Whenever people start a new entrepreneurial project, they usually have one goal: reaching a point of success where the business no longer needs an introduction. Once the company starts being successful and has grown enough, it should have a smooth cash flow, so you don’t worry about insufficiencies. While setting such an objective keeps you focused on your path, it also puts you at risk for something else.
There are more than 57 million small businesses in the world, all competing against one another for a place in the market. If you’re interested in achieving success, settling is the last thing you aim to do. Thus, learning how to have a growth mindset is essential to staying at the top.
Defining the Growth Mindset in Entrepreneurship
Carol Dweck first coined the concept in her book Mindset: The New Psychology of Success. There, she expressed that people have two different ways they run their business: either employing a fixed mindset or a growth-based one. This determines how they approach a challenge.
For instance, someone who has a fixed outlook would be resistant to change and follow the same routine. It’s considered good for some, as it is the “safe” route. Nevertheless, they might also be unwilling to take risks for fear of failure.
A growth mindset offers more flexibility. In their pursuit of innovation, these individuals are inclined to take risks. Entrepreneurs with this mindset believe you can never stop learning, and the more you understand, the greater your growth will be.
Embracing Failure as a Stepping Stone to Success
Many startups fail to succeed simply because of the wrong decisions. They take the risk, and it backfires right into their face. These entrepreneurs frequently file for bankruptcy or give up on the idea before it has time to bud.
We all need innovation to succeed, but it also involves many risks. Not every path to novelty is always straight. We come across disappointments or potential setbacks, causing fear to make its way into our hearts. It makes us unable to try new things, stifling our creativity and courage. We no longer seek failure and stick to the old, proven ways to keep our business going.
If you want to focus on growth, you must take your fear of failure out of the equation. The truth is that it happens even to the best of us, so you have to understand how to approach it with the right mindset.
Failure acts as a teacher of what you could do better in the future. It offers you feedback and lets you brush up on our ideas. It tells you exactly what you did wrong to change the approach in the future. Furthermore, it’s not always easy, but you build resilience and perseverance as you confront your weaknesses.
Continuous Learning and Skill Development
By adopting a growth mindset, you also take on the belief that one’s intelligence and abilities are built through dedication and hard work. This is the opposite of fixed mindset-ers, who believe skill is something you are born with. Since it is innate, you do not need to improve, which may help prevent your company from developing.
Growth mindsets put the focus on continuous development and learning. The world is constantly changing, so you have to remain informed. As a result, investing in training and education is essential to becoming an entrepreneur, as it helps you know the trends and face new challenges.
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Adaptability: A Cornerstone of Entrepreneurial Success
It’s completely normal to make mistakes when you launch a business. What you need is to learn from them and adapt accordingly. For your business to be successful eventually, you should be willing to understand the average customer’s needs. Since these are ever-changing, you need to monitor the market to implement the right features. For example, in the past, people only exchanged images in the standard PNG format. Many businesses and individuals now work with PDF instead, so they need to learn how to convert PNG to PDF easily.
By refusing to adapt to the changing times, you risk pushing yourself off the market. For instance, Blackberry cell phones were very popular more than 10 years ago, as everyone was looking forward to having such a device in the first decade of the new millennium. Now, they are nowhere to be seen. Nevertheless, they could have adapted to the customer’s needs regarding touchscreen features, which eventually made the company irrelevant.
Fostering a Culture of Innovation within Your Business
So, why is it important to have a growth mindset? The answer is pretty straightforward: without this type of thinking, your company will stagnate. It is the safest thing to do if the business is already successful. You are earning money, which should be good enough for you. But what if things could be even better?
Since new trends appear yearly, it is safe to assume people always seek something new. Your job as an entrepreneur is to prepare for this and rise in the face of the challenge. Based on customer feedback, a growth-minded team can forecast which products will become popular and which ones will fall out of favor.
By fostering a culture of innovation, you can also become a trendsetter. For instance, people are more inclined to buy from the company that invented the feature. Individuals are always looking for something new, and by being the first to employ a specific type of technology, your brand name will likely become associated with it in the future.
