In today's ever-changing world, if you don't develop a growth mindset, you will get left behind.

Your mindset is the driving force behind every decision that you make. At the end of the day, it determines your success or your failure in business. In her book, Mindset: The New Psychology for Success, Stanford psychology professor Carol Dweck explains that “The attitude we bring to our daily activities can play a large role in shaping and extending the ways we utilize our innate talents.” 

People with a growth mindset believe that their intelligence can be developed through hard work. They possess a passionate love of learning and view failure as a gift. In contrast, people with a fixed mindset believe their intelligence is fixed, that mistakes are signs of failure, and that talent, void of effort, is what creates success. 

Which mindset do you adopt? If you are trapped in a fixed mindset, now is the time to change it! Entrepreneurial success demands that you do so.

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Do you have a fixed or a growth mindset?

Some people believe that if you grow up with a fixed mindset, you can't ever change it. Science is proving that it is possible to change a person's mindset from fixed to growth. Research on brain plasticity has shown how connectivity between neurons can change with experience. The good news is that, if you believe that your brain can grow, you will behave differently!

If your business isn't thriving, it could be that your mindset needs an upgrade. Entrepreneurship can be a roller coaster ride of highs and lows, so if you are afraid of speed, you need to re-think whether or not this is the ride for you. As an entrepreneur, if you aren't growing, you're dying. This is equally true in business, as it is in any area of life. 

The practice of entrepreneurship requires a specific type of mindset, one that focuses on innovation, possibility and a commitment to personal growth and development. 

Let's explore 6 ways to develop a growth mindset.

1. Commit to Continuous Learning

We've been conditioned by our education system to believe that once we finish school, our learning days no longer exist. Think again. If you want to become a successful entrepreneur, you need to commit to lifelong learning and create daily habits that expand your mind. This is an integral part of developing a growth mindset.

It's easy to fall into the trap of, “I don't know how to do that because it's not a skill of mine”, but that's far from the truth. Do you know how many business skills I had to learn from scratch, with no previous experience? I knew that if I wanted to succeed, I needed to take control of my learning, and do it well.

Our intelligence is not fixed. Rather, it is ever-expanding, if we choose to see it that way. If you act as if you know everything and make choices based on your assumptions and judgments, you won't be receptive to the world of opportunities that lie in front of you.

I encourage you to attend seminars and events, read books, take part in training programs, listen to podcasts, or find a mentor or coach who can help you apply what you learn. Learning is great, but if you don't do anything with it, it's a waste of time. This is what people with a growth mindset do.

Successful entrepreneurs commit to developing their knowledge, skills, and abilities. Rather than dabbling, they make daily growth one of their top priorities. If you follow their lead, you will have a strong competitive edge that will allow you to thrive in life and business.

2. Transform Problems Into Possibilities

A lot of people react to problems in a negative way, but the key to success is to accept that problems are a normal part of life. When it comes to running a business, expect an onslaught of daily challenges to arise. It's all part of the process. The fact of the matter is that we don't have control over the outside world. The only thing that we have control over is how we respond. 

All successful entrepreneurs have one thing in common – an optimistic mindset that enables them to transform their problems into possibilities. When bad things happen, they don't panic or get reactive. Rather, they look for ways to grow, improve, and adapt in a way that leaves them feeling more knowledgeable than before.

A study by positive psychology researcher Barbara Fredrickson found that positive emotions broaden your sense of possibilities, which in turn allows you to build new skills that can provide value in other areas of your life. If you can train your mind to see the light at the end of every dark tunnel, not only will you be less stressed but you will also be able to more effectively master change. 

We can't always see it in the moment, but oftentimes a problem can send you down a better road. Einstein said it best – “In the middle of difficulty, lies opportunity.” The next time that something bad happens, ask yourself how you can transform it into an asset that can serve both yourself and your business.

3. Be Open To Feedback

People that refuse to accept feedback have a fixed mindset. Because they see their intelligence as unchangeable, they are resistant to growth or improvement of any kind. The fact of the matter is that anyone that isn't on board with change is falling behind.

