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There is a rise in the Importance of an MBA in entrepreneurship in India, with the rise in small businesses and ventures.
What if I told you that you don’t need an MBA to become an entrepreneur? But you probably knew that. The question that does arise is that without an MBA in entrepreneurship can you still develop a successful business mindset?
In 1988, A behavioural psychologist, Carol Dweck coined the terms growth & fixed mindset.
Carol conducted many studies to understand the way we think or what is called a mindset. As time passed, Dweck understood that our mindset contributes largely to how successful we become.
Most of the time, fixed mindset individuals believe talent and abilities alone create success, which is why they avoid new challenges. They see this as a giveaway for their flaws or inadequacies.
Growth mindset individuals believe character and abilities can develop through dedication and practice. This way of thinking creates a love for learning,
It is essential to know these two types of mindsets for you to figure out which category to fall in.
Take the following instance, there are two puzzles kept in front. One is easy and one is hard, which one do you choose? If you go for the easy one, you have a fixed mindset, where you’re abilities are limited by your failures. If you choose the hard puzzle, you have a growth mindset, where your failures are just another challenge you will learn from.
Look at the following image for more attributes of each mindset.
Now let’s see which of these mindsets facilitates us in developing a successful business mindset.
What Is a Business Mindset?
A business mindset is a way of thinking that enables a professional to uncover and view problems as opportunities and then turning these into business and learning challenges.
It is clear that a growth mindset is what gives rise to a business mindset
It is an understanding and way of thinking that everything around us is a result of an idea being executed the right way.
How can You Develop A Business Mindset?
Now that you know that a business mindset stems from a growth mindset, let us look at some ways to cultivate a success-oriented business mindset. It doesn’t matter if you plan to open your own business or work as an employee, a business mindset will help you face any occupational challenges and in finding solutions. What are the ways to cultivate such thinking??
Well, let’s dive deep into the ways you can develop a successful business mindset.
Be Open To Challenges
Looking at challenges as learning opportunities rather than failing opportunities leads to newfound confidence. By overcoming challenges we gain the confidence to take risks and in the process learn things we did not know before. To begin with, develop a list of exciting challenges you are interested in overcoming.
Whatever the challenge you select, be sure it is something that interests you; otherwise, it may be difficult to stay focused along the way.
Prioritize Learning & Growth
It’s easy to say that a successful entrepreneur’s got it all figured out. But the most successful entrepreneurs readily acknowledge that they’ll NEVER know it all. They’re constantly pursuing new knowledge and new ideas.
Make personal development a part of your lifestyle. Each day, set aside time to read blogs, articles, and books that help you increase your knowledge, sharpen your skills, and feel even more motivated and inspired to move forward.
Embrace Risk
Honestly? There’s nothing comfortable about being an entrepreneur. It involves loads of rejection, risk, ailure, embarrassment, anxiety, criticism, tears, doubt…basically, the stuff nobody particularly enjoys.
Whenever you take a risk, you’ve got two possible outcomes: you’ll either win or you’ll learn. And failure is the best teacher there is. It’s an opportunity to grow, adapt, and learn new strategies for next time. Don’t avoid failure, embrace it. Fail fast and fail often. It’ll set you up for success in the long run.
Set Time-bound & Achievable Personal Goals
Do you have a new year resolution every year but fail to keep it? You’re not the only one, over 90 per cent of new year resolutions fail. If you’re serious about changing your mindset, you should take a different approach to goal setting. Instead of relying on a New Year’s resolution, create time-bound goals that you know are achievable from the outset. Approaching goal setting from this angle will help to build your confidence, which in turn will reshape your thinking.
Surround yourself with other entrepreneurs
Environment plays a significant role in creating our mindsets. After all, we’re social creatures and are influenced by those around us. Surround yourself with talented individuals who can teach you new things and who can encourage you to grow personally and professionally.
Final Thoughts
Developing a successful mindset can take time. To get started, focus on learning new skills and putting yourself in new situations. By overcoming adversity, you’ll begin to develop faith in yourself.
Establish morning routines and build a network of talented partners and mentors to avoid complacency and achieve those moments that you can be proud of.
About Sunstone
At Sunstone, industry-oriented MBA and PGDM programs prepare the students for the ever-evolving business world. Furthermore, the curriculum focuses on imparting relevant knowledge of business concepts and principles which are genuinely put to use in the real world. Sunstone has tech-led pedagogy, faculty who have corporate experience and a student-centric approach that transforms the students’ career and focuses on their holistic development.
Moreover, the fee structure of the management programs and the sense of accountability they take for their student’s careers make Sunstone unique. It takes complete responsibility for their student’s success and job placement. To date, it has had 100% placement for all its batches with students placed in good companies like Amazon, Byte Dance (TikTok), Reliance Jio, Flipkart, etc.
Upskill yourself with industry-aligned management programs, tech-led pedagogy and economical fee payment plans – Apply Now
Sunstone Fee Structure
They have two fee plans which are as follow:
- Pay After Placement – Students pay a nominal fee at the time of admission, and only after getting a job on the completion of the course, they pay the full course fees.
- Money-Back Guarantee – Students pay a fixed amount of fee at the time of admission and get a refund of tuition fees in case not placed.
For more details on Sunstone’s Fee Structure – Click Here
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