Why developing the right mindset for success is key for businesses and MSMEs? | The Financial Express

Why developing the right mindset for success is key for businesses and MSMEs?

Ease of Doing Business for MSMEs: A growth mindset is essential because if you are not open to learning new things and expanding yourself by trying and innovating, you will be stuck in a loop.

Why developing the right mindset for success is key for businesses and MSMEs?
When we have the correct mindset, we can focus on the important things that will help us achieve our goals. When we have the wrong mindset, we tend to focus on the negative aspects of any situation, which might lead to failure.

By Uma Manasharmani

Ease of Doing Business for MSMEs: A person’s mindset is the most important component in determining their success, whether it is in their personal or professional lives. Having the right mindset is critical for success. This is because what we think about swiftly influences our actions. What we think about regularly has a direct impact on how we act. As a result, it is vital to get this critical component right. Mindset is a critical aspect in explaining the basic difference between those who succeed and those who do not. A positive mentality is open to learning and developing, regardless of age or experience. When we have the correct mindset, we can focus on the important things that will help us achieve our goals. When we have the wrong mindset, we tend to focus on the negative aspects of any situation, which might lead to failure. This process of self-improvement may involve making mistakes, but we should always have an eye on the big picture, ready to lay out a clear path to success.

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There are a few distinctions between a fixed mindset and a developing mindset. A growth mindset is essential because if you are not open to learning new things and expanding yourself by trying and innovating, you will be stuck in a loop. That loop will never let you or your business advance since your business will eventually become an extension of yourself. What you think and how you conduct yourself are how you establish your company; they represent your persona and the culture that you create in the firm. So everything is dependent on and stems from your mindset. To build a successful business, it’s critical to cultivate a growth mindset.

The following are some of the reasons why developing the right mindset for success is critical for businesses and MSMEs:

Surmount Challenges

People with a fixed mindset shun challenges, even though challenges are necessary for growth. We take on a challenge and overcome it, and in the process, we learn a variety of things. That is how we learn to overcome obstacles and evolve. They chose between these two ways of thinking while deciding whether to take on the challenge and grow or to stay in it and avoid the difficulty. Avoidance is therefore an excuse, and justifications are the most significant characteristic or feature of the fixed mindset that inhibits growth, as opposed to those who welcome challenges, and discover ways to overcome them.

Less concerned about making errors or failing

People with a fixed mindset avoid making mistakes because they are terrified of failing, making mistakes, being criticized, and being ridiculed by others if their mistake is discovered, so they will strive to cover up their mistakes. While people with a growth mindset feel that making mistakes is a vital part of the learning process, they can always learn how to avoid making the same mistakes in the future. As a result, they learn to improve on their mistakes, which propels them on their journey of continuous progress.

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Accepting constructive criticism or feedback

People with a fixed mindset frequently feel extremely defensive when offered constructive criticism for improvement. They take it personally and stop accepting comments after that. Instead of seeing someone attempting to guide them through the process and provide helpful input for their development, they interpret it as personal criticism. People who have a growth mindset will value constructive criticism as a chance to improve themselves. People who are constantly striving for progress and improvement have a growth mentality.

Celebrating the accomplishments of others

People with a fixed mindset regard other people’s achievement as a worry and do not celebrate them. They become judgmental and envious. People with a growth mindset celebrate other people’s victories and use them as motivation to set and accomplish their objectives. That makes it possible for people to set higher objectives and work hard to achieve them; it also helps them develop in their area. As a result, they enjoy other people’s growth as well, and they don’t give up easily. Because they are not particularly agile and have preconceived notions about their strengths and niches, people with fixed mindsets frequently give up.

In summary, people with a fixed perspective only put forth effort in areas where they know they excel. So, they attempt to stay in their comfort zone. But if they simply stick to what they are excellent at or believe they are good at, they will not progress. After all, they operate within their comfort zones. While real advancement occurs outside of one’s comfort zone, to achieve a growth mentality through our efforts outside of our comfort zone, we must constantly push our boundaries and learn to work in new fields and dimensions. People with a growth mindset are concerned with the process of becoming better learners, whereas people with a fixed mindset make little effort beyond what they believe they are good at or that is their area of competence.

Uma Manasharmani is the co-founder of Tajurba.

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First published on: 10-12-2022 at 13:19 IST