One More Key to Success: The Growth Mindset

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What SMBs Can Learn From eBay and ServiceNow

When we think about the keys to SMB success, we often focus on processes, financial metrics, and customer satisfaction scores. Things that we can see, touch and measure. All are important, but there's an additional key to success that ServiceNow CEO John Donahoe recently discussed with the NYSE's Betty Liu. According to John, that additional key to success is a Growth Mindset.

What is a Growth Mindset? The term was first coined in 2015 by Stanford University psychologist professor Dr. Carol Dweck. Dweck found that people with a Growth Mindset understand that their talents and abilities can be developed. Their talents and abilities aren't simply set and their destinies pre-determined. These individuals know that their talents and abilities can develop through effort, good habits and persistence. They don't necessarily think everyone's the same or that anyone can be Einstein, but they believe everyone can get better if they work at it.

To fully understand the Growth Mindset, we should also compare it to it's opposite: a Fixed Mindset. In a Fixed Mindset people believe their basic abilities, their intelligence, their talents, are just fixed traits. They have a certain amount and that's that, and then their goal becomes to look smart all the time and never look dumb. That fear of looking dumb can really get in the way of creating any real innovation.

Whether you sell unique food products or have created a miniature motorcycle just for kids, you will need to innovate in order to compete in today's marketplace. Consumers can get goods and services anywhere, anytime, and from any channel. What will make your offering different in this sea of sameness? How will you innovate?

In order to drive innovation, John Donahoe adopted the Growth Mindset while he was CEO at eBay. Today he does his best to make it part of the company culture at ServiceNow. And it's working. As of this writing, ServiceNow stockholders have enjoyed a 52% increase in the stock's price in just the past 12 months.

See John Donahoe's full interview with Betty Liu by clicking HERE.

 

Categories: B2B eCommerce

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