Business Growth Mindset
A business growth mindset is essential if you want to grow a business to 7 figures.
I know as I have been there; having co-founded a business that went on to grow to £8 million turnover.
I can’t say that I am particularly brainy. I did ok at school, badly at A levels and dropped out of university. After a year of casual work in hospitality I eventually got a job in a hotel doing reservations. I got bored after about 3 months, was promoted after 6 months and left within the year.. The interesting thing is that my manager said when I resigned that he was expecting it but preferred to bring people in who were keen to learn and develop as they contributed a lot more even if they were there for a relatively short time.
My growth mindset comes from a love of learning; the need for a challenge and the constant desire for self improvement. I have had many many setbacks in my life - both in work and personally, but I have always managed to recover and move forwards. They have never stopped me from trying new things.
What is a growth mindset?
Growth mindset is a concept developed by psychologist Carol Dweck in her research on achievement and success. It refers to the belief that abilities, intelligence, and talents can be developed and improved through dedication, hard work, and learning.
This is in contrast to a fixed mindset, where individuals believe that their traits and abilities are static and cannot be changed. People with a growth mindset embrace challenges, persevere through setbacks, and see failures as opportunities for growth.
So why is a growth mindset essential when you are growing a business?
1. Resilience in Business
Scaling a business to seven figures often involves facing significant challenges, including increased competition, financial constraints, and operational complexities. A growth mindset will encourage you to view these challenges as opportunities for growth and learning rather than insurmountable obstacles.
2. Embracing Innovation
Growth typically requires innovation, whether it's developing new products or services, exploring different marketing strategies, or improving operational efficiency. A growth mindset fosters a willingness to experiment, take calculated risks, and adapt to changing market conditions.
3. Continuous Learning
To sustain and accelerate growth, you need to continually acquire new knowledge and skills. A growth mindset promotes a hunger for learning and an openness to feedback, enabling you to stay ahead of industry trends and evolving customer preferences.
4. Persistence Through Setbacks
Achieving a seven-figure revenue is not always a linear path; setbacks and failures are inevitable. A growth mindset helps you to maintain your determination and resilience in the face of disappointments, using setbacks as opportunities to refine your strategies.
5. Adaptation to Market Changes
Markets are dynamic, and what worked in the past may not work in the future. A growth mindset encourages flexibility and the ability to pivot when necessary, ensuring that the business remains relevant and competitive.
6. Building a Growth-Oriented Team
A growth mindset can be contagious within an organisation. When you embody this mindset you tend to attract and retain employees who are also growth-oriented, creating a team that collectively drives the company toward its seven-figure goal.
7. Long-Term Vision
Scaling a business to seven figures often involves setting and achieving long-term goals. A growth mindset keeps you focused on the bigger picture and committed to the journey, rather than seeking quick fixes or short-term gains.
8. Customer-Centric Approach
Successful growth often relies on understanding and meeting customer needs. A growth mindset encourages you to listen to customer feedback, adapt your offerings, and continuously improve the customer experience.
9. Financial Literacy
Achieving a seven-figure revenue requires a strong understanding of financial management and strategy. A growth mindset encourages you to seek financial knowledge and make informed decisions about investments, expenses, and profitability.
10. Celebrating Achievements
While focused on growth, it's also important to celebrate milestones and successes along the way. A growth mindset allows for the recognition of achievements without complacency, motivating further growth.
So are you now ready? Is it time for your business baby to grow up?
There will be a lot of hard work, there will be a lot of setbacks, but you will become resilient, you will learn from your mistakes and you will develop a growth mindset which fosters resilience, adaptability, learning, and innovation, all of which are essential for navigating the challenges and opportunities that come with scaling a business.
My first business grew steadily from its first year of exponential growth when many more lessons were learnt reaching £8 million turnover and employing 25 people. There were many ups and downs; but by following the ten steps to having a growth mindset I was able to adapt and learn and grow (and have some fun along the way.)
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