Mindset Monday: How Companies Can Profit from a Growth Mindset

October 24th, 2016

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Before you can profit from a growth mindset, you have to know what it is. So, let’s talk about that first.

What is a Growth Mindset

The growth mindset is an idea originally coined by Carol Dweck. In the 1970’s, Carol was a graduate student studying how children cope with failure. She soon learned that many children didn’t cope with it at all, they savored it. She discovered that there was dichotomy between people for whom failure is the worst case scenario and people who turned their failure into a new opportunity.

Carol spent the next few decades studying this idea. In the early 2000’s while writing a book on the topic, she assigned the term “fixed mindset” to people who viewed talent as something they either have or do not have, and “growth mindset” to people who accept new challenges and have a constant desire to learn new skills and ideas.

At this point, you can imagine how valuable a growth mindset is to business and how to potentially profit from a growth mindset, but there’s a lot more to this concept to talk about though.

What Having a Growth Mindset Actually Means

Basically, people with a growth mindset worry less about looking smart and focus their efforts on learning. Thus, people with a growth mindset tend to achieve more than their less ambitious counterparts. Can you imagine the impact that a staff of people with the growth mindset would do for your business? It’s astronomical.

Have you ever felt like your soul was being sucked out at a dead-end job? That’s the reason many people turn to entrepreneurial endeavors. People, as a whole, are individuals who need an outlet for creativity and for whatever their unique gifts might be. People who work in an environment where a growth mindset is fostered and encouraged will automatically feel more empowered. Giving people that outlet through their work also results in a workforce that is committed.

Growth Mindset By the Numbers

Is your mind racing?

This is good stuff, right?

Failure was never meant to be a crippling blow, but some of us learned about it that way while others learned that it was an opportunity. Check out what Carol Dweck’s research found out about workers in a growth mindset environment:

  • 47% more likely to say their co-workers are trustworthy
  • 34% more likely to feel a strong commitment to the company
  • 65% more likely to say the company supports taking risks
  • 49% more likely to say the company encourages innovation

It’s easy to imagine how that type of empowerment can lead to business growth and company profit.

Applying the Growth Mindset to Your Business

If this sounds like something you want to implement where you are, whether you are working for yourself or someone else, it starts with you. The growth mindset is a culture that has to be created and promoted from the top down. You must be prepared to encourage constant learning and provide for it on some scale. The growth mindset is very much focused on your employees and their potential while reserving faith that adopting this mindset will take care of business profitability as by-product. This means adhering to employee-centered best practices like hiring and promoting from within your company. Growth mindset is a commitment, so be prepared to give it your all.

How to Profit From a Growth Mindset

At this point, it should be obvious how profit happens with this model. When you invest in your team, the reciprocation is natural. Whatever it is you’re trying to accomplish with your business, your team is working toward that goal on your behalf. When you invest in them and make their potential for greatness a part of the company’s overall aim, profit is a natural by-product.

Wrap Up on Getting Profit From a Growth Mindset

Have you made the concept of getting a profit from a growth mindset a priority in your business? We’d love to hear about it in the comments!

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