The sole purpose of feedback is so that we can get better at what we do. When it comes to running a business, customer feedback is essential. There is nothing more helpful to an entrepreneur than knowing what is working and what isn't working in their business. Entrepreneurial success demands that you see feedback as an opportunity to improve your skills so that you can become a better leader.

At the end of the day, feedback from others is a great opportunity to reflect and learn. This will allow you to improve your performance, thereby propelling you forward at a faster pace. If used correctly, feedback can be one of your most valuable tools. Take it from Ken Blanchard – “Feedback is the breakfast of champions.”

4. Cultivate Resilience 

Resilience is the key ingredient for developing a growth mindset. It is what differentiates those who succeed from those who fail. When you sign up to be an entrepreneur, you need to be prepared for hardship, because setbacks are a part of the package. There are a lot of bumps along the way, and your success will be determined by your ability to navigate those terrains. I have yet to meet an entrepreneur who hasn't experienced growing pains along their journey to success.

When life knocks you down, how fast are you able to bounce back and keep moving forward? Resilient entrepreneurs know how to stay calm and cool in the face of unexpected obstacles. They never stop persevering, despite the odds that are stacked against them. In essence, their “bouncebackability” is strong, which gives them an edge in the business world.

Resilience is a trait that can be developed through experience. I believe that it is something that every entrepreneur has the power to cultivate. It gives you the competitive advantage that is needed in today's ever-changing business world.

In the words of Amy Carmichael, “Let us not be surprised when we have to face difficulties. When the wind blows hard on a tree, the roots stretch and grow stronger. Let it be so with us. Let us not be weaklings, yielding to every wind that blows, but strong in spirit to resist.” Are you ready to start flexing your resilience muscles?

5. Fail More

As much as it hurts, failure is a necessary part of life. Nobody likes to fail, but if you want to achieve massive success in life, I encourage you to fail more often. I hate to break it to you, but if you aren't failing enough, you are doing yourself a disservice and actually minimizing your chances for success. I know this may sound counterintuitive, but it's true.

People who possess a growth mindset embrace failure. I've failed hundreds of times. I can’t say that I love it, but through the process of it, I have learned some of my most valuable lessons in life that have allowed me to take my business to the next level. Not sold yet? Let me explain.

The road to entrepreneurial success is paved with a lot of windy and uneven forks in the road. If you want to reach your full potential, you need to step outside of your comfort zone and be fearless in the face of failure. Failure is proof that you are trying. It all comes down to your mindset.

Instead of viewing failure as a bad thing, approach it as a healthy part of life. Mistakes help us clarify what works and what doesn't work. A wealth of scientific research suggests that mistakes actually make us smarter and results in a higher rate of learning. This proves that failure is more than okay. It's great!

The most epic accomplishments in life are often the most difficult. They require that we fight with every inch of our heart and soul and that we are willing to risk it all, just for the chance to achieve our dreams. The next time that you try something new, be open to failing. You may surprise yourself how many valuable lessons come from the act of failure.

6. Fall In Love With The Process

On the road to entrepreneurial success sometimes people can get so caught up in the end result that they forget to fall in love with the process. The process is where the real growth occurs. If your only end goal in your business is to make money, you won't get far. People with a growth mindset wake up every day and feel passionate about what they are doing. They let the results speak for themselves.

It's who you become in the process of achieving your goals that matters most. Do you have the desire to do the things that other people won't? Entrepreneurship requires that you constantly sacrifice comfort for the opportunity to grow. In reality, this is how we become better at doing anything in life. I encourage you to discover your greatness, through trial and error, and put in the hard work to get to where you want to go in life!

A growth mindset is the secret sauce of entrepreneurial success.

Success requires that we adopt a growth mindset; that we constantly grow, expand, and evolve. The world is filled with amazing opportunities, but only if you are open to seeing them. Never doubt the power of your mind. You can either believe that your qualities are fixed, or you can seek out challenges and learn how to thrive through them, stretching yourself in the process. The choice is yours.

In the words of Carol Dweck, “Becoming is better than being.” Are you ready to become more and unleash the potential that resides within you?

Are you ready to learn how you can master your online business? CLICK HERE to join my Online Business Mastery Accelerator program!

Do you want to discover how a growth mindset shapes your reality? CLICK HERE to read the article that I wrote on Medium!