How Companies Can Profit from a "Growth Mindset"
Psychologist Carol Dweck's work on "mindset" has been hugely influential in fields such as education and sports training, and her 2006 book Mindset was a bestseller. Some people, Dweck has argued, view talent as a quality they either possess or lack, and thus have a "fixed mindset"; others, with a "growth mindset," consistently see potential to develop new skills. Now she is extending her work on mindset to organizations. This article describes her new research with Fortune 1000 companies and details several implications for managers. This reprint includes three additional Idea Watch articles: "Is Extra Legroom Worth Fighting For?" provides a visual analysis showing that on economy class flights, higher ticket prices don't necessarily mean greater comfort. "In China the Right Political Ties Count" describes a study of the TV manufacturing industry in China from 1993 to 2003 revealing that ties to local officials were associated with higher rates of company success, but ties to national officials had no such effects. "The Real Cost of 'Patent Trolls'" focuses on three new studies that show how damaging patent-troll lawsuits are to the economy. They suppress venture investing and R&D spending by substantial amounts.