INSIGHT

How can mindset affect entrepreneurship?

Growth mindset vs Fixed mindset
Have you ever wanted to sing but lacked the natural talent? And what did you do then? Did you give up because you thought you couldn’t sing, or did you persevere and trained your skills? Depending on which of the two choices you made you have a fixed or a growth mindset.
Let’s see what it means.

According to the Harvard Business School “Someone with a growth mindset views intelligence, abilities, and talents as learnable and capable of improvement through effort. On the other hand, someone with a fixed mindset views those same traits as inherently stable and unchangeable over time.” To return to the questions posed at the beginning of this blog, having a growth mindset means that the fact that singing isn’t one of your natural talents has nothing to do with your ability to practice it. Even though it may be more difficult for you than for a natural soprano, with a few months of hard work and training, you can sing wonderfully. Of course, this does not imply that you will be able to make a living as a singer, but it does demonstrate that you can master the skill despite a lack of “innate talent.”

Quick introduction to the history of the growth mindset
The first person identifying the concept of growth mindset was the Psychologist Dr. Carol Dweck, through a ground-breaking research investigating the reason why some people fail and others succeed. In one of her studies, the doctor gave participants multiple tasks ranging from harder ones to easier ones. Some of the participants embraced the failure and used it to learn and do better, which is the approach the doctor later named as “growth mindset”. Another relevant result from the research was that, differently from the common opinion, acclaiming the process of acquisition is more beneficial than praising the natural talent itself because it rewards the effort and persistence pursued to achieve the result.

To conclude, growth mindsets seemed to have an impact on the academic and working results due to the motivation coming from the approach.
Why is it important to pick up this concept?

The above example shows how beneficial a growth mindset can be in an everyday setting. However, here we want to stress how crucial it is for entrepreneurship specifically.

  • It gives you the power to change field of work because you have the flexibility of learning and changing the status quo;
  • It triggers your resilience in front of difficult situations where learning from mistakes and perseverate is the only solution;
  • It enhances your capabilities of doing better after someone’s feedback rather than remaining stuck due to criticisms;
  • It keeps you humble by reminding you that there is always room for learning and improvement.

Is it possible to change your mindset?

Well, it would be hypocritical saying no. In fact, just as it’s possible to acquire new skills, a person is also capable of changing thinking patterns. Neurostudies prove that even as adults, the brain continues to develop and alter. The brain is comparable to plastic in that new neural pathways can be formed over time, allowing it to be remolded. As a result, scientists have coined the term “neuroplasticity” to describe the brain’s ability to change through growth and rearrangement.

So the answer is YES! You are always on time to change your mindset. How? Allowing yourself to discover new things can help you overcome a fixed perspective. Professional networking, reading articles and books on topics of interest, problem-solving with others to obtain new views are all examples of possibilities to learn and grow. You can also gain new skills to help your entrepreneurial venture succeed by attending online courses.

What are you waiting for?

Drop us a message if you want to discuss the topic more in detail, Refreshworks is always open to new inputs!

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