In Mindset: The New Psychology of Success, Carol Dweck looks into what the consequences are of believing that your intelligence and personality are things that you can develop versus thinking that they are permanent.
Those with a growth mindset tend to embrace challenges, look at failure as an opportunity to learn, work harder, gain wisdom from others, and ultimately achieve their goals at a much higher rate than those with a fixed mindset.
Young entrepreneurs, in particular, must have this growth mindset. When starting a new company or being entrepreneurial as an employee, you’re focused on creating new things. In order to create those new things successfully, you’re going to have to take risks and some times they won’t pan out and you’ll fail. It’s the entrepreneurially-minded that thrive on these challenges. They view failure not just as an inevitable part of the path to success, but as necessary to it.
Failure can be painful for everyone, but it’s those with a growth mindset that do not let it become their identity because they know they are capable of learning and improving upon their work.