Embracing Growth: Unleashing the Power of a Growth Mindset as a New Service-Based Entrepreneur
As I embark on my journey as a coach, community builder, and branding strategist, I've come to appreciate the profound impact of mindset on my success. Two distinct mindsets that shape our approach to challenges and growth are the growth mindset and the fixed mindset. In this blog post, let's explore the differences between these mindsets and examine why cultivating a growth mindset is crucial for new service-based entrepreneurs.
The Growth Mindset: Embracing Possibilities
A growth mindset is rooted in the belief that abilities and intelligence can be developed through effort, perseverance, and learning. A growth mindset is defined by a willingness to embrace challenges, learn from failures, and persistently seek improvement. Take the example of Nike, a renowned brand that embodies a growth mindset. Through their famous slogan, "Just Do It," they encourage individuals to push their limits, embrace challenges, and strive for personal growth. Nike's relentless pursuit of innovation and improvement is a testament to the power of a growth mindset in driving success.
More recently, Nike faced a dilemma when their brand ambassador quarterback Colin Kaepernick took a knee to support Black Lives Matter. Instead of avoiding conflict and ensuring the status quo in marketing (to be apolitical and walk the middle ground), Nike decided to hold its ground, step into its brand values, and back Kaepernick in his protest. By doing so, Nike saw support and revenue growth due to its clear stance. Although they lost supporters in their commitment, they also reinvigorated and reenergized a loyal following, attracting new customers simultaneously. It was risky for such a large brand and went against traditional wisdom. However, staying in the space of curiosity and possibility, they took lemons and turned the situation into lemonade, all because of a growth mindset.
As a small business owner, you can be bold in your convictions like Nike and stay open to possibility, even in the face of obstacles or criticism. Your brand can embody a growth mindset in addition to your personal beliefs. When looking at ways to build a growth perspective into your business, also examine where you can incorporate them into your brand strategy.
“While feedback is critical for growth, so is trusting your gut and establishing your internal compass when making decisions. The more you trust your instincts, the louder you will hear them.”
The Fixed Mindset: Stagnation and Limitations
In contrast to a growth mindset, a fixed mindset is characterized by the belief that abilities and intelligence are fixed traits that cannot be significantly developed. Individuals with a fixed mindset tend to avoid challenges, fear failure, and feel threatened by the success of others. Blockbuster, a once-thriving video rental company, is an example of a brand that succumbed to a fixed mindset. Despite the industry's changing landscape, Blockbuster clung to outdated strategies, failing to adapt and innovate. Their reluctance to embrace change and growth ultimately led to their demise.
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Importance of a Growth Mindset for New Entrepreneurs
As a new entrepreneur, cultivating a growth mindset is paramount. By embracing a growth mindset in my business, I approach challenges as opportunities for growth and learning. While this sounds easy on paper, infact, it can be tough to follow through on at all times. That doesn't mean you should give up. Instead of being deterred by setbacks, I view them as stepping stones toward improvement. By continuously seeking knowledge, learning from my setbacks, adapting to clients' challenges, and refining my skills, I position myself as a versatile and valuable coach and empowered entrepreneur.
For a brand story about resilience and perseverance, consider Sara Blakely's (the founder of Spanx) path to success. She faced multiple rejections from manufacturers and investors before successfully launching her shapewear brand. But Blakely knew that her concept was worth fighting for. In a male-dominated industry, she saw an opportunity to speak up for women because she trusted her life experiences and vision. Blakely's growth mindset allowed her to persist, learn from failures, and ultimately build a billion-dollar business. Whatever your challenge is, a growth mindset can help you see a path out of the forest when all you see are trees.
How to Embrace a Growth Mindset
To nurture a growth mindset as a new entrepreneur, you can actively seek learning opportunities and surround yourself with supportive networks. Coaching can also help you see where your views are limited and how to broaden your perspective. While feedback is critical for growth, so is trusting your gut and establishing your internal compass when making decisions. The more you trust your instincts, the louder you will hear them. You might not know exactly where you're headed. Still, you can develop a clear vision of where you want to end up, providing a roadmap to help you through uncertainty while remaining mindful and open to possibilities. Remember that success is not a fixed destination but a continuous journey of improvement.
As I embarked on my entrepreneurial journey, I recognized the vital role of mindset in shaping my success. By cultivating a growth mindset, I empowered myself to embrace the unknown. With the right outlook, you can equip yourself to unlock your full potential, driving innovation, creativity, imagination, and long-term success as an entrepreneur. Sometimes, all it takes is a reframe or a new perspective.
“Whatever your challenge is, a growth mindset can help you see a path out of the forest when all you see are trees.”
Keep Learning
What is your relationship with failure? How do you handle uncertainty? What does embracing a growth mindset look like right now in your business? Keep asking yourself powerful questions to reprogram your automatic responses to be more growth-orientated. Through awareness, you can shift your mindset from fixed to growth over time.
