Why Having a Growth Mindset in Business Is Essential For Success

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Henry Ford is credited with saying, "whether you think you can or you can't, you're right." Mindset is everything, especially when expanding your company. 

Leaders need a growth mindset in business to remain successful. Take a look at this overview of why having a growth mindset is your ticket to the next level up. 

Beware the Halo Effect 

One downside to success is the halo effect. This is the idea that your company's growth or success all depends on the actions of its leadership or employees. 

The halo effect puts your actions in charge of outcomes in ways that aren't realistic. When a company is doing well, it could be based on a number of reasons you had no control over. 

With a growth mindset, you'll look for opportunities instead of thinking you've already got the best system in place. You ask questions instead of making statements. 

You look for help knowing that your team is a wealth of information that you need to thrive. Growth mindsets keep teams moving as a unit when the team's see leaders looking for real improvement. 

Leaders with a growth mindset are more likely to earn and keep the respect of their employees. 

Handling Failure 

The most important aspect of having a growth mindset is that it teaches you how to deal with failure. Where the halo effect offers you praise for getting good outcomes, it can also destroy morale when you underperform. 

Business growth isn't always transactional. Maintain a growth mindset in business to keep you from focusing on what you get in return from your actions instead of the quality of your performance. 

Growth says that this one experience isn't the end of the line. There are far more stops along the way where you can employ new ideas or strategies. 

Distractions 

A growth mindset in business is helpful for warding off distractions. It's difficult not to get distracted at work with problems that arise, water cooler conversations and other reactive tasks. 

A reactive task is one that doesn't move you forward towards your goals. These are typical responsibilities delegated to junior employees or admins but they can also include spending too much time in meetings. 

A forward-thinking leader limits time spent in meetings that don't encourage growth. Recap meetings and meetings about other meetings are no longer on your radar. 

Instead, you keep the momentum of innovation looking for the next big opportunity. 

Coaching 

Having a growth mindset is a great way to set an example for your team. By focusing on teamwork and not pointing fingers when mistakes are made, your staff will respect you more. 

Leaders who scramble over the backs of their employees for recognition miss the chance to become mentors. Coaching is at the core of leadership. 

A growth mindset in business shows you how to tap into the talent on your team so that everyone wins. Your employees are a goldmine for growth opportunities and maintaining strong coaching relationships helps you keep them engaged. 

Beware the fear of competition. Praising your employees is a win-win for everyone. 

It shows that you're trustworthy and have a healthy professional identity. Junior employees can see an example of how to model this without sacrificing success. 

That's great for building a company culture that's based on a growth mindset. You can't buy your employees' loyalty. 

But you can earn it by showing them you're available to mentor and have their career success in mind. 

Listening 

Having a growth mindset in business makes you a better listener. When your employees come to you with recommendations or complaints, what are they really saying? 

Leaders with the right mindset see an opportunity to improve their company culture. The door to your office being open for mentorship sets the tone that the way your company is run is more important than what you get from everyone. 

Listening fully to employees allows you to learn what is and isn't working in your business. Perhaps the competition levels have gotten toxic and everyone is distracted. 

These are things you can't know unless you listen. Listening doesn't mean turning your office meetings into therapy sessions. 

There is an art to maintaining open communication without wasting time. Understanding the difference is part of a growth mindset in business. 

Eat What You Kill 

In business, you eat what you kill. Leaders with a growth mindset realize that challenge is what sharpens their skills. 

Learn to look for challenges. Even small obstacles keep your mind sharp on a daily basis. 

Running away from interpersonal conflict means skipping out on an opportunity to communicate better. Think of the last time you helped a colleague with a problem. 

Looking at the challenge from different angles helped open your eyes to new possibilities. It made you want to learn more in ways you hadn't imagined. 

Another way challenge helps you build a growth mindset in business is by encouraging you to keep learning. Continuing education is a gift that keeps on giving. 

Find courses you can take that sharpen your skills. Get a career coach you can learn from. 

No one can succeed in business without growing. Keep learning so you can see opportunities you never saw before. 

Building a Growth Mindset in Business 

A growth mindset in business is like a muscle. If you exercise it every day, it'll grow stronger supporting other areas of your life. 

You'll find that your communication skills at home or with extended family have improved. A growth mindset helps you manage stress since you're relying on the talent of a team, and not yourself, to bring business success. 

For more business growth information and growth-hacking tips, visit our blog for updates. Check out our Startups page for an even greater growth mindset in business. It's time to get going and get growing!

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