The importance of mindset as a business owner

When you run your own business the buck stops with you. You must make tough decisions, you have to keep people happy, make sure everything is on track. But perhaps the most important thing is to manage your own mindset.

It’s something that isn’t hugely talked about but when we work with clients it is something we get into quickly because what we see is that if a business owner’s mindset isn’t in the right place, it usually shows up on the balance sheet somewhere.

In life, perspective is everything. The way we think and perceive ourselves determines who we are, who we become, and how well we do – it is this perspective that we mean when we use the word mindset.

Your mindset is your outlook and way of thinking. It determines what you do, whether you take risks, and ultimately if you will succeed or fail. The saying goes ‘Whether you believe you can or believe you can’t, you’re right’.

So how can you manage your mindset? We often talk about the difference between a fixed mindset and a growth mindset when we are coaching leaders on this. A fixed mindset is limited, static, and unchanging. It thrives on phrases like “I can’t” and is filled with limitations, self-doubt, and fear of failure. 

It is the belief that talent, brainpower, and abilities are pre-determined, and everyone has faults that can’t be improved. This viewpoint restricts the possibilities and outcomes of a business. Ultimately, we want to seek out any people with fixed mindsets in our businesses and help to coach them towards a growth mindset – otherwise we simply will never push forward!

The good news is that most people can be coached into having a growth mindset and see things from a positive perspective (we say most because not everyone can!).

A growth mindset encourages employee improvement and doesn’t pigeonhole people with preconceived notions of what they can or can’t do. Unlike a fixed mindset, this positivity encourages creativity and innovation. Leaders who encourage a growth mindset amongst team members empower people by clearly defining goals and letting team members come up with creative solutions to achieve them.

So how does a business embrace this positive potential? It starts with a strong leadership style, growth-oriented thinking at the top, and the right people. Here are some top tips:

• Hire people who embrace challenges and like to collaborate
• Attract people who want to develop themselves and are ambitious
• Encourage positivity even when facing challenges
• Lead by example with flexibility at the top
• Don’t punish failure – recognise the lessons learnt
• Encourage team development which increases positive outcomes and innovation
• Look at the big picture – be forward-thinking and plan for the future

Ultimately your business success will be determined by your mindset and the leadership shadow you cast as the owner. If you would like any support with your mindset, we can help. Get in touch to find out more about DICE Coaching: hello@dicebusiness.co.uk