Embracing a Growth Mindset: The Key to Entrepreneurial Success

Introduction

What many people don’t realize when they start out on their entrepreneurial journey is that they are pioneers. Embracing a growth mindset is crucial for these aspiring entrepreneurs. There are more entrepreneurs today than ever before because the power of the internet has transformed the way we do business. It has given us all access to more powerful tools, more resources, and a platform through which to reach billions of people.

The problem? This is uncharted territory and many people have no idea how to thrive in these circumstances. How do you stay on task? How do you avoid burning out? How do you stay motivated when there are so many funny TikTok videos that you haven’t even got to see yet?! Maybe that last one is just me.. But seriously, why is it so hard sometimes to stay focused on all of the things that you know need to get done? Especially when you are filling every role in your one-man “organization” and all the responsibility is on you!

How Changing Your Mindset Transforms Your Productivity

Interestingly, sometimes you can enhance your brain function simply by focusing on the right thing or changing the way you think. For the entrepreneur wanting to get more out of their working day, this can have profound implications.

Let’s start with some examples of how simply ‘re-framing’ a situation can help you to accomplish greater cognition. Research shows that only a limited number of items can be “held in the mind” at once. The average human can only remember 3 to 4 things at a time based on the ‘limit’ of working memory.

Regardless of the interpretation of working memory, this limit still exists, as we struggle to hold information in the mind and focus without losing track of it.

So, how do you get around this? One novel solution is something called ‘chunking’. It sounds gross but it’s not like that… Basically, chunking means that you combine multiple numbers into a single number or a single semantic ‘chunk’. So for instance, 2 and 3 actually becomes 23. This way, you are actually remembering fewer numbers.

How to Increase Creativity

Another interesting example of changing the way you approach a subject is to overcome the ‘cognitive bias’ known as functional fixedness.

Functional fixedness describes an inability that many of us have, to instantly see all the applications for any resource. We see a tool as being an item used for a specific job, rather than something that can be used in a variety of ways.

So, for example, if you are given a hammer, you might think of that hammer as something to drive nails into the wall. Thus, you might not think to reach for it when trying to pry open a window. Because it is ‘labeled’ as a hammer, it is harder to think of it outside of that context.

The result is that you become less resourceful. Again, the solution is to re-frame the situation and change the way you ask your brain to operate. Instead of thinking of tools and resources as tools, try to ask yourself what raw materials you have available to you. So rather than a hammer, you have a hammer and a piece of wood, some metal, and a stick. Suddenly, the options increase.

This is just another example, but it’s one that can have direct consequences for entrepreneurs: when trying to find a creative solution to a problem you are facing, consider how your approach might be limiting the options that you see before you!

Using CBT to Avoid Overwhelm

Changing the way you approach a problem or think about a situation can actually have a much more profound and fundamental impact on the way you think too.

In particular, it has the ability to change the way that you perceive the world around you and the way that you control your mental state.

Specifically, we can change what we focus on and the way we internalize events in order to change the way we react to those circumstances. This is extremely valuable for any entrepreneur who is finding it hard to deal with the large amounts of stress their life places on them.

Did you know that when you visualize something you light up areas in your brain as though you were actually doing that thing? So, when you visualize yourself running, you actually light up areas in your brain corresponding to that movement and to the things you might see and hear on that run?

Well, as it happens, this is realistic enough to effectively ‘fool’ the brain. In other words, your brain thinks that you actually are running and that you actually are moving.

No, this won’t work to try to lose a bunch of weight seeing as you aren’t placing the same energy demands on your body! But in terms of changing your mood and even creating brain plasticity – strengthening the connections necessary to use the correct running form – it really is as good as the real deal.

This is why a dancer can actually practice their moves in their mind’s eye and it will be just as effective as if they were doing it in real life (to an extent). When they picture themselves moving, the same neurons fire as though they really were moving. The neurons that fire together still wire together and as such, you reinforce the movements and can more easily reproduce the routine.

