How to Develop a Growth Mindset in Business

Coined by American psychologist Carol Dweck, the term growth mindset is well known in the business development world. 

Motivational speakers, business tycoons, and coaches all talk about the importance of developing a growth mindset for growing a successful business. After all, the difference between a business that will survive, and a business that won’t, may well come down to your mindset.

But the question we’re often left asking is: How to develop a growth mindset?

As a business owner, you’ve taken the first few steps. Now is the time to build on your foundations, so that as your mindset develops, so will your business. 

Growth Mindset versus Fixed Mindset: What is the difference?

When you have a growth mindset, you believe your intelligence and abilities can be developed. You see yourself as a work-in-progress and are willing to put in the hard work to improve yourself.

A fixed mindset is believing that your intelligence, talent or character is innate and cannot change. People with this mindset may not try their best, because they think their ability will determine whether they succeed or not. They might also feel bad about themselves when they don’t perform well at something, because it makes them feel less intelligent or talented than others who might do better at it than them.


If you’re like most trades and construction business owners, you’re a skilled tradie at heart who decided you wanted to be the one profiting from your talent. You believed you have what it takes to be a successful business person. That means you have (or had, and can get back to) a growth mindset!

This image has an empty alt attribute; its file name is BBG-EDM-header-18-1-1024x178.png

How do I develop a growth mindset?

The difference between the two mindsets is how we interpret and act on our setbacks” – Carol Dweck.

In other words, people with a fixed-mindset tend to stop trying after failing once or twice; those with a growth-mindset keep going until they succeed.

It took James Dyson 5,127 attempts, across 15 years, to create the vacuum.

What would have happened if he’d have quit after 50, or even 500 attempts? What if he packed it all in after attempt no. 5,126? 

He kept going until he succeeded. That wasn’t luck – it was his growth mindset!

We know that growth mindsets can be developed. The key is nurturing them, so perseverance and determination become second nature, until the question isn’t if you’ll succeed, but when.

How to develop a growth mindset

The key to developing a growth mindset is remembering that it’s about learning and improving. It’s not about being perfect, but rather about building on what you have learned to improve your future performance.

Setbacks don’t mean anything over time—they’re just part of the process of getting better at something.

A growth mindset is a long-term strategy that requires resilience in the face of setbacks and failures. It rewards those who stay true to their goals and use constructive feedback from others. 

If you want to develop a growth mindset, start by challenging yourself. Set yourself a goal that seems overwhelming at first, and then take small steps towards it, celebrating each victory along the way. 

Learning new skills takes time and practice. If you fail at something, don’t let it discourage you. Instead, use it as an opportunity to try again or learn from your mistakes so they don’t happen again!

Developing a growth mindset is like training a muscle. Use it consistently, and push yourself to the edge of your comfort zone. The more you practice, the more your mindset will develop and your actions become habit.

[Image with the quote: Live as if you were to die tomorrow; learn as if you were to live forever. Mahatma Gandhi]

How can developing a growth mindset help you succeed

I know right now might be as tough as any other period you’ve experienced.

But your challenges help you grow, your failures help you grow, pivoting helps you become something you weren’t before, and just because you don’t have an ability now doesn’t mean you won’t have that ability forever.

Having a growth mindset allows you to truly grow with your business. It allows you to fully adapt & become bigger and better over time.

True triumph comes from when you don’t just give up because you’re frustrated, or it feels too hard.

Your mindset can be strengthened, and so can your abilities.


More Posts

Ready to run your business better?

Book your free business evaluation


Before you leave, why not do a quick 3 Minute Business Health Check and find out how much you're leaving on the table?