Five Business Benefits of a Growth Mindset
What is it then that inspires some people to flourish and pivot, while others languish and even withdraw?
Before we take a deep dive into the benefits that a growth mindset provides, let me introduce you to Carol Dweck. For decades, Dweck has been studying why some people succeed while others, who are equally talented, do not.
For example, at some point in our lives, we have all likely said something like, “I could never get on stage and give a speech” or “I’d like to apply for that job but I’ll never get it.” Or how about this one: “I’m too old to learn that?”
Dweck, a Stanford University professor of psychology, wanted to figure out how it was possible that people with the same abilities, traits, and opportunities could respond so differently to the same future. After years of study, she discovered that our mindsets play a crucial role in this process.
She found that, for example, when students were praised for being smart or talented, they performed worse on tests than those praised for their effort. Kids praised for being smart believed “smart” was a gift, something they were born with. She called that “gift” the “fixed mindset.” In response, they stopped working hard and avoided any challenge that might make them look bad. Alternatively, students who received praise based on their effort and were encouraged to learn from their mistakes developed a “growth mindset.”
Here’s just one example. While organizations worldwide spend more than $360 billion on leadership development, 75 percent of these organizations rated their programs not very effective. “Why aren’t companies getting more bang for the leadership development buck? A recent study suggests they overlook a specific attribute that is foundational to how leaders think, learn, and behave. You guessed it: mindset!
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