Of course, you won’t be able to develop your balance or grace in the same way, because you are only using a simulation of real-world physics rather than actually making those movements. But you get the point! Anything you want to rehearse, anything you want to get better at, you can do in this way.

So, for instance, if you want to improve your memory retrieval and your ability to navigate a space, then you could try simply picturing yourself walking out your front door and walking down the road.

Or try closing your eyes right now and then recreating the room you’re in, in your mind’s eye – including the positions of items, etc. Just how good is your awareness of your surroundings and your ability to commit that to memory?

This kind of visualization training can be useful for improving your working memory too – because you’re using your working memory to do it.

But here’s where things get really interesting for the burned-out entrepreneur…you can actually use this in order to control your mental state.

Many of us feel scared in situations that aren’t all that stressful because we’re visualizing what would happen if the worst-case scenario were to happen.

You are stressed when you are in debt because you are picturing how it might end in you getting into worse financial trouble. You are picturing your partner leaving you because you were so reckless with money. You are picturing your bank account at zero.

But focus on calmer and less stressful aspects of the situation – focus on the plan – and you can place yourself back into a more relaxed state.

Are you struggling to finish an assignment by its deadline? Try to focus on the task at hand, making sure to remind yourself of why it’s important. Picture yourself relaxing and feeling calm because you’re finished. Don’t picture what happens if you don’t finish on time.

By keeping one half of your brain fixated on the present, and the other half of your brain in the future, you become better at organizing your thoughts, you stay more focused, and you gain a better understanding of what to focus on right now.

Not only that, but you become better at overcoming the stress that comes from being an entrepreneur. Similarly, you can use this same trick to then switch off from work when it’s finished.

This is extremely important because it’s how you can recharge your batteries and regain your energy before getting back to work the next day.

Your brain needs downtime in order to wake up refreshed and to allow you to focus. If you are always “on” then you are always in a state of arousal and fight or flight, meaning that your body’s ability to recover and restore itself is being suppressed.

Only by truly resting and not thinking about work, can you put your body in a calm state. Remember, when you think about the work that needs to be done, your body thinks it is working. When you think about an angry client, your body thinks it is in danger.

To truly turn off, you must completely shut your mind off from work. To do that, you need to place your mind in the moment. This comes with practice, but it’s extremely important for an entrepreneur to learn.

Something that has helped me tremendously is practicing meditation. When it comes to learning how to be mindful, meditation is a game-changer. If you’re not really sure how to meditate then I highly recommend you check out this book if you want to easily learn how to incorporate meditation into your life.

Growth Mindset

Embracing a growth mindset is another aspect of mindset to consider. This is a state of mind that sees growth as possible. Too many people who are bad at something consider that they will stay that way. They forget that they can improve.

So you’re not succeeding as an entrepreneur? That doesn’t mean “it’s not for you.” It just means you have some growing to do.

Good news! Learning any kind of business or skill is now easier than ever! If you’ve always wanted to be a businessman or a businesswoman and have often dreamed about setting out on your own and launching an organization or becoming an entrepreneur then you’re not alone.

The sad reality is that few people are really content in their job, or love being told what to do by their bosses, and some people dream about being able to create something of their own and accomplish financial and creative freedom as a result.

But while a lot of people do dream of this freedom, most are not self-employed or the CEOs of promising new startups. So what’s going wrong?

Well, there are many barriers that prevent people from setting off and starting up their own business from a lack of finances to a lack of idea, but perhaps the most common is that people just don’t know how.

They don’t know anything about business, and they don’t know how to make an idea work as something that will earn money so they simply give up.

Obviously, this isn’t the right attitude to have, but there is a very good solution: learn. You might not be good at business now, and you might not have the ideas or the know-how right now, but there’s nothing stopping you from learning and then you will be able to be anything you want to be.

