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To be successful as an entrepreneur, you must have the right mindset. No one can argue with that. Investors are also paying attention to mindset. People always refer to Carol Dweck’s research on fixed and growth mindsets and argue that having a growth mindset will ultimately lead to success. She’s an authority on that.
she says:
“With a fixed mindset, people believe that their basic qualities, such as intelligence and talent, are fixed traits. They spend their time recording their intelligence and talents rather than developing them. They also believe that talent alone creates success without effort.”
(Dweck, 2007*)
“In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work, and that brains and talent are just the starting points. It creates the resilience that is essential to achieving results.”
(Dweck, 2007*)
I love this principle. This is about what we believe about ourselves and the actions that lead to it, but there are always questions.
The answer I can answer for myself is that it must be possible to have fixed ideas about certain things. For example, I will probably never become an Olympic standard high jumper, but I should be able to have a growth mindset in other things. We need to challenge our own limiting beliefs. And the belief that you can’t start a business is probably the self-limiting belief that stops most people. Problems arise when the balance between fixation and growth tips too far in the direction of fixation. It’s about learned behavior.
The second question is for adults! Can you do it as an adult? If you had a fixed mindset as a child, change your mindset. Because it may be your intelligence and talent that got you where you are. That’s what you need as a founder. I think that’s true, but there are some caveats. You need to recognize within yourself that you are a bit “fixed” and find a coach or mentor to work with you on how to change that. This can include consciously increasing your curiosity and determination, stopping telling yourself that you can’t solve the problem, or getting back into the habit of learning and enjoying it. It can have various meanings. No one needs to stay on the tram of their childhood.
Share two Egyptologists’ stories about George and Henry. The setting is Egypt 100 years ago. We meet George and Henry wandering through the desert with an old, faded map. They are looking for undiscovered pyramids. A wealthy sultan rides an impressive white stallion with his entourage. He asks what they are doing.
“We are Egyptologists,” they explain. “We are looking for tombs of pharaohs like those recently discovered nearby. We want to tell the history of this country.”
“Oh! No!” says the Sultan. “You are robbers. You have come to plunder our country and steal our treasures to put in museums! In the end there will be nothing left. We will not have it. Hang it!” Sultan commands. His henchmen capture George and Henry before they can react.
“Not for much longer,” George whispers to Henry. “That’s about the time it takes to find a tree!”
“Your Grace!” George speaks to the Sultan. “I know how much you love stallions. May I suggest an idea? In exchange for our lives, we will teach your beloved horse how to fly!”
The Sultan considers the proposal. He thought he was the world’s only flying horse rider and said, “Hmm, that’s interesting. What do you need?”
Henry looks at George in disbelief. “You know horses can’t fly,” he whispers. “Why did you come up with such a wild idea? You’re just postponing the inevitable!”
“Your Highness, your horse is the best example I have ever seen. It will be difficult, of course, but I think we can achieve it within a year.” George addresses the Sultan. “We need a private stable to keep our practices and, of course, our food and shelter private. We will send you monthly reports on our progress.”
“Very well! If you fail, I’ll cut out your tongue first!” With that, the Sultan ran off.
“Henry! Henry! You have a chance, hey!” George shakes Henry violently.
First, take the Sultan. He might lose interest in the idea or we might distract him. You should ask your uncle to send you a Bentley. Otherwise he might die!
And then there are the horses. The horse might convince the Sultan that he doesn’t want to board the plane. Otherwise, your horse may get sick and die!
And finally there’s us. You might be able to escape! we might die. Or maybe you can actually find a way to teach your horse to fly. come! “
“George, of course you’re right!” Henry replies. “We can fix this. We have a year! Let’s get to work!
Meet George, a growth-minded Egyptologist who has secured investment.
(This is an adaptation of a story set in Persia that I heard many years ago).
*Dweck, C.S. Mindset: The New Psychology of Success. Gildan Media Corporation, 2007.
Phil McSweeney is a mentor, coach, and advisor to startup founders.His highly acclaimed book angel sink A book that helps founders think like an angel investor is available on Amazon.
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