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.