By Joe Pawlenty, NPI, Inc.’s Senior Recruitment Coordinator
When people begin to wonder whether entrepreneurship is right for them, they often first consider whether they have the right traits to be successful. After all, leaving an established career can be tough, and it’s only natural to look for some confirmation that a big change will pan out.
Some say that you need to be “hungry,” “motivated,” or “ambitious.” Others focus on the importance of being “detail-oriented” or being a “risk-taker.” While considering these characteristics can be a valuable exercise, any amount of research and introspection often boils down to answering just one simple question:
In the franchising world, brands are deeply invested in how they can best identify partners who will go on to see success. While they will also look at different intangible traits, skill sets, and experiences, there is an even more prominent term that comes up time and again. The Growth Mindset.
Individuals who have a “growth mindset” are some of the most sought-after partners for franchisors and business partners everywhere – for good reason! These entrepreneurs are consistently thought to have the best odds for success, becoming innovators within their respective industries. But what is this secret sauce, exactly? What does it mean to have a “growth mindset,” and (crucially) how do you know if you have it? Let’s discuss!
What is a “Growth Mindset”?
The term “growth mindset” was first developed by Carol Dweck, an American psychologist and professor at Stanford University. In her book, Mindset: The New Psychology of Success (2006), Dweck describes two primary “mindsets” that people tend to have. One mindset is dedicated to learning and self-improvement – a growth mindset. The other mindset is focused on defined skills, talents, and interests – a fixed mindset.
Dweck, an educator, often relates these mindsets to the classroom and discusses how students who have a growth mindset tend to perform better in the long run. In a study discussed in Academic Tenacity: Mindsets and Skills that Promote Long-Term Learning (a project published by the Gates Foundation), Dweck points out that students who preferred to be praised for their hard work rather than their intelligence alone saw better test results and enjoyed their studies more than their peers.
According to Dweck, students who have a fixed mindset are those who attach their achievements and capabilities to their intelligence and inherent talents, rather than the skills they’ve developed over time. To Dweck, these students tend to put themselves into boxes, believing that their interests, skill sets, and proficiencies are static and, ultimately, unchangeable. If a challenge that falls outside their expertise or interests arise, then fixed mindset students are far less likely to engage and succeed (for example, an art major who grows disinterested while reading a complex article about computer science).
Students with a growth mindset approach these new experiences completely differently. They do not consider their interests, skill sets, or talents to be a hidden, inner quality of their being. Instead, they believe that they can actively invest in their abilities and even develop brand-new interests based on their actions and efforts. Their backgrounds and prior experience do not dictate what they can and cannot do!
To researchers like Dweck, the fixed vs. growth mindset divide is a dynamic factor in the development of students, but the benefits of having a growth mindset extend far beyond the school setting. Growth-minded individuals are also particularly well equipped to deal with the unique challenges and opportunities that come with being an entrepreneur and business owner.
What Are the Benefits of Having a Growth Mindset?
Transitioning from the classroom to the boardroom, entrepreneurs and business owners who have a growth mindset are thought to be far more open to trying new marketing strategies. When launching a new business, a new owner’s focus is often on achieving profitability, but down the road they have to avoid the dangers of becoming complacent. Growth-minded entrepreneurs are the ones that are always looking forward, expanding their services, tapping into new markets, and networking with new people.
While trying new things always comes with risks, those who are willing to be brave and take steps into unexplored territory are always the first to revolutionize their industry. Those with a growth mindset are innovators, and their businesses flourish because of this! Similarly, challenges and surprises inevitably arise while running a business, and growth-minded business owners are more able to adapt to those situations, especially when those challenges fall outside of their expertise.
Adding services and growing a market footprint also naturally leads to expanding one’s team. As we’ve discussed previously, star employees want to be challenged. Businesses that prioritize a company culture where their employees advance in their skills and take on new responsibilities also have better retention rates – a growth-minded company culture. Keeping your best employees for longer is always a recipe for success! See more tips for keeping employees right here.
The benefits of a growth mindset go on and on! But this brings us back to that original question. How do you know if you have what it takes to be a successful entrepreneur? How do you recognize whether you have a growth mindset?
How Do You Know If You Have a Growth Mindset?
As you might have guessed, people aren’t born with or without a growth mindset!
A growth mindset is something that anyone can develop within themselves, practice in their daily and professional lives, and instill in their own businesses. Most people can be a little bit growth-minded, and a little bit fixed-minded depending on the situation. But when it comes to entrepreneurial endeavors, those that build up a growth mindset habit will reap the rewards.
Here are a few of the best techniques that anyone can practice to help develop a growth mindset within themselves:
- View Challenges as Opportunities
Some approach new endeavors with caution, and that isn’t necessarily a bad thing! However, analysis paralysis can often lead people to miss out on valuable opportunities. Those that choose to see problems as opportunities for self improvement will find it easier to stray from their comfort zone and may surprise themselves at the successes they discover.
Don’t fear failure! Accept that while not every marketing campaign or add-on service will be initially successful, that doesn’t mean that you should avoid trying out new services, products, or strategies. As we’ve previously discussed, diversification is essential for a resilient business. It’s also a key factor in building up a growth mindset. - Celebrate Actions and Efforts, Not Traits
Central to a growth mindset is recognizing that interests and abilities are developed over time. To shift over to this perspective, celebrate hard work and specific actions rather than inherent traits like talent or intelligence. One good way to reinforce this mindset is to pick up a new hobby, read a book that’s a complete departure from your usual interests, or maybe start watching a new sport.
Reminder: Investing in a new skill will usually mean starting out simple and anticipating failures. However, recognizing improvements in your skills or understanding over time will be a constant reminder in your own ability to grow and change. Developing a growth mindset for your business starts with you! - Seek Out Other Growth-Minded People
Finally (and this is key), it’s important to find other people who also value having a growth mindset! Hang out with friends who challenge you to try new things, consider finding a business mentor, or maybe even think about becoming a mentor yourself.
Whenever possible, networking with a growth-minded community of people within your industry is even better as you can trade notes with one another and keep your finger on the pulse on trends within your business. While we’re biased, this is one of the fantastic benefits of joining a franchise! With National Property Inspections, you gain access to experienced professionals across the US and Canada who can share their insights on what works, and what doesn’t.
Surround yourself with people who love to push the limit and cast aside stagnation! Before long, your growth mindset will become second nature.
Do You Have a “Growth Mindset”?
If you have a growth mindset, then of course NPI would love to talk to you! Our marketing team, business coaching team, and technical support teams are all headquartered out of the US and ready to support your ambitious endeavors in building your property inspection empire. If you’d like to get the conversation started right now, reach out to our recruitment team today! Or get more information about starting your business here.
