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When we speak of mindset, we are simply referring to the set of beliefs you hold about yourself concerning all that you do. Your mindset affects everything about you – the way you think, the way you speak, the way you act and who you relate with. One other important area that your mindset affects is your business. When it comes to business success, your mindset plays a great role in determining how successful you can be in any business. 
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In this post, I will be sharing with you 5 important ways your mindset affects your business. 

Your Mindset Affects Your Decision To Start A Business

When it comes to running a business the first area that mindset affects is the decision to start a business. Business involves risks and it requires certain levels of conviction and determination to get started in any business. These required ingredients – conviction and determination – are ones that not many have. This is why not many ever bring themselves to starting a business.  Many persons would rather spend the whole of their lives on a job that is barely meeting their needs than bring themselves to start a business. The number of individuals who have shied away from entrepreneurship after their first loss or business failure believing that business isn’t for them is high. There are still others who needed to only see others fail for them to conclude that starting a business was not right for them. Don’t get me wrong, I am not saying everyone should start a business. Of course not!

Affects The Kind Of Business You Can Venture Into

The next area is the kind of business to start. While many individuals with a growth mindset will be more open to starting in businesses with high risks, those with a fixed mindset will avoid high risks businesses. For instance, while an individual without any formal education may be more open to starting a roadside vulcanizing business, a university graduate may never bring themselves 50 metres close to the business. 
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The Structure of Your Business

How a business is structured is oftentimes dependent on the mindset of the owner of the business. While many individuals with a growth mindset are more likely to go into partnership with others, those with a fixed mindset are more likely to want to go it alone. 

Affects The Leadership Of Your Business

Leadership is one of the important factors in the success of any business. This is because everything rises and falls on leadership. The quality of leadership you provide for your business goes a long way in determining the success of your business. Importantly, how effective you are as a leader is determined to a large by your mindset. In leadership, one with a growth mindset is better able to handle challenges and make good decisions that affect the business positively than one with a fixed mindset.  In situations where a founder of a business notices that staff possesses greater capacities than he or she does, most individuals with a growth mindset are more likely to hand over the management of an aspect or even the whole of the business to such a person than individuals with a fixed mindset. I have also seen individuals who despite how they try to give up certain levels of control to others or delegate functions, always seem to stand in the way of the person to whom they have delegated such functions. 
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Affects The Hiring Process

Another important area where mindset plays a great role in the success of any business is in the hiring process. While business owners with a growth mindset will be more open to looking out for the best talents there are, those with the fixed mindset will most often not go for the best talents for fear of being rejected or fear of not being smart enough to manage them. 

Affects The Sustainability Of The Business

Available statistics show that a large number of businesses fail within their first five years than the number that succeed. While there are so many factors that are contributory to the failure of such businesses, one other important factor is the mindset of the business founder(s). Businesses come with challenges and risks and overcoming them requires a certain level of belief that oftentimes is lacking in most persons.  Featured Image Source: Piotrowo.com
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This article was first published on 24th May 2022

victor-ifegwu-mbonu

Ifegwu-Mbonu Victor is a Personal Growth and Leadership Trainer who provides training and coaching to individuals and organizations.

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