Markets are driven by growth and they get more competitive by the day, meaning that to survive in the Fourth Industrial Revolution, it pays to have a growth mindset.

Whether you want to succeed in business or in business more generally, leaders at all levels will need a growth mindset, here’s why.

What Is a Growth Mindset?

Having a growth mindset means that you have a firm belief in your ability to grow and change through education and practice. It’s about more than having a positive mindset although that’s certainly part of it. A growth mindset will help you go above and beyond your own potential, It’s about raising the bar of achievement and knowing that there is nothing you can’t do when you have the right mix of education and practice on your side.

Things to Know About the Growth Mindset, Breaking it Down

There has been a lot of contention over the exact definition of a growth mindset. Some who are simply positive and open-minded consider themselves to have a growth mindset but the leading authorities on the subject disagree. The general consensus is that there is no such thing as a pure growth mindset. They are generally a hybrid mix of fixed and growth mentalities using the appropriate amount of each on a case-by-case basis.

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Another misconception is that a growth mindset is all about incessantly rewarding and praising yourself for every effort you make whether it’s successful or not. To the contrary, the growth mindset is all about learning and education to advance yourself and your own abilities for achievement. The more you know, the more you can do and you’ll be progressively better at all of your endeavors. It’s about growing your skills and investing in yourself to achieve higher levels of expertise.

One of the greatest symbols of the growth mindset is Da Vinci’s depiction of the Vitruvian Man, which represented a man well-versed in multiple fields of knowledge.

Benefits of Having a Growth Mindset as a Leader

One of the most interesting benefits of having a growth mindset is how it helps you learn from setbacks and actually turn those setbacks into advantages in the future. For example, going off of pure effort doesn’t always pay off. When you pour all of your effort into something and don’t see a significant return or any particularly productive results from it, you need to add something else to the mix. Leaders who have a strong growth mindset know that successful endeavors take more than just raw effort. If you want to give yourself the best chance of success, you also need to embrace learning and progress.

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The Advantages of a culturing a Growth Mindset in a Business

Studies were conducted that concluded that most businesses have a strong consensus on whether they have a fixed mindset or a growth mindset.

  • fixed mindset is characterized by thinking that only a handful of talented employees are important and that the rest cannot advance by developing their skills and furthering their education.
  • Conversely, businesses with a growth mindset recognize the potential of each and every employee. These firms believe that with a little education, their workforce can continue to grow in value.

When examining how these two different mindsets affect an organization’s overall health and potential to thrive, those who exhibit a growth mindset are much more likely to have a workforce that is engaged. Their employees will also be significantly more actively invested in the company’s success. Moreover, companies with a more dedicated and engaged staff will have a much easier time sprinting ahead of the competition.

In a growth mindset, challenges are exciting rather than threatening. So rather than thinking, oh, I’m going to reveal my weaknesses, you say, wow, here’s a chance to grow. – Carol Dweck

A growth mindset at the organizational level encourages much more than a positive work environment. Companies can become markedly more agile, productive, and ultimately more profitable by exercising a growth mindset and recognizing the true value of their employees.

One of the easiest and most effective ways to instill a growth mindset in a company is to include the precepts and ideals of that mindset in the mission and vision statements respectively. When employees read that the company they work for is committed to rewarding them for taking risks and learning from their endeavors even when projects don’t work out, they will be more motivated. Having a workforce that is highly motivated and backed by the confidence of knowing that they won’t suffer unduly when a project fails makes a company stronger as a whole from the inside out.

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Final Thoughts

Now that you know how having a growth mindset can benefit both businesses and individuals, you are ready to put this knowledge into action. By using the information you learned here and applying it, you and your company will ultimately be more successful. Failed projects will be less painful and you’ll be better equipped to learn from any mistakes and do better next time. Keep learning and keep doing, that’s the growth mindset.

The Floor Is Yours: 

How important is adopting a Growth Mindset in 2020?