Growth Mindset: Getting the Right Mindset to Open a Business in Singapore

Being a business owner is a lot different from being a worker. You have to be in the right mindset when starting a business; otherwise, you won't be able to take care of your customers properly or meet their expectations. 

Some people believe that even without experience or knowledge, as long as you have the money, you can start a business — but it’s not just about money. Being a business owner means taking responsibility for everything, being creative, and having the right attitude to succeed (and, of course, turn a profit).

Suppose you are working on your company incorporation in Singapore, and you encounter some issues with paperwork that you didn’t do correctly. This issue can affect your business registration in Singapore and potentially stop you from doing anything else involving your business. Do you give up because it is a hassle, or try to remedy it so you can get started? Of course, this is easier said than done, but it can be that easy once you have the right mindset for this venture of yours.

How can one have the "right" mindset in doing business? Many people would try to suggest that there is a certain way of thinking when doing business and that anything else would lead to failure, but what if we told you that the right way doesn't always have to be fixed or be just one way? How? Let us introduce you to the growth mindset.

What is the Growth Mindset? 

In Stanford Psychologist Carol Dweck's book "Mindset," she explains that it is not intelligence, talent, or education that sets successful people apart — it is their mindset, the way they approach life's challenges. To prove this, she did a study on the behaviour of students' attitudes toward failure. 

Their studies showed that their performance would increase when the students were taught that setbacks and difficulties are part of the process and that intelligence is malleable. To Dweck, anyone can develop skills, abilities, and talents with time and experience. It was here where she coined the term "growth mindset."

How to develop a Growth Mindset?  

Adapting a new mindset cannot happen overnight. It will take time and practice. Here are some simple steps you can take to move into this new way of thinking:

1. Check yourself. Before anything else, be sure to check with yourself first. Look back at how you have been dealing with challenges and compare them with the recent ones you've dealt with. Was there an improvement? If not, what can you change to make it better? By reflecting on these things, you will be more self-aware and capable of making better decisions in the future.

2. Motivate yourself. Success will never come to someone who wouldn't want it in the first place. If you seem down for the count, remember why you are doing these things in the first place. Seeking advice from successful peers is also a great motivator, as their experiences can help you see the bigger picture amid challenging situations.

3. Be kind to yourself. Don’t beat yourself up for every single mistake you make. We all make mistakes somewhere along the line. Instead of scolding yourself for messing up, reflect on what you could have done differently and act accordingly when it happens again. By doing this, you’ve already become a better version of yourself!

4. Learn to accept feedback from others. Even if you think you know how you fared or what you would need to do to improve, listening to other people's feedback about you is very important if you genuinely want to grow. There are instances where people develop a blind spot on certain things. These blindspots may bring you down if they are not addressed or pointed out. This feedback may be uncomfortable or painful initially, but it can be the feedback you need to improve. 

5. Continue to improve. In Carol Dweck’s TED Talk, she points out that there are skills that people won’t be good at. But, if given enough time and effort, one can develop these skills. Instead of backing down when we fail, we should take it as a challenge instead of continuing to learn and grow until we finally succeed. 

As you continually exercise the growth mindset, you will see growth in your business and personal development, as you can apply this mindset in many other facets of your life. 

Launch with Lanturn

Getting your business licence in Singapore or getting incorporated in Singapore can be tricky, especially if it is your first time going through the processes. We don’t blame you if you are intimidated by how things work. So, why not let us at Lanturn help? 

Our company has years of experience helping different companies launch their business and have helped them develop and grow through quality customer service paired with exceptional technology. Launch with Lanturn today, and we’ll help you get your business on its feet!