What is Mindset? And why is it important for business success?
The definition of mindset is based on an individual’s way of thinking, including our attitudes and beliefs. As online business owners, our mindset can have a significant impact on the ways we interact with others and how we handle challenges as it can shape your perception of the world and influence your thoughts and actions. It is an important factor in business success because it can either hold you back or help you to achieve your business and life goals.
As successful entrepreneurs, we often encounter negative thoughts and limiting beliefs which can take over our actions. We may compare ourselves to others or end up feeling like we are not quite good enough. This negative thinking can lead to procrastination, unnecessary stress and giving up on our business goals altogether.
Developing a growth mindset is an essential way to prevent this from happening. Not only can it transform our overall well being but it can also enhance our performance and help us stay motivated. It enables us to reach our goals and build a positive attitude towards relationships both personally and professionally, whilst navigating challenges with ease!
Fixed Mindset vs Growth Mindset
There are two main types of mindset: identified as fixed and growth mindsets.
A fixed mindset is the belief that your abilities and characteristics are fixed and cannot be changed. This can lead to a fear of failure and a reluctance to take risks, as you may believe that you are not capable of improving or learning new things.
A growth mindset, on the other hand, is the belief that you can improve and develop new skills and abilities through effort and learning. This type of mindset can lead to a willingness to take risks and a belief in your ability to learn and grow, which can be important for your entrepreneurial journey.
Having a growth mindset can be especially important for successful entrepreneurs and business owners, as starting and running a business often involves learning new skills and taking risks. By adopting a growth mindset, you can be more open to learning and growth, which can help you to achieve success in your business.
So, how do we get there? First, we need to identify what a positive mindset looks like and the tools required to overcome limiting beliefs. In this guide, I will also look at how we can achieve a healthy work-life balance to enhance and support our mindset.
What is a growth mindset?
A growth mindset is a way of thinking that views setbacks and challenges as a learning opportunity. Entrepreneurs with a growth mindset seek to improve and develop their skills. Instead of fearing negative feedback, they welcome criticism and seek feedback, using it to move forward. They are inspired by other people’s success stories and other successful entrepreneurs, finding ways to collaborate with them. Online business owners with this type of mindset are action oriented and seize the moment, viewing everything as an opportunity for growth and development.
It will come as no surprise then, that people with a growth mindset tend to succeed better in business and see more entrepreneurial success than those with a fixed mindset. A entrepreneurial mindset encourages us to persist, even when things get a little tough. This is particularly important when you are first starting an online business as it can take time to build your brand. Mindset also impacts our ability to believe in ourselves, which can show up unexpectedly through our work.
Often, we find that individuals with a growth mindset reach higher levels of achievement than those with a fixed mindset. This leaves us feeling more positive and energised, putting us in good stead for the future.
What are limiting beliefs are symptoms of a fixed mindset?
Limiting beliefs are negative thoughts that tend to creep in when we find ourselves under pressure. There are many common limiting beliefs that people may have when they are just starting a business, but we need to remove them from our entrepreneurial thinking, as they promote self doubt, and we can waste time proving them right or wrong.
Here are a few examples of limiting beliefs:
- “Someone else is doing better than me”, “I’m not good enough”
- “I’ll never be one of the best.”
- “I don’t have enough experience or knowledge to start a business.”
- “I don’t have the right education or credentials to start a business.”
- “I don’t have enough money to start a business.”
- “I’m not sure if my business idea is good enough.”
- “I’m afraid of failure, so I’m not sure if I should take the risk of starting a business.”
- “I don’t have the time to start a business.”
- “I’m not sure if I have the skills or abilities to run a successful business.”
It’s important to recognize that these beliefs are often just thoughts, and they may not be based in reality. It’s important to be mindful of your thoughts and to challenge any limiting beliefs that may be holding you back. As you can see, these thoughts can often prevent us as aspiring entrepreneurs, from moving forward or lead to us giving up altogether.
