I don’t know exactly what the clinical definition of “mindset” is, but I’d describe it as the “inner you.”

It’s where you hold your beliefs, opinions, knowledge, stereotypes, etc., and is also where you determine how you will respond and react to forces in the outside world.

I think mindset is both a conscious and unconscious thing. Most of the time, we’re working on autopilot, and yet it’s not impossible — or sometimes even that hard, given the right circumstances — to change your mindset.

In running the family business, and later working with a lot of business owners as a business coach, I’ve seen that mindset makes all of the difference when it comes to improving, or fixing, a business.

There are really only two kinds of mindsets: growth and fixed. Let’s take a look at the characteristics of each:

Growth Mindset

  • Believing you can develop your brain, abilities, and talents
  • Having an insatiable appetite to learn
  • Regularly seeking help and often having mentors
  • Being resilient
  • Continually improving the way to do business
  • Understanding change is the norm
  • Being a great listener
  • Knowing that mistakes are learning experiences
  • Having a commitment to train and teach others
  • Being focused on profits and results
  • Seeing opportunities everywhere

Fixed Mindset

  • Believing talent alone creates success
  • Being judgmental
  • Always talking, rarely listening
  • Regularly making excuses/laying blame
  • Thinking that training is not important, hiring the best will take care of it
  • Having a reluctance to change
  • Being rigid in your belief system, not open to new perspectives
  • Not seeking help
  • Seeing problems everywhere
  • Being paralyzed by fear but never letting on
  • Being driven by ego and top-line sales

It’s important to understand that people can be fixed on some things and have growth in others; however, an overall fixed mindset in business can be a major barrier that prevents you and your business from reaching your potential.

How you think determines how you feel, how you feel determines how you act, and how you act determines your results.



The Importance Of Mindset

It doesn’t take a genius to understand that it’s better to be of a growth mindset than a fixed one when it comes to your business.

Yes, you’ve probably seen people who have succeeded in spite of themselves with a fixed mindset, but that’s like someone winning the lottery — it’s far too rare to be a realistic possibility.

When it comes to business, I think there’s a simple formula: Quality of Mindset = Potential

You’re not going to reach your full potential and, therefore, you’re going to hold back your employees and your organisation if you’re not operating with a growth mindset.

The only way you’re going to evolve from struggling to good and then good to great is if you’re open to doing what it takes.

So where is your mindset? How are you feeling? Are you frustrated, dissatisfied, and feel like there’s no spark behind what you’re doing? Do you feel overwhelmed because you know there is no way the business can run without you?