The phrase "growth mindset" has come to be a ubiquitous, but often misunderstood, idea in the business world.
Lifehack recently offered readers insight into the true meaning of having a "growth mindset."
The term was coined by author and Stanford University professor Carol Dweck in her 2006 book, 'Mindset: The New Psychology of Success.'
Dweck explained in a Harvard Business Review that a "growth mindset" is based on the belief that one's talents can be developed with hard work, strategy and input from others.
On an organizational level, a growth mindset can help to cultivate an atmosphere of collaboration and innovation.
According to Lifehack, the most successful companies know that a growth mindset is developed from the top down.
Leadership must remain adaptable in order to commit to continued growth and learning. Leaders should create and promote channels for coworkers to collaborate and seek help from each other.
It is important to acknowledge both successes and failures, and take advantage of teachable moments.
This can help to establish an atmosphere that encourages risk-taking and experimentation.
"In the modern world, don’t minimize your risks – maximize your opportunities." Naval Ravikant, AngelList CEO, via Lifehack