Having a Growth Mindset as a Business

Posted on March 31, 2022

The importance of one’s mindset is the subject of hundreds of self-help books, lectures, and quotes, and many of them roughly translate to “mind over matter.” If you rolled your eyes at that, it is for a good reason. We all know that there are very real institutional, financial, and physical barriers to success that cannot be simply overcome with positive thinking. Nevertheless, studies have shown that companies that have a collective “growth mindset” opposed to a “fixed mindset” yield dramatically higher rates of trust, accountability, and innovation among employees (Dweck). In other words, having a growth mindset as a business does in fact correlate to higher probabilities of success. 

What is a Growth Mindset

For starters, growth mindsets are not equivalent to positive thinking, “growth mindsets are about believing in the potential for development and that learning a new skill comes from practice and perseverance. It’s not simply from natural talent.” 

How to Cultivate a Growth Mindset in the Workplace

Accept failure as learning

Failure is inevitable, but your company’s response to failure is far more consequential. Companies with growth mindsets do not focus on their shortcomings, but rather identify them as gaps that can be filled by adapting and improving. 

Put in the time and effort

A growth mindset must be coupled with a strong work ethic in order to reap the rewards. Dedicate yourself to becoming an expert in your field and encourage employees and coworkers to constantly seek out opportunities for professional development. 

Have a purpose

Being cognizant of the reason why you are doing what you are doing makes you more resilient to the hardships of business. Purpose creates meaning and meaning often endures any high or low. 

Incorporate “yet” into your vocabulary

Good things take time and companies with growth mindsets do not expect immediate results. Instead of saying they have not achieved a particular goal, they have faith in their abilities and say “we have not achieved it yet.” 

Set realistic goals

Like we mentioned before, a growth mindset can only account for so much. For example, a middle-aged man who is 5”2 may never be able to play in the NBA despite his commitment to personal improvement. However, that does not mean that he cannot become the MVP of the local men’s basketball league. Companies with a growth mindset understand their limitations and set realistic goals.

By leveraging some of these strategies, you can foster a culture of change and growth in the workplace, which ultimately helps your business. 

Also read: Mental Health in the Workplace 

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