How to Develop a Growth Mindset: A Beginner's Guide for Solo Entrepreneurs Balancing Their Side Hustle

How to Develop a Growth Mindset: A Beginner's Guide for Solo Entrepreneurs Balancing Their Side Hustle
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Do you want to be successful in your side hustle? Do you want to build a business from scratch? The first step is to develop a growth mindset.

According to Carol Dweck, a Stanford psychologist, having a growth mindset means believing that your abilities and talents can be developed through hard work, dedication, and perseverance. This mindset allows you to embrace challenges, learn from failure, and keep going even when things get tough.

But how do you develop a growth mindset? Here are some tips:

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Embrace challenges

According to Dweck, people with a growth mindset see challenges as opportunities to learn and grow. They don't shy away from challenges or avoid them out of fear of failure. Instead, they embrace challenges and see them as a chance to improve themselves.

For solo entrepreneurs, this means taking on challenging projects or pursuing new opportunities, even if they feel out of your comfort zone. For example, if you're a graphic designer, you might take on a project that involves coding or web development, even if you have no experience in those areas. By doing so, you'll expand your skills and knowledge and become a more well-rounded entrepreneur.

Learn from failure

Failure is an inevitable part of any entrepreneurial journey. But instead of letting failure defeat you, embrace it as a learning opportunity. According to Lewis Howes, author of The School of Greatness, the only rule you need to follow is to never stop trying. You can go as slow as you need to go, but you cannot stop. You can never drop out.

To develop a growth mindset, you need to learn from failure, analyze what went wrong, and use that knowledge to improve your future performance. For example, if your product launch didn't go as planned, take a step back and ask yourself what you could have done differently. Maybe you need to adjust your marketing strategy or improve your product before relaunching.

According to Harvard Business Review, "People with a growth mindset believe that they can improve with effort. They outperform those with a fixed mindset, even when they have a lower IQ, because they embrace challenges, treating them as opportunities to learn something new."

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Keep the promises you make to yourself

Building self-confidence is an essential part of developing a growth mindset. According to Ed Mylett, motivational speaker, and author, self-confidence is an internal game. You do not need external accolades, external admiration in order to build self-confidence. It’s all done internally, and you control this by beginning today to keep the promises you make to yourself.

This means setting achievable goals and sticking to them, even when it's difficult or inconvenient. For example, if you commit to writing 500 words every day for your blog, make sure you follow through on that promise, even on days when you don't feel motivated or inspired.

BetterUp also says, "Individuals with a growth mindset believe that their abilities and intelligence can be developed over time, while individuals with a fixed mindset believe that their abilities and intelligence are set in stone and cannot be changed." It is important to note that adopting a growth mindset is not a one-time decision, but rather a continuous process of intentional effort and practice.

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Avoid Comparison

Finally, avoid the comparison trap. As Lisa Nichols said, comparison is and will always be the thief of all joy. Comparing yourself to others will only lead to frustration, self-doubt, and negative self-talk. Instead, focus on your own journey, your own goals, and your own progress.

To summarize, developing a growth mindset is crucial for solo entrepreneurs who want to succeed in their side hustles or build a business from scratch. Embrace challenges, learn from failure, keep the promises you make to yourself, and avoid the comparison trap. Remember, no one is coming to save you. It's up to you to develop a growth mindset and make your entrepreneurial dreams a reality.