Editorial note: Please note that this article was part of another post originally called The relationship between your brains and your brand, originally published on May 19, 2020. We have since pulled that portion of the post out to its own post.
After discussing some feedback with Peer Advisory Group members, we made the decision to move this on its own because how D&Co interprets the relationship between your brain and your brands is so important, it deserved its own post. Outlined below is the summary of some research we’ve collated on what ‘mindset’ really means.
Resources, tools and coaches have flooded the internet with jargon about mindset, the importance of it to your overall wellbeing and also to professional success. Business mindset. Positive mindset. Success mindset. Entrepreneurial mindset. Mindset and strategy. While they’re not wrong about the importance of it, they’re not giving you the full picture either.
But what does this even mean, exactly?
Let’s unpack this:
Mindset is defined as “whether you believe qualities such as intelligence and talent are fixed or changeable traits”. People with a ‘fixed’ mindset believe these qualities are inborn and unchangeable whereas a ‘growth’ mindset believes these can be changed and developed (Very Well Mind, 2020).
What is mindset:
Whether you have a growth or fixed mindset largely influences how you cope with life’s challenges (Very Well Mind, 2020). “What you think about influences your behaviors, not the other way around” (Mariama-Arthur, 2017).
Why this is important:
It goes without saying that in everyday life, let alone our work lives that we are faced with changes, challenges and dilemmas that we need to cope with and overcome.
“If you believe that your talents, abilities, and intelligence are static, then there is nothing driving you toward making an effort to grow. As a result, you stick to things in which success is assured because you know there will be no accomplishments in untested areas.”
— Mary Hoofnagle (Just Mind, 2014)
When you own your own business, taking calculated risks — knowing there is a likelihood for failure — is inevitable. When you own your own business, you WILL receive constructive criticism from clients, employees, social media followers, etc. about how you can improve what you’re doing. To put this in context, if you are a business owner with a growth mindset you will use the feedback as fuel for growth (Just Mind, 2014). Whereas, if you are in a fixed mindset, you’d be more likely to spend time proving that you were right instead of listening and adjusting your practice based on what your consumers want. Which of the two do you think is more likely to success?
Why is this important when you own your own business:
Update on July 30, 2020:
I recently came across this graphic, which i think is another very helpful way to think about mindset. Maybe a little less about focusing on whether you are in a growth mindset vs. a fixed mindset - but overall creating a more resilient mindset, which is an asset to any small business owner.