Luckily, there are plenty of things we can do to ensure that these negative thoughts do not get in the way. One of the best things we can do is to identify them. In 7 Limiting Beliefs that are Holding you Back, I look at each limiting belief in more detail so that we can become more familiar with these feelings when they arise.
Tips for overcoming limiting beliefs
Once we recognize our limiting belies, we can start to overcome them, by using techniques such as mindfulness and positive mantras. It’s important that we find ways to stay in the moment and work through these feelings rather than allowing them to take control of our mindset, encouraging a fixed mindset over a growth mindset.
Here are a few ways that we can overcome limiting beliefs:
Acknowledge your beliefs:
The first step to overcoming limiting beliefs is to become aware of them. Pay attention to your thoughts and write down any beliefs that are holding you back.
Challenge your beliefs:
Once you have identified your limiting beliefs, it’s important to question whether they are true. Are there examples in your life that contradict these beliefs? Are there people who have succeeded despite these beliefs?
Find evidence to support your new beliefs:
Look for evidence that supports the belief you want to adopt. This can help you to see things in a different, more positive light.
Once you have adopted a new, more empowering belief, it’s important to take action that is consistent with this belief. This can help to reinforce your new belief and make it a part of your identity.
Sometimes it can be helpful to work with a coach or therapist to overcome limiting beliefs. They can help you to identify and challenge your beliefs and provide support as you work to adopt new, more empowering beliefs.
Developing a healthy work-life balance
A work-life balance is something we all desire. It’s the perfect distribution between our personal life and our professional careers as entrepreneurs. A healthy work-life balance is great for our wellbeing and can leave us feeling empowered. If you have a poor work-life balance, you may notice that you are working longer hours and are unable to do the things you really care about. This can lead to stress, exhaustion and complete burn-out which in turn will affect your ability to run your business.
In order to prevent this from happening, it’s important that we identify the things we value. What do you enjoy doing and how do you want to spend your free time? Once you know this, you can set clear boundaries around your availability and work on your time management. You’ll also want to schedule in some down time so that you can focus on yourself. Maybe you want to go for a run each day, take a hike, or swim in the sea. Whatever it is, make sure you do it.
Tips for developing a healthy work-life balance:
Decide on the hours that you will work and stick to them. It’s important to have time for work and time for personal pursuits.
Create a schedule
Plan out your day in advance to make sure you have time for both work and personal activities.
It’s important to take breaks throughout the day to rest and recharge.
Determine what is most important to you in your personal life and business, and focus on those things.
Make time for activities you enjoy
It’s important to have hobbies and interests outside of work to help you relax and de-stress.
Communicate with your employer
If you are having trouble balancing your work and personal life, talk to your employer about ways to create a more balanced schedule. If you are already on your entrepreneurial journey, role play that conversation with yourself.
If you are struggling to balance your work and personal life, consider seeking support from friends, family, therapist or a business coach.
You can learn more and apply to our Private Coaching containers here to work with me 1:1 on achieving balance.
Once you have adopted a healthier, work-life balance, you will notice a significant shift in your mindset towards a growth mindset, which will also put you in a better position for managing limiting beliefs when they arise in your own business.
For online business owners, entrepreneurs, solopreneurs, a positive growth mindset is a valuable asset to have. Entrepreneurs who adopt a growth mindset will often notice an increase in productivity and an improvement in their overall wellbeing. This will leave you feeling empowered and ready to conquer any challenges heading your way. If you have employees, this type of mindset will lead to a happier workforce all round, resulting in fewer sick days and a calmer working environment.
Of course, running an online business is never easy and developing your mindset takes a lot of time and effort. We often get so caught up with improving our professional skills that we fail to focus on our personal development. We need to start embracing the significance our personal development can have on our work. Developing our mindset will help us find more clarity and can take us one step closer to achieving the perfect work-life balance. Whether you need the guidance of a professional business coach or are happy working through it on your own, developing our mindset is an invaluable tool to improving our wellbeing and enhancing our career.