Companies that Have Adopted a Growth Mindset
Plenty of companies managed to reach success by adopting a growth mindset. Here are a few examples:
Apple
The 90s were challenging for someone to succeed in the tech industry, mainly if you had ideas like Steve Jobs. Small businesses were coming and going, so you needed to work extra hard for your project to stay at the top. However, Jobs had a different idea, and his growth mindset enabled his business to reach billions’ worth.
First, Jobs decided the best way to succeed was to challenge conventional wisdom through innovation. He believed people had to see a product first to realize they needed it. He ended up selling billions of units, increasing the company revenue to $108 billion by the time his second tenure turned a corner.
This kind of thinking also reached down to his employees. He believed it was no use hiring smart people only to tell them what to do. After all, you want them for their knowledge, so micromanaging everything they do would be counterintuitive. Instead, you should create a culture based on autonomy and trust, where everyone can do their jobs as they see fit.
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PDF Guru
In the past, PDF documents could not be meddled with. Turning the files into PDF made it impossible to make changes in that format once they were sent. Due to the digital revolution, more businesses rely on electronic formats and discard physical paperwork. Sometimes, files require extra signatures or modifications, which cannot be done in PDF.
This is a problem that PDF Guru tries to solve, as they focus on adaptability and innovation. Over the years, the customers’ needs have changed. Some want to add electronic signatures or change a few lines in a text. Others need to turn images into easily printable documents but do not know how to convert PNG to PDF. Therefore, the company frequently adds new features and formats in response to what its clients want.
PDF Guru strengthens its growth mindset by investing in skilled personnel and cutting-edge tools. It also adopted the “Let’s put it to the test” motto. The business is constantly trying new things to make its work easier, using the power of AI and human knowledge. It focuses on everything from SEO content writing (NeuronWriter) to website analysis (Screaming Frog), using every resource available to drive its growth.
Duolingo
Duolingo is an app that many have begun to rely on when learning different languages. Initially, the concept was simple: create a path users can follow and encourage them to continue learning. However, instead of following a fixed growth plan with “safe” techniques, they decided to listen to their users and implement a strategy based on the client’s behavior.
For instance, unlike other learning apps, Duolingo greatly emphasizes gamification. With the number of video game users increasing, the preference for such entertainment is expected to evolve. The platform rewards streaks and creates user rankings to keep people going and engaged. Each lesson is also a small chapter for which users get points.
Still, the most notable thing about Duolingo is how its marketing capitalizes on meme culture. At some point, users started making jokes online about the Duolingo Owl, the company mascot, and its mildly threatening way of pushing them to do their lessons. And the marketers were smart enough to use that.
One example would be the fake YouTube commercial on an unfair lawsuit against the Duolingo Owl, warning individuals about the corrupt lawyer in the description. The meme hilariously continued in other aspects of their marketing, an example being the threatening note attached to Duolingo owl plushies. Users were left in stitches after Duo passive-aggressively encouraged them to do their daily lessons, as it now knew where they lived. The company used humor to drive its growth, and people were there for it.
Final Thoughts on the Importance of Adopting a Growth Mindset as an Entrepreneur
Having a growth mindset is essential to become relevant with the times. User needs constantly change, so your team has to improve over the years. Innovation is the key to success, and continually thinking about development is essential.
Growth Hackers is a modern growth hacking agency helping businesses from all over the world grow. There is no fluff with Growth Hackers. We help entrepreneurs and business owners cultivate a growth mindset for entrepreneurial excellence, increase their productivity, generate qualified leads, optimize their conversion rate, gather and analyze data analytics, acquire and retain users and increase sales. We go further than brand awareness and exposure. We make sure that the strategies we implement move the needle so your business grow, strive and succeed. If you too want your business to reach new heights, contact Growth Hackers today so we can discuss about your brand and create a custom growth plan for you. You’re just one click away to skyrocket your business.
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Ever feel like your own thoughts are working against you, holding you back from reaching your full potential? You’re not alone.