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Growth Mindset Examples

  • At its core, a growth mindset sees opportunities instead of obstacles. Despite scientific evidence to the contrary, many individuals believe their intelligence, talents, and skills do not advance once they reach adulthood. 
  • An eagerness to learn is something every person with a growth mindset possesses. The same can also be said of someone who is at least relatively comfortable with failure. Jack Ma, for example, endured numerous failures before finding success with Alibaba.
  • A growth mindset is also associated with a consistent ability to adapt to external forces. What’s more, individuals with this mindset are not afraid to learn from mentors or try new things.

Introduction

At its core, a growth Mindset sees opportunities instead of obstacles. It is also a mindset that views failure as a chance to improve and not as a reason to hide from the world.

Despite scientific evidence to the contrary, many individuals believe their intelligence, talents, and skills do not advance once they reach adulthood. This is known as a fixed mindset. However, psychologists believe that we transition through several stages of development over our lives, with each stage defined by a challenge that must be overcome before reaching the next.

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Below we have listed some of the most important examples of how a growth mindset can be embodied in practice.

Be a lifelong learner

An eagerness to learn is something every person with a growth mindset possesses. 

Many believe they are incapable of learning something new, with this belief particularly prevalent among older individuals. But the individual with a growth mindset never classifies themselves as too old to learn something new. One example is John Basinger, who at the age of 67 memorized the 60,000-word poem Paradise Lost.

Neuroplasticity, or the brain’s ability to change and adapt in response to external stimuli, is one of the key counterarguments for those who believe their talents and skills do not advance beyond adulthood.

Become more comfortable with failure

Growth and failure go hand in hand. Why? Because to grow, one needs to make mistakes to differentiate between what works and what doesn’t. 

Alibaba founder Jack Ma is a classic example of failure as a driver of success. He failed his college entrance exams three times and was rejected by Harvard University a further ten times. It also took him about 25 years to get his company off the ground.

Those with a growth mindset see failure as a sign that they are taking action toward their goals. They are resilient individuals who understand that never failing means never trying.

Adaptation

Companies that embody a growth mindset can also adapt to the times. Nike, for example, is not selling the same style of shoe it did when it first started over half a century ago. Nor is it necessarily using the same materials, processes, or management styles.

Adaption requires consistency, which could also be considered an example of a growth mindset. One company that adapted but lacked consistency was Nokia. The Finnish multinational’s cell phones were adaptive for a time. Some would even say revolutionary. But with a stubbornness to then adapt to the emergence of smartphones, the company lacked the consistency to grow.

Draw inspiration from others

Those with a fixed mindset view the success of someone else as a threat. They compare their talents or abilities to an imagined benchmark, which is usually someone they believe is superior to them in some shape or form.

Growth mindset individuals are not intimidated by the success of others and do not let their egos stand in the way of improvement. In fact, the most successful people in any field or industry were once amateurs who likely received coaching or mentorship from a role model.

Trying new things

A growth mindset is associated with experimentation and trying new things. This can be a difficult growth mindset example to embody since many of us are reluctant to upset the status quo – particularly if we are good at what we do. Other reasons for not venturing outside our comfort zones are related to some of the topics we’ve already discussed, such as fear of failure or a perceived inability to adapt.

Trying new things is ultimately about attitude. An employee, for example, can adopt an attitude of openness to new experiences when upskilling or moving into an industry they’ve always been passionate about. They can also choose to accept adaptability (and indeed failure) as integral parts of growth. 

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FourWeekMBA Business Toolbox

Business Engineering

Tech Business Model Template

A tech business model is made of four main components: value model (value propositions, mission, vision), technological model (R&D management), distribution model (sales and marketing organizational structure), and financial model (revenue modeling, cost structure, profitability and cash generation/management). Those elements coming together can serve as the basis to build a solid tech business model.

Web3 Business Model Template

A Blockchain Business Model according to the FourWeekMBA framework is made of four main components: Value Model (Core Philosophy, Core Values and Value Propositions for the key stakeholders), Blockchain Model (Protocol Rules, Network Shape and Applications Layer/Ecosystem), Distribution Model (the key channels amplifying the protocol and its communities), and the Economic Model (the dynamics/incentives through which protocol players make money). Those elements coming together can serve as the basis to build and analyze a solid Blockchain Business Model.

Asymmetric Business Models

In an asymmetric business model, the organization doesn’t monetize the user directly, but it leverages the data users provide coupled with technology, thus have a key customer pay to sustain the core asset. For example, Google makes money by leveraging users’ data, combined with its algorithms sold to advertisers for visibility.

Business Competition

In a business world driven by technology and digitalization, competition is much more fluid, as innovation becomes a bottom-up approach that can come from anywhere. Thus, making it much harder to define the boundaries of existing markets. Therefore, a proper business competition analysis looks at customer, technology, distribution, and financial model overlaps. While at the same time looking at future potential intersections among industries that in the short-term seem unrelated.

Technological Modeling

Technological modeling is a discipline to provide the basis for companies to sustain innovation, thus developing incremental products. While also looking at breakthrough innovative products that can pave the way for long-term success. In a sort of Barbell Strategy, technological modeling suggests having a two-sided approach, on the one hand, to keep sustaining continuous innovation as a core part of the business model. On the other hand, it places bets on future developments that have the potential to break through and take a leap forward.

Transitional Business Models

A transitional business model is used by companies to enter a market (usually a niche) to gain initial traction and prove the idea is sound. The transitional business model helps the company secure the needed capital while having a reality check. It helps shape the long-term vision and a scalable business model.

Minimum Viable Audience

The minimum viable audience (MVA) represents the smallest possible audience that can sustain your business as you get it started from a microniche (the smallest subset of a market). The main aspect of the MVA is to zoom into existing markets to find those people which needs are unmet by existing players.

Business Scaling

Business scaling is the process of transformation of a business as the product is validated by wider and wider market segments. Business scaling is about creating traction for a product that fits a small market segment. As the product is validated it becomes critical to build a viable business model. And as the product is offered at wider and wider market segments, it’s important to align product, business model, and organizational design, to enable wider and wider scale.

Market Expansion Theory

The market expansion consists in providing a product or service to a broader portion of an existing market or perhaps expanding that market. Or yet, market expansions can be about creating a whole new market. At each step, as a result, a company scales together with the market covered.

Speed-Reversibility

Asymmetric Betting

Growth Matrix

In the FourWeekMBA growth matrix, you can apply growth for existing customers by tackling the same problems (gain mode). Or by tackling existing problems, for new customers (expand mode). Or by tackling new problems for existing customers (extend mode). Or perhaps by tackling whole new problems for new customers (reinvent mode).

Revenue Streams Matrix

In the FourWeekMBA Revenue Streams Matrix, revenue streams are classified according to the kind of interactions the business has with its key customers. The first dimension is the “Frequency” of interaction with the key customer. As the second dimension, there is the “Ownership” of the interaction with the key customer.

Revenue Modeling



This post first appeared on FourWeekMBA, please read the originial post: here

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