Business owners who have a growth mindset believe that their efforts and those of their people will lead to success in business.

American psychologist Carol Dweck coined the terms fixed mindset and growth mindset to describe the underlying beliefs people have about learning and intelligence.

Why a growth mindset?
When people believe they can become smarter, they understand that effort makes them stronger. Therefore they put in extra time and energy to develop intelligence, ability and skill, and that leads to higher achievement. In simple terms, a growth mindset maintains that we are what we work to become, as opposed to assuming that intelligence, ability, and skill are inborn and relatively fixed. As American basketball player Stephen Curry said, “Success is not an accident, success is a choice”.

When business owners operate with a growth mindset, they embrace failure as a positive part of the learning process. They also cultivate a growth mindset in their companies, encouraging employees to challenge themselves and learn within a growth-oriented company culture.

Become an expert
It’s critical to become an expert. Strive to become truly good at what you and your business do – so that everybody wants your services, and you stand out from the competition based on your speciality. Making yourself stand out to obtain the results you want is what is most important if you want to cultivate a growth mindset.

Being an expert means gaining professional recognition which can lead to a chain reaction of success beyond your expectations. To become an expert in your field, obtain as much knowledge as possible about the industry you work in and continue learning throughout your career. Encourage your team to do the same.

Take on challenges
Part of developing a growth mindset is shattering the negative perception of challenges. Each new thing you realise you don’t know presents a new opportunity for education and growth.

It’s human nature to be uncomfortable when experiencing a new challenge. Learn to recognise this feeling of discomfort and chase after it. Most often, the challenges that make you feel the most uncomfortable are also those that turn out to be the most rewarding in the long run.

Achieve quick wins
The secret to achieving many business objectives is to establish shorter-term goals that are relevant, achievable, easy to measure, and time sensitive. This is because it is easier to maintain focus on the path you have set out on.

Do not be obsessed with perfection. Instead, be fast. Getting somewhere first has more value than being perfect but too late to the party. Quick wins and first-mover advantage is very important for growth. Build an appetite for failing often and quickly, and developing your products and services rapidly, while always aligning them with the needs of your customers.

Be tenacious, be grateful
Tenacity and gratitude go hand-in-hand. Work hard, hustle and, no matter what happens, be grateful you had the opportunity to do it.

Growing a business is hard work. It requires tenacity and perseverance. It also requires you to keep your goals in sight. Gratitude is a fundamental requirement for a growth mindset. Be grateful for what you have now, and for what you are aiming to achieve.