Unlike a static view of capability, a growth mindset flourishes when faced with challenges, viewing failure not as a sign of a lack of intelligence but as an encouraging platform for development and expanding current skills. At its core, a growth mindset is about the belief that one’s fundamental qualities are things that can be cultivated through effort, strategies and help from others.

Still, it isn’t uncommon for a lot of us to strive for success and avoid failure at all costs. We see it as a way of maintaining a sense of being smart or skilled. When we adopt a fixed mindset, challenges are avoided, effort is seen as fruitless, and persistence in the face of obstacles is minimal.

For entrepreneurs, adopting a growth mindset is not just beneficial but essential. The entrepreneurial journey is replete with challenges, uncertainties and setbacks. A growth mindset empowers entrepreneurs to embrace these challenges, learn from failures and persistently innovate and adapt. It transforms the way entrepreneurs approach their business — seeing opportunities where others see obstacles and continually evolving to meet the ever-changing demands of the market.