If you watch or read about current economic news and trends, there is talk about a looming recession. In general terms, a recession is defined as a significant decline in economic activity, typically lasting for several months. While the global economy has been recovering from the COVID-19 pandemic, there are ongoing concerns contributing to the predictions of a recession. Regardless of whether or not these predictions prove true, with the right mindset, business owners and executives can overcome the challenges of a potential recession. In fact, the right mindset and strategy can create opportunities and a competitive advantage when the going gets tough. But before getting into a mindset discussion, let’s take a look at what is driving these predictions.
A recession is often characterized by a decrease in Gross Domestic Product (GDP), rising unemployment rates, and a decline in consumer spending. There are several current factors contributing to a potential recession, including:
The concept of growth and fixed mindsets was created by psychologist Carol Dweck in her 2006 book, Mindset: The New Psychology of Success. Generally speaking, Deweck says that challenging situations, such as a recession, can be catastrophic for those with fixed mindsets. However, with a growth mindset, you believe you can gain the knowledge and skills necessary to succeed, which makes every challenge an opportunity.
The Fixed Mindset - Intelligence is static which can stop them from reaching their full potential.
A person with a fixed mindset tends to:
The Growth Mindset - Intelligence can be developed which leads to the highest level of success.
A person with a growth mindset tends tends to:
Whether it is a looming recession or other business challenges, it is not too late to change your mindset. As a business coach, part of my job is helping business owners and executives learn to operate with the right mindset. In other words, choose to live in a world of abundance not scarcity. I work with clients to transform a fixed mindset into a growth mindset which is one key to overcoming any personal or business challenge. I also use a variety of tools to uncover and exploit opportunities that competitors may not see, also known as the X factor.
So if the status quo is not working out for you, and you want to reach your full potential, I am here to get you to break through to the next level. All it takes is a phone call. So, let’s have that conversation and get you on the right path.