5 Tips for Building a Growth Mindset

A growth mindset is fostered through networking. Being around people invested in growing their businesses has a knock-on effect. Network Lead Exchange brings together entrepreneurs who value this type of mindset. 

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There’s a great motto in sports that goes champions see difficulty as opportunity. For people with a growth mindset, this is an everyday way of life.

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A growth mindset isn’t so much focused on the results of what has happened, but it is a process-oriented mindset using the data from what happened to make adjustments on attacking what will happen.

The most successful businesses are not accidental—they are run by people who have the right set of tools to handle adversity and plan for success. Here are some characteristics of people with a growth mindset.

Process Oriented

The process-oriented mindset is critical for success. Being results oriented means fixing the mind on something that’s independent of what is within an individual’s control.

The bottom line is as individuals, we can only control what we do, we can’t control how someone reacts to what we do. Instead, we can use that reaction to calibrate the process to ensure favorable results. A successful entrepreneur is always focusing on the process.

They’re like mechanics—they look at the car and see what they can adjust for optimal performance. Using the results as a measurement of the process’s efficacy is where entrepreneurs find out if they are indeed onto something, or if they are missing the target.

Resist the Urge to Overhaul

There is a feeling when bad results happen that the process is not working, and the truth is, it may not be. However, the first time bad results come is not the time to blow up the process. Instead, analyze what happened and continue to work the process.

There are several reasons methods may not work. It could be as simple as inexperience or it could be a larger issue. However, there are several ways to quantify behavior in each part of the process. Ultimately, check the data.

Sometimes there’s just a part of the process that isn’t working, or it could be things take time. In sports, no one is going to win when they start. It takes time to implement a philosophy. The same holds true with business. One thing is for sure—a business constantly changing its processes is a business doomed to failure.

Manage Short Term and Long Term Goals

A smart entrepreneur sets long term goals and uses short term goals as a road map navigating towards that long term destination. The goal is balancing the short term and the long term. Any business tilting the balance to one side or another is in trouble.

Whenever a decision needs to be made and the short and long term visions are in conflict, the goal is this—does the decision get the business to that long term goal and in turn cause some short term pain?

Or, is the short term gain worth the long term loss. Generally, long term goals are more ambitious. Live up to the ambition.

If some short term pain is required, that’s the compromise.

However, if the short term pain potentially puts the business on a path to insolvency, then the long term ideal must be deferred. The goal is always keeping the business on a prosperous path, and having this train of thought will always effectively guide growth.

Know Your Business’s Values

Most businesses have mission statements. These statements are not just window dressing—they are governing principles.

For entrepreneurs, a growth mindset comes down to the values embedded within the mission statement. When entrepreneurs are faithful to their values, that shows a commitment to growth.

One of the keys to any business is how faithful the people within the business are to core values.

The more faithful, the better the results. These guiding principles are there for a reason—they are what the company believes in, and thus for people who have a growth mindset, the founding principles of any entity are those they start with. These successful people are not lured away from what they believe in by the newest fad.

Keep an Open Mind

A growth mindset is not a fixed mindset, and plenty of businesses get in trouble because as the ground shifts beneath them, they’re unwilling to change with the times.

Kodak is a great example – this business is still associated with photography long after it ceased being actually relevant to photography. Kodak refused to get on board with the shift to digital, and stubbornly believed photographers would still choose film.

Kodak had a wide margin for error since it was a massive company with lots of wealth. In backing the wrong horse, they were flat footed. They stayed in the compromised position because as digital was beating film, Kodak wouldn’t acknowledge reality.

The most ironic part of Kodak’s demise is Kodak actually invented digital photography. Instead of maintaining control on the future, they stubbornly clung to the past.

The lesson here—be ahead of the curve and open to new ideas. Growth occurs not from seeing around corners, but taking good ideas and working them out.

A growth mindset is also fostered through networking. Being around people invested in growing their businesses has a knock-on effect. Network Lead Exchange brings together entrepreneurs who value this type of mindset.

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