How working on your mindset can promote business growth

What’s the psychology of success? There are very few hard and fast rules in business. 

Some people become millionaires by selling low-priced products at a high volume. 

Other people become millionaires by selling high-priced VIP services at a low volume. 

Some people become millionaires by having a really specific niche. 

Other people become millionaires by having a pretty general customer base. 

Patterns begin to emerge when you examine the mindset of successful individuals. Most successful individuals invest in inner work to consistently show up as their best selves in their business, whether they're riding high during good times or navigating through tough challenges. A great example of this is fostering a growth mindset. 

Fixed Mindset vs Growth Mindset

The concept of a growth mindset was coined by Carol Dweck. Her focus was on academic success in students but it’s very widely applicable. Her work relates mindset to achievement. 

If you have a fixed mindset, you believe, consciously or unconsciously, that people are born with a certain amount of ability or skills. So under this mindset, your limitations are inherent, unchangeable and unsurpassable. However good you are is however good you are. This leads to an ‘I can’t’ mindset. 

If you have a growth mindset, you believe anything can be learned. By working on a skill, you can master it even if it takes a lot of time and trial and error. There are no perceived limitations because anything is possible. This leads to a ‘How can I’ mindset. 

When it comes to fulfilling your potential and growing your business, a growth mindset is going to be a lot more beneficial. You develop the ability to look for solutions instead of ruminating on perceived failures. Essentially, it enables you to get out of your own way. 

How to create a Growth Mindset

But what does it actually mean to have a growth mindset? How do you get one? Changing your mindset isn’t a one-and-done situation. You can’t instantly exchange one for the other (if only!) What you can do is consciously decide to act in a way that’s aligned with the mindset you’d like to inhabit. Retrain your brain to respond in a new way and over time it will come more naturally. Actions that align with a growth mindset include:

Persisting through challenges

Opening the mind to believing anything is possible means sticking with the hard stuff until it gets easier. I know it’s tempting to run and hide when business (and life) gets challenging, but when you run away you lose the opportunity to make it happen. You are absolutely capable of turning things around!

Engaging in feedback

Feedback is a really useful tool for growth. Different people have different perspectives so can provide helpful insights into strategies to try. This comes with the massive caveat that not all feedback is of equal value. Be intentional about who you take feedback from. Will it help you to grow or is it just them projecting?

Find inspiration in other’s success

If other people have done it, you absolutely can. You won’t achieve the same thing in exactly the same way because everyone’s journey is different - as it should be! Reading about people who you relate to and who have achieved amazing feats or success stories from your area of expertise acts as evidence that it is 100% possible. 

Create a positive feedback loop

So often we underestimate just how capable we are and how much we have already achieved. That’s great evidence of your ability to grow beyond limitations and motivation to keep at it on those days when you’d rather hide in a fixed mindset because it’s less scary. Create some kind of positive feedback loop that regularly reminds you of how amazing you are. Your journal is a perfect way to document your progress.

Explore your mindset 

As well as intentionally changing your responses, it’s useful to look at the thoughts that fuel instances of a fixed mindset. What limiting beliefs are lurking around? Identify what they are, where they came from and an updated belief that would be more helpful to your growth and development.

Here are some journal prompts to get you started with exploring your mindset:

How often do you find yourself saying "I can't" without hesitation?

What are you currently turning down because you can't do it?  What if you could find a way to do it?

How do you react when people tell you that you can't do something?  Do you immediately instinctively agree or disagree with them?

A Support System for Mindset Work

Doing the inner work is doing the essential work. It’s how you make sustainable changes that have a meaningful impact on your business and life. But it’s not always the most fun. It can feel really vulnerable to look at your mindset and beliefs, considering what you believe you are capable of. 

You don’t have to do the inner work alone. The Find Your Vibe Business Club is a safe space for business owners to come together, make discoveries about themselves and turn that into progress in their business. A combination of journal prompts, live sessions and community discussions builds your momentum as you work on yourself to work on your business. Define and Grow Your Business Mindset is the focus of the Business Club in April so join us before then to dig deeper into mindset work.