Have you ever felt stuck when it comes to increasing your business profits?
It’s a challenge faced by every business owner, and it’s natural to worry about the financial health of your business—especially amid the current economic climate.
But if you harbor a perpetual negative outlook on your potential for success, you might be experiencing the effects of a fixed mindset according to psychologist Carol Dweck.
What is a Fixed Mindset?
A fixed mindset is described as believing that your capabilities are set in stone, and that the ability to improve is out of reach. With a fixed mindset, you tend to view challenges as insurmountable because you believe you’re incapable of developing the skills required to overcome new challenges. This mindset keeps you stuck and limits your ability to reach your monetary potential.
What is a Growth Mindset?
The alternative is a growth mindset: believing that your talents and abilities aren’t limited by what you were born with, and that you have the potential to reach new levels of success with dedicated effort. Those with a growth mindset view challenges as opportunities, and believe that just because they’re facing a difficult or unfamiliar situation doesn’t mean they can’t acquire the skills needed to overcome them.
Shifting Your Perspective
Many people struggle financially by operating in a fixed mindset, and buy into the belief that they’ll never be able to achieve business success because of their perceived lack of skills or knowledge.
By accepting their limitations as unchangeable, they block themselves from new levels of monetary success. Luckily, you have the power to shift this perspective by practicing a growth mindset and create space for more financial opportunity in your business.
The foundations of a growth mindset include shifting from scarcity to abundance, practicing lifelong learning, cultivating persistence, seeing challenges as opportunities, and viewing failure as a path towards growth.
Credit Repair created a helpful guide that expands on each tenant of a growth mindset and offers examples of how to start practicing it in your own life and business.
Understanding how your perspective influences your potential for success is the first step towards breaking through the negative beliefs that keep you stuck, so that you can start carving the path towards greater financial success and security in your business.
- Is Your Mindset Holding You Back From Financial Success? - January 22, 2021
2 thoughts on “Is Your Mindset Holding You Back From Financial Success?”
Hi Anthony and Sophie,
I love this post because I am exploring this aspect of my life in great detail the past few weeks. Naturally, I made a few changes to my blog based on feeling more abundant. We often have a fixed mindset mired in the past, as we believe we can only make as much money as we had in the past. Not true. Feeling more abundant opens the mind to infinite possibilities.
This is a great point, Ryan. You really can’t limit yourself. A lot of people settle, but if you really enjoy what you are doing, and you shift your mindset, you can truly realize your full potential. I know you’ve seen a ton of success with your blog, and I’m excited to see where your updates, changes, etc. take it considering how much success you’ve enjoyed so already! Sky is the limit!