A person climbing a latter pointed at the sky. the sky is the limit


With the United States simultaneously facing its greatest public health emergency in many years and a shaky economy, it's hard to blame a business for wanting to "play it safe" right now. However, playing it safe could actual be a major risk, write Jeanette McMutry, author of the most recent "Marketing For Dummies," via Publishing Executive.

McMutry says that being conservative with a business right now represents a "fixed mindset," and taking chances in an effort to improve business represents a "growth mindset." Historically speaking, companies that succeed during tough times are the ones lead by individuals who show psychological resilience, a skill that just so happens to be possessed by people with a growth-oriented mindset.

McMutry cites Stanford professor Carol Dweck, who says that resilience is part of the growth mindset which itself is based on the assumption that hard work, dedication, intelligence and an ability to come out on top after challenges result in accomplishments. Conversely, the fixed mindset drives a person to work with what they have and believe that potential is predetermined. In other words, it doesn't make a difference whether a chance is taken or not because fate is sealed.

McMutry says that companies who came out of previous recessions in better shape than their competition tend to have gone with a plan for growth.

Our sister publication, Contracting Profits, recently ran a cover story dedicated to a building service contractor who found success by deciding to expand during the Great Recession. To read that story on MSNW Group, click here.