenge your workers but also cultivate a growth mindset culture from the ground up.
A great leader is highly focused and focused on the right things. There are some things that will matter more to your business than others. There is nothing worse than getting bogged down on a task that seemed important, but in hindsight wasn’t actually organisationally important at all. It will be hard to advance your business if you don’t know exactly where your operation should be focussing its efforts.
And as a boss, how will your employees know what to tackle first if you’re not setting that example first? You must work to ensure that at any given time, what matters most is addressed first. The positive effects will trickle down.
Know where your skills are needed most and focus there. Don’t put in just 10% and expect to get great results. Be ready to be at 100% to achieve greatness. When you put your skills to the best use, you see new challenges. You are able to motivate your workers, and, importantly, you quickly get to the next level. For example, if you have built a successful business over time but feel now it is time to benefit from digital marketing (and you have the ability to do that), take advantage of that potential.
As CEO or business leader this means knowing where the core skills that you can utilise are, so you can advance to the next level.
Every successful business should have a list of core values that guides its every day operations. I dare you to find even one successful organisation that doesn’t have even a few core values driving it. Core values ensure that everyone within your organisation knows exactly what’s expected of them, so they can do the right thing in every situation. They keep you on track and ensure you remain as one with a common goal. Here are some core value examples you might like to include in your list if you don’t have one already. Ensure to define what they mean to you as a business.
To see your business take off and progress smoothly, it is essential to have a growth mindset in everything you do. Build an environment where your workers are encouraged to nurture that mindset even in their lowest moment. Feel free to contact us at Oracle Tree for more information on how to grow your business through nurturing the right mindset.