The notion that we are able to develop ourselves, react positively to setbacks and achieve things we never thought possible are at the heart of the growth mindset popularized by Stanford’s Carol Dweck. They’re also traits that underpin good entrepreneurship, so it stands to reason that encouraging a growth mindset will help people with their startup.
That was proven by a recent study from North Carolina State University, which showcased how a simple and low-cost intervention that aimed to boost the growth mindset gave participants greater belief in their entrepreneurial abilities.
“Growth mindsets – the belief that human attributes are malleable – help students to flourish,” the authors say. “For this study, we focused on fostering a growth mindset of entrepreneurship – the idea that everyone can improve their entrepreneurship ability.”
Boosting confidence
The researchers worked with a few hundred volunteers who were each shown a number of growth mindset videos that aimed to boost their belief that with the right time, effort and energy, they could improve their entrepreneurship ability. A second, control group was shown similar videos outlining various misconceptions about entrepreneurship.
While the performance of the two groups largely remained static after the intervention, what did change was the self-efficacy of the group who had watched the growth mindset videos. Their confidence levels rose considerably, and they believed in their ability to spot new business opportunities and develop new products more than before. What’s more, they also recorded higher levels of persistence than before in the face of the various challenges that are inevitable when starting a business.
It’s a finding that the researchers believe points the way towards a relatively simple, straightforward and low cost intervention to boost people’s willingness to start a business.
“This low-cost approach can be easily integrated into the classroom and is a promising tool for increasing students’ motivation in entrepreneurship above and beyond simply learning about the field,” the authors conclude.
