PART 6: GETTING THE BEST RETURN ON INVESTMENT:
Maintaining A Growth Mind-Set

It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map, and seek to get your best return on investment (ROI).

j) ROI: What Does It Mean To Foster A Growth Mind-Set

Failure is uncomfortable. Disconcerting. Too often, we do everything we can to keep ourselves out of situations where we might fail. We focus on what could go wrong, instead of what could go right. We think we don’t have the abilities to do the task. We get paralyzed. We do nothing. Or we keep repeating ourselves, producing the same-ole, same-ole, whether there is a continued market for these items, or not. Or we begin to visualize any risk as insurmountable, way bigger than it really is.

But allowing any fear of failure to become some kind of insurmountable wall works against us. If we are trying to make a go of it by selling our designs, we can’t build these kinds of walls. Successful business people and successful businesses need to foster a culture which promotes a growth mindset. Simply, a growth mindset is a culture where you have permission and encouragement and confidence to take risks.

Risks are OK because they bring rewards. Rewards allow the business to maintain itself, sustain itself, grow and expand. Failures are OK, as well, as long as they become learning experiences. Doubt and self-doubt are OK only if they are used to trigger reflection and new ideas to overcome them. Not having the skills requisite for the moment is OK because we are all capable of continual learning. Temporary setbacks are OK because you have had them before and overcame them.

Carol Dweck wrote the seminal book on growth mindsets called Mindset: The New Psychology of Success (2006), with a series of related books to follow. People have either a growth-mindset or a fixed-mindset.

Those with a growth-mindset believe their abilities are developed through continual learning and hard work. They are more willing to experiment and try new things, and see failures as opportunities rather than set backs.

Those with a fixed-mindset believe that abilities are innate — you’re born with talents or not. They seek out opportunities where specific talents, rather than effort, leads to success. They prefer to repeat tasks and apply skills they are already familiar with.

Developing a growth mindset means such things as…

1. Understanding the power of “Not Yet”.

2. Setting learning and continual learning goals

3. Being deliberate and constantly challenging yourself

4. Asking for honest feedback and criticism

5. Always reflecting on and being very metacognitive about your thoughts and actions, successes and failures

6. Recognizing if you are stuck in a fixed-mindset, and acknowledge your weaknesses

7. Focusing on the process, and less-so on the result

8. Getting comfortable with self-affirmation, rather than needing the affirmation and approval of others

Continue with this series,

Financial management includes all the things you need to do in order to maximize your Return On Investment (ROI). It mostly involves a system of data collection, monitoring and analysis methods employed by any successful business. This system relates risks to rewards. Activities in this kind of system include things such as general accounting and bookkeeping, inventory management, and record keeping. These include things you do to establish and maintain formal relationships with employees, independent contractors and suppliers. These include things you do to secure your money, such as with banks, financial institutions, and even such things as crowd-funding online. This is a lot of numbers and activities, and often, when we look at why people fail in business, it is often because of a generalized fear of getting control over all this. Successful business people and successful businesses need to foster a culture which promotes a growth mindset. Simply this is a culture where you have permission and encouragement and confidence to take risks.

GETTING THE BEST RETURN ON INVESTMENT (ROI)

PART 1: Finding That Sweet Spot Between Risk and Reward

PART 2: How You Are Going To Control The Flow Of Money

PART 3: Maintaining, Tracking and Controlling Your Inventory

PART 4: Record Keeping and Other Considerations

PART 5: Getting Terms, Getting Paid, Getting Crowd Funding

PART 6: Maintaining A Growth Mind-Set

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FOOTNOTES

Campbell, Casandra. What Is Inventory Management? How To Track Stock For Your Ecommerce Business, Inventory Management, 6/19/20.
As referenced in:
Inventory Management

Caramela, Sammi, 10 Essential Tips For Effective Inventory Management, Business News Daily, 4/15/2020.
As referenced in:
https://www.businessnewsdaily.com/10613-effective-inventory-management.html

Dweck, Carol. Mindset: The New Psychology of Success, 2006

Fundbox.com. Trade Credit: Everything you need to know about net terms for your business. n.d.
As referenced in:
https://fundbox.com/resources/guides/trade-credit/

Shah, Vyom. Crowdfunding the Jewelry business, 11/27/14.
As reference in:
https://betterdiamondinitiative.org/crowdfunding-the-jewelry-business/

__________________________

Other Articles of Interest by Warren Feld:

Naming Your Business

The Importance of Self-Promotion: Don’t Be Shy

Are You Prepared For When The Reporter Comes A-Calling?

A Fool-Proof Formula For Pricing And Selling Your Jewelry

Designer Connect Profile: Tony Perrin, Jewelry Designer

My Aunt Gert: Illustrating Some Lessons In Business Smarts

Copyrighting Your Pieces: Let’s Not Confuse The Moral With The Legal Issues

Naming Your Business / Naming Your Jewelry

Jewelry Making Materials: Knowing What To Do

To What Extent Should Business Concerns Influence Artistic and Jewelry Design Choices

Getting Started In Business: What You Do First To Make It Official

So You Want To Do Craft Shows: Lesson 4: Set Realistic Goals

The Competition: Underestimate Them At Your Peril!

When Relying On Other People To Sell Your Jewelry

Component Design System: Building Efficiency As Well As Effectiveness Into Your Jewelry Designs

The 5 Reasons Jewelry Designers Fail At Business

____________________________

I hope you found this article useful.

Also, check out my website (www.warrenfeldjewelry.com).

Enroll in my jewelry design and business of craft video tutorials online.

Add your name to my email list.

Visit Land of Odds online (https://www.landofodds.com)for all your jewelry making supplies.

Subscribe to my Learn To Bead blog (https://blog.landofodds.com).

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SO YOU WANT TO BE A JEWELRY DESIGNER
Merging Your Voice With Form

588pp, many images and diagrams Ebook or Print

PEARL KNOTTING…Warren’s Way
Easy. Simple. No tools. Anyone Can Do!

184pp, many images and diagrams Ebook or Print

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Beading and jewelry making have been wonderful adventures, from custom work, production work, and teaching. *Design is about the ability to make smart choices.

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Warren Feld

Warren Feld

Beading and jewelry making have been wonderful adventures, from custom work, production work, and teaching. *Design is about the ability to make smart choices.

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