2020 was the year of compression and stagnation. The economy ground to a halt as businesses were forced to cease operations and millions of people were furloughed or lost their jobs. Business owners, especially small business owners, were fearful of having to permanently close their doors – and many businesses did succumb to the financial pressures.
But for the brave and the bold, 2021 was the year of expansion and recovery. CEOs across the nation, who doubled down and believed in their business, saw the tides turn this year. Suddenly, success – not just staying afloat – became a feasible reality.
But how can you maintain the momentum of 2021 and push your business even further? It starts with a growth mindset.
The concept of the “Growth Mindset” was first developed by psychologist Carol Dweck in her book, Mindset: The Psychology of Success. It quickly found favor amongst academics, who utilized the idea to energize students in their work and find greater success.
What is a Growth Mindset?
A growth mindset means believing you can evolve, learn, and grow. It means that you believe you can even if you currently cannot. The growth mindset opposes the fixed mindset, which perceives intelligence or skills as “fixed” and, therefore, they cannot be substantially improved.
Growth Mindset vs. Fixed Mindset
Let’s break down the fundamental difference between these perspectives. Take an example: Drawing.
Artistic skills are frequently considered to be naturally endowed. Someone with a fixed mindset thinks that they are bad at drawing, and they will always be so it’s not worth trying. As a result, they never draw and remain bad at it – affirming their belief they are a terrible drawer because they’re “not a natural.”
However, a person with a growth mindset would recognize drawing is a skill like any other, and if they want to improve, they must practice. As a result of their practice, they notice their abilities sharpen, and further unlearn the belief that art is a natural gift.
Outcomes of Growth and Fixed Mindsets
Generally, people with a fixed mindset may avoid challenges, be dissuaded when receiving critical feedback, and succumb to new obstacles they encounter. But for those with a growth mindset, every challenge is an opportunity. They move forward into the unknown and throw themselves wholeheartedly into new situations.
What’s more, studies have shown people with a growth mindset will work harder because they believe they will eventually achieve, and this added effort results in greater success. A growth mindset can change the trajectory of your life; but you cannot merely sing its chants, you must internalize it.
How a Growth Mindset Can Benefit Your Business in 2022
Developing a growth mindset is essential for business owners in 2022. We have not achieved enough stability to define a “new normal,” there is only new. As such, business leaders must bravely dive headfirst into the murky waters of the future.
Uncertainty is the Only Certainty
For business owners, seeing what’s ahead is nearly impossible: the virus mutates, different demographics are affected by different variants, new closures ensue, and the re-openings that follow vary state-by-state. It is a cycle of instability. And, in these times of economic unpredictability, the only certainty is that the pandemic will continue this course – it’s what viruses do.
Forward-thinking, thus, must adapt. Instead of planning your year out based on pre-pandemic industry trends, your business’s process must be nimble: constantly ready to pivot.
For instance, many CEOs were unprepared for the global supply chain disruptions that have been clogging up distribution and consumption processes. Fueled by labor shortages, these disruptions have catalyzed a cascade of effects: shortages on goods from meat to used cars, less inventory for businesses, and higher price tags for consumers. Supply is unable to meet demand. But it’s how a business responds to this that will determine if it persists or folds.
With a growth mindset, however, coping with uncertainty is manageable. You must affirm your belief in yourself, your industry knowledge, and your ability to understand and adapt to the shifting demands of the pandemic marketplace. The conditions are rocky. Without this perspective, you may stumble before getting the chance to run.
Optimism at All Costs
But these conditions are a clue: as pandemic-related restrictions lift, people want to consume. Keeping operations and the executives who govern them agile, with a close eye on buying behaviors and potential points of disruptions, will allow businesses to shift their strategies and grow despite the strain. This approach, however, requires a growth mindset.
If business owners allow themselves to succumb to the pressures and the fear, they will make no progress. They will drown in the blurry sea of potential opportunity. But, with a growth mindset, there is hope – a light atop the waves.
Conditions will, eventually, reach homeostasis. And people will be eager to drink, dance, and dine together; they will be consuming to fill that void of deprivation caused by the pandemic. Above all, we can expect social and economic growth – a roaring 2020s – if we hold on to optimism and belief in the buoyancy of the market.
A growth mindset is a critical factor to this optimism. If you fall into the thought patterns of the fixed mindset, you may be fooling yourself into failure. Your current hardships are not fixed; instead, they are learning opportunities. This is the time to buckle down and work hard.
Overcoming pandemic-related distress in business requires quick thinking and ample effort. Business executives may be unable to do it alone. No matter how you pivot, having innovative minds by your side can make the difference. Grow your business and your team with the help of GRN Mid-Cities. Contact us today and learn how key talent can make 2022 your best year yet. And, if you’re looking for more content on the growth mindset and how it can benefit you, tune into Namastir wherever you listen to podcasts.