Chelsea Spencer Smith, MBA, CPC, is an Executive Coach & Biz Dev Expert at The St. James Xavier Group & works with Fortune 500 companies.
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For business leaders, mindset is everything. Success should no longer be thought of in terms of job title, money in a bank account and how many degrees are completed. Today's leaders understand the most critical component of career and life satisfaction is their mindset. It matters how they see themselves, their accomplishments and their lives. These self-perceptions determine one's attitude, behavior and outlook on life.
There are a number of factors influencing one's mindset, including upbringing, episodes of trauma, societal norms and culture. Their ability to learn and grow depends directly on the perspective they carry through life.
To say one's mindset matters is an understatement. It is a critical puzzle piece for becoming a respected business leader. Without understanding and focusing on one's mindset, it is almost impossible to achieve one's goals.
What are the main types of mindsets?
Most experts believe there are two main types of mindsets people tend to have: fixed and growth. In her book Mindset: The New Psychology of Success, author Carol S. Dweck defines these mindsets in the following way: "In the fixed mindset, everything is about the outcome. If you fail—or if you're not the best—it's all been wasted. The growth mindset allows people to value what they're doing regardless of the outcome. They're tackling problems, charting new courses, and working on important issues. Maybe they haven't found the cure for cancer, but the search was significant."
Individuals with this mindset grow and learn and are open to developing themselves further. This powerful mindset allows people with it to rebound from setbacks and see opportunity in every challenge. It encourages an open mind and collaborative actions.
Alternately, those with a fixed mindset approach the world believing their talents, abilities and intelligence are unchangeable. This creates a negative, fear-based worldview that remains fixed despite all efforts. This mindset may not add value to the next phase of a career path. With a fixed mindset, one believes they are born with or without intelligence, but with a growth mindset, individuals can learn, grow and improve their intelligence with dedicated practice and effort.
Why is a growth mindset critical for company success?
• A growth mindset is crucial when leaders are trying to set the company's culture. This is a huge undertaking, and a growth mindset can help in seeing the big picture of how it will all come together.
• Leaders with a growth mindset can speak to others about their challenges, opportunities and failures. They deal with problems directly and openly, which creates a sense of safety within the organization. This allows colleagues and direct reports to feel comfortable doing the same thing.
• A growth mindset enables people to recognize the importance of people management skills. These leaders are open to feedback and are responsive when there are complaints.
• People with a growth mindset don't believe their success is fixed; they recognize they can grow and develop and that their success is based on their willingness to try hard.
• Fear and stagnation are much less evident in a growth mindset. These leaders are curious and courageous and find ways to "fail forward" without worry or overthinking it.
Is there an additional perspective leaders should claim?
In addition to embracing a growth mindset, leaders can adopt a global mindset, too. In their book The Prepared Leader: Emerge from Any Crisis More Resilient Than Before, authors Erika H. James and Lynn Perry Wooten describe the idea of a third perspective, a global mindset, that business leaders may want to encourage. This can be defined as having an awareness and respect for diverse viewpoints and practices without cultural biases. Those with a global mindset know there is not one way to do something, and they are open to alternatives from an inclusive workplace.
Wooten and James found that resiliency in business leaders can be attributed to those who can see the commonality across cultures, countries and demographics and can communicate effectively with them. They understand how to bridge the gap between cross-cultural knowledge and collaborate with others in a way that utilizes these differences instead of ignoring them. "All you need to do is reflect," Wooten and James write. "Pause and consider what a decision or action might look like to other people with different perspectives—and what the consequences might be."
How do leaders develop a global mindset?
To develop a global mindset, leaders should ask more questions than they give answers. They should listen more than they talk. Leaders should immerse themselves in different cultures and countries and establish deep connections with people there. Leaders with a global mindset read a lot and seek out skills that help them be more globally minded.
Final Thoughts
Business leaders can help achieve their goals, become more resilient and achieve success by maintaining growth and global mindsets. Being open-minded and inclusive can make a significant difference in cultivating success.
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