And even if you already are running a successful business you should of course still carry on learning because you can never be too good at any business or skill. There will always be something more to learn for those who are willing to put in the effort.

Reading

It might sound too easy, but nothing is stopping you from finding a good book, or any kind of reading material for that matter, on the topic you’re trying to learn about and gaining some knowledge on the basics or maybe even some of the more complicated areas of business or whatever skill you are working to acquire.

While of course reading isn’t going to ever be as good as doing or starting a course, you’d be surprised just how much you can learn and particularly if you choose the right book. One book I highly recommend is this amazing guide for a very informative introduction to business.

Courses

If you just want to learn the basics of business but don’t feel confident learning from a book alone, then there are a large variety of different courses you can take that will give you all the basic information you need. This way you will get all the reading material, but also the opportunity to get tested and marked on your knowledge.

Doing

All in all, the very best way to learn from and gain expertise in anything that you want to do, is by doing it. This will allow you to experiment and learn from your mistakes. This way you will be able to see the principles you read about actually in action and it will give you a much fuller grasp of the concepts.

Of course, if you’re nervous about actually starting a business, then start small. It doesn’t have to be a huge endeavor, even just selling crafts on Etsy is a microcosm of business and all the same principles apply.

Networking and Mentorship

Another effective way of embracing a growth mindset is by surrounding yourself with like-minded individuals who have experience and expertise in business.

Building a strong network of professionals and entrepreneurs can provide you with valuable insights, guidance, and support. Attend industry events, join business groups, and engage in online communities where you can connect with others who share your passion for entrepreneurship.

By learning from their successes and failures, you can gain practical knowledge and develop a broader perspective on business.

Additionally, seeking out a mentor can be immensely beneficial. A mentor is someone who has already achieved what you aspire to achieve and can provide you with personalized advice and guidance based on their own experiences.

They can offer valuable insights, help you navigate challenges, and push you to grow beyond your limitations. Mentors can be found through networking, industry associations, or mentorship programs specifically designed to connect aspiring entrepreneurs with seasoned professionals. 

Continuous Improvement

Developing a growth mindset in any area requires a commitment to continuous improvement. Embrace the idea that there is always more to learn and strive to expand your knowledge and skills.

Stay updated on industry trends, innovations, and best practices by reading books, attending seminars, and participating in workshops relevant to your field.

Look for opportunities to enhance your skill set in areas such as marketing, finance, leadership, and strategic planning. Taking online courses or pursuing further education can also be a great way to gain specialized knowledge and credentials.

In addition to formal education, learning from your own experiences is crucial. Embrace challenges and view them as opportunities for growth rather than setbacks.

When faced with failures or setbacks, analyze what went wrong, identify lessons learned, and make adjustments accordingly. Embracing a growth mindset and a mindset of resilience and perseverance, and understanding that failures are stepping stones toward success.

 By continuously refining your approach and learning from both successes and failures, you will develop the skills and mindset necessary to thrive in the world of business.

Embracing a growth mindset is not just about acquiring knowledge and skills; it’s also about cultivating the right attitudes and beliefs.

Believe in your ability to learn and grow, and challenge yourself to step out of your comfort zone. Embrace risks and view them as opportunities for personal and professional development.

Surround yourself with positive influences and maintain a mindset focused on continuous improvement and resilience.

Developing a growth mindset is crucial for business success. By recognizing that growth is possible, committing to lifelong learning, seeking guidance from mentors, and embracing challenges as opportunities, you can unlock your full potential as an entrepreneur.

Success is not solely determined by your starting point but by your willingness to grow, adapt, and persevere. So, believe in yourself, and remember that embracing a growth mindset is part of the exciting journey of unleashing your entrepreneurial potential. If I can do it then I’m sure, you can do it too! If you have any questions along the way, then don’t hesitate to reach out to me I’ll do my best to help in any way I can, and together we’ll get you going in the right direction!

Frequently Asked Questions: