The bottom line is that mindset matters over everything else in business.
People don't fail because they don't have the knowledge to succeed.
People don't fail because they don't have the capital.
People don't fail because they don't have time.
People fail because they don't have the right mindset for success - the growth mindset.
Around a month ago, I finished reading a book called 'Mindset,' where Carol Dweck discussed how a growth mindset is important in every aspect of life.
Business, family, education, and sports.
She argued that while the fixed mindset individual focused on quick wins, the growth mindset individual believes in life-long learning and the ability to become the best at one's occupation.
Michael Jordan wasn't the best player during his time because he was stuck in a fixed mindset - MJ was always the first one to practice and the last one to leave.
He trained every day, for decades, to build the mindset of a warrior which ultimately led him to become the best NBA player during his time.
The most successful entrepreneurs, like Elon Musk, don't become super successful from a fixed mindset point of view, they do it by cultivating a growth mindset which breaks down the barriers standing in the way of success.
The great thing is that anyone reading this article is able to adopt the growth mindset.
Amazingly, the fact that you're reading this shows that you've already started on your journey.
While you won't get there overnight, you can start taking steps in the right direction to build a growth mindset and become successful.
Here are 5 simple rules to develop a growth mindset & overcome any barrier to business success.
Focused on growth
For a long time, I spent hiding in the shadows of the fixed mindset.
I was pretty smart in school and found it easy to coast through the first half of my life without putting in much effort.
I looked down on those who had to revise and put in work to achieve a similar level of success to me on an educational basis.
However, the first real challenge I faced was during A-levels when our learning material was turned up a few notches.
At that point, I was too comfortable not putting in any effort that it felt like a slap in the face when I finally started to fail - and fail badly.
Luckily, the virus saved me from torment as I didn't need to go through the end-of-year exams which I most likely would have failed.
Following school, I was able to read my first ever business book which showed me how much knowledge there is out there to explore - that was when I realised that my learning didn't end with school, it had just started.
Dweck argues that those who are stuck in a fixed mindset rely solely on sheer talent and natural ability to succeed.
They're don't believe that skills can be taught, and unless you're born with it, you'll never be able to get it.
This is where life-long learning comes in.
To begin developing a growth mindset, you need to understand that skills are acquired through hard work and a passion for learning.
Start by reading blogs, watching YouTube videos, taking courses, listening to podcasts, and reading new books.
Not afraid of risk/failure
Those who adopt the growth mindset understand that taking risks and failure is all part of the process of learning.
When we learn new things, we're accepting the fact that we're venturing into unknown territory and that failure is inevitable.
No one starts something and immediately becomes the best at it.
To become the best at something, there's a whole maze of challenges, risks, failure, and lessons to traverse first.
When you're stuck in a fixed mindset, you're afraid to take this risk because you know that if you fail, you'll prove to yourself that you're not as talented as you thought you were.
This is a dangerous game to play because this mindset can leave you vulnerable to what's right in front of you - change.
I've failed - many a time because I was afraid of taking risks to succeed.
I failed my first eCommerce business because I was worried that my marketing budget would yield no results.
Over time, I started to realise that if I wanted something to change, I would have to get comfortable with taking on risks and embracing failure - not trying to avoid it at all costs.
Like a caterpillar in a cocoon, the only way to personal growth is by opening up to failure and accepting the risk that comes with the journey.
Whenever you experience failure, stop and think if you really failed.
If something doesn't work the first or second time, it doesn't mean you've failed.
Don't make it one by giving up.
Aside from failure, change is the only other thing that's inevitable in entrepreneurship.
For humanity to continue its growth, technology and the world around us will always carry on changing.
However, most entrepreneurs are scared of change because they're more comfortable in an environment with which they're already familiar.
A while ago, I was looking around for answers to my questions about NFTs.
It was a wildly new concept and I had no idea how it worked or why people bought them.
I turned to Quora for answers, however, the only replies I got were people spreading negativity talking about how NFTs are terrible and people are dumb for getting onboard with them.
Another instance, I was scrolling through social media and saw a large company running a Facebook ad that promoted their new NFTs.
One of the comments read, "NFTs are so stupid, I don't understand why people spend so much on them. I wish everyone would just stop doing them."
This made me realise that there are two types of people in this world.
There are those who look for opportunity by riding the waves of change - these are true visionaries who are able to see trends before they happen.
Then there are those who sit around and wait on hope to guide their lives.
While the world continues to turn and humanity advances, those who blatantly choose to deny changes will be left behind.
My thoughts on 'change' all changed (ironically) the moment I picked up and read the book. 'Who Moved My Cheese.'
Maybe that's your sign to do the same thing.
Don't get left behind because you refuse to accept change.
Before learning about NFTs, I thought that I didn't have a passion.
Although I still built businesses, I did so from a point of interest - not passion.
However, the moment I decided to dip my toe into NFTs, I realised that this is exactly what I've been looking for the entire time.
My childhood revolved around gaming, football collector cards, and friendships/communities.
NFTs essentially put this all together in the digital world, and there's nothing more that one can ask for.
A fixed mindset individual immediately rules out the idea of doing new things, things that they have no clue about.
Being open-minded is as simple as saying yes to more things.
While it's important you stay focused on one thing as an entrepreneur, it's equally as important to say yes to those things that might change your life.
Like everything else, it's important that you focus on slowly building the habits by taking daily action.
Start by trying things you wouldn't normally try.
This can be as easy as trying a new food you've never had or going somewhere you've never been.
Try to do something new, and say yes to something new every week.
From here, you can start adopting this to the business landscape - say yes to meeting new people.
Say yes to new opportunities (as long as they don't intervene with your main business goals).
Build with purpose
Why do you do what you do?
What is the reason you want to achieve your goals?
9/10 entrepreneurs don't know the reason they want to become successful and achieve the goals they've set.
When you don't fully know what you're really aiming for, it becomes hard to stay focused and resilient when things inevitably go wrong.
It's the same reason why people decide to quit, why people give up and turn back to a life they know they don't like.
Not having a purpose is detrimental to your success.
It makes it very hard to keep going in the face of doubt, challenge, and failure.
Building my eCommerce business, I did so with no purpose - only the desire to become rich.
Building an agency, trading forex, and almost everything else, I did so with the desire to become rich.
When I realised that 'becoming rich' isn't a purpose, everything changed for me.
I started to think about opportunities, not for making money, but for a bigger reason.
Starting this blog, I didn't intend to many money from it, I simply wanted a way to share my failures, my lessons, and my successes with others who cared.
That's the only reason I'm able to still keep going.
Building my NFT collection comes from a place of real purpose, real passion.
I've always loved games, communities, and the idea of building things.
To be able to monetize something as amazing as NFTs is a passion I discovered not long ago.
It's the reason I've adopted the growth mindset in my endeavors - because there's true reasoning behind my goals and ambitions.
To find your purpose, your WHY, I suggest you check out my article on getting crystal clear on your WHY.
If you want to go even further, I recommend you read 'Start With Why,' by Simon Sinek.
Those were the 5 simple rules to develop a growth mindset & overcome any barrier to success in business.
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