Trivia Question
Which highly successful cosmetics company was started by a woman in her kitchen in 1976?
The answer is at the bottom of the page!
The Power of A Growth Mindset In Business
Mindset is not just a buzzword, it’s a genuine force that shapes the trajectory of companies and their leaders.
A growth mindset, a concept popularized by Stanford Psychologist Carol Dweck, has gained attention for its profound impact on business success.
A growth mindset, in essence, is the understanding that the mind is a muscle that will grow when you exercise it. Meaning, with effort and perseverance, anyone can develop their abilities and intelligence.
This contrasts with a fixed mindset, where abilities are seen as static and unchangeable. For example you’re intelligent or you’re not.
As an entrepreneur, the mindset you operate in will have a huge impact on the direction (and likely the success) of your business.
With a growth mindset you are likely to experience the following:
Greater Innovation: A growth mindset cultivates an environment where new ideas are welcomed and considered. This openness is crucial for innovation and staying ahead in competitive markets.
More Resilience: Entrepreneurs with a growth mindset tend to prioritize the journey and the learning process over immediate results. This approach fosters a culture of continuous improvement and resilience, especially in the face of challenges.
Better Performing Teams: Business owners who embrace a growth mindset are more effective in guiding their teams. They view underperformance as an opportunity for development rather then a failure, leading to a more supportive and constructive work environment.
A good example of this is Microsoft.
When Satya Nadella took over as CEO of Microsoft in 2014, he shifted the company culture from a “know-it-all” to a “learn-it-all” attitude.
This change helped revive Microsoft from a state of inertia and internal conflicts to a path of renewed innovation and relevance.
How do you develop a growth mindset?
Know That You Can Learn The Answer: Remind yourself that if you have an issue, you can find the answer to overcoming it. Don’t get to a place where you think you have all the answers OR where you think becoming successful is impossible for you.
Reframe Challenges as Opportunities: When you have a setback, don’t view it as a total failure but as an opportunity to learn and improve.
Promote Openness and Collaboration: Be open to all ideas that come your way and encourage collaboration. This approach will drive innovation and problem-solving.
Value Effort and Progress Over Perfection: Recognize and reward yourself for the effort and progress you have made, not just your end results. This will motivate you to continue striving and growing.
Lead by Example: As a leader, show your commitment to a growth mindset. Share your learning experiences and how you’ve grown from challenges.
If you want to go deeper into mindset and changing your thinking to encourage growth and success, check out Russell Brunson’s Bibliomania Documentary here.
It goes into depth about the different tools and ideas that people have used for years to help them achieve great success.
Is a Newsletter The Key To Your Business Success?
Recently, newsletters have emerged as a hidden gem for entrepreneurs and business owners.
People love being sent valuable information, newsletters work wonders for your domain’s sender core, and they are a great way to get your audience to know, like, and trust you.
Plus, if you take the time to create something valuable and remain consistent, the results could be spectacular:
The Hustle was founded in 2014, focusing on entrepreneurship and business news. It reached 1 million subscribers by it’s third year and sold to HubSpot in 2021 for ~$20 million.
Morning Brew started in 2014 as a PDF making the business world more interesting for young professionals. They reached 1 million subscribers by 2018 and were acquired in2020 by Insider Inc (Business Insider’s parent company) for $75 million.
Axios was founded in 2016, focusing on political coverage, technology, and business news and was purchased by Cox Enterprises for a whopping $525 million.
If you haven’t started yours. here as some simple steps to get up and running:
- Find Your Niche: Identify a topic you’re passionate about and that resonates with a specific audience.
- Produce Quality Content: Produce insightful, engaging content that adds value to your readers. In this newsletter for example, I strive to provide you with 2 or 3 useful nuggets that you can use in your business.
- Grow Your Audience: Leverage social media, SEO, collaborations, referral competitions, and word-of-mouth to expand your subscriber base.
- Monetize Your Newsletter: Opt for ad revenue (people pay you to advertise in your newsletter), subscriptions (members pay a fee to receive your newsletter), or a mix of both.
- Engage and Retain: Consistently interact with your subscribers, and use feedback to improve and personalize the content.
- Analyze and Improve: Regularly assess your performance metrics. Be willing to adapt your strategy to optimize results.
Newsletters are a very simple idea. It’s ultimately you sending your audience valuable information daily or weekly.
The success of a newsletter hinges on your ability to understand your audience and share the information they’re interested in.
Get that right and the sky is the limit.
Trivia Answer
The Body Shop was started by Anita Roddick in her kitchen in Brighton, England, in 1976 and became famous for its natural ingredients and eco-friendly practices.
That’s it for today!