In a survey by UCL School of Management and Enterprise Educators UK, 92% of founders ranked resilience as the number one requirement for entrepreneurship – rating it more highly than problem solving, communication, and influencing skills. Clearly mindset and resilience matter in business, so it is important you take steps to develop these traits in order to maximise every opportunity to achieve your goals.

Why does mindset matter?

While some external factors cannot be altered, there are other factors which entrepreneurs do have an influence over. Among the most vital is mindset, because it determines the lens by which we view the world, and how we overcome adversity.

Because of its importance, it’s a topic that’s been studied by many academics, including Professor Carol Dweck who first proposed the idea of fixed and growth mindsets.

Those with a fixed mindset may avoid challenges in case they make a mistake, and believe intelligence and success are due to innate ability, while those with a growth mindset see setbacks as an opportunity to learn, and believe practice and effort will enable them to become better at anything in life.

Naturally, those with a growth mindset are more likely to start their own company, whereas those with a fixed mindset may shy away from the inevitable ups and downs of entrepreneurial life, and may be quicker to walk away from a company when challenges occur.

But there is good news, as a fixed mindset needn’t be a barrier to reaching goals and running a successful startup – as long as the individual is willing to put in the work to shift their mindset. Research has shown that perspectives can be moved in a positive direction with intervention and coaching (as well as surrounding yourself with people who have a growth mindset – a handy tip for those looking to build a team around them); this includes increased attainment by students who took part in researchers’ interventions designed to counter the belief that intelligence is fixed, and a ‘significant and positive’ association between growth mindset and test scores among students in 72 out of 74 countries studied as part of the Programme for International Student Assessment (OECD).

How can resilience help?

Resilience is just as important as mindset, hence why entrepreneurs consider it the most vital characteristic for those looking to set up and run a business. Very few people will go through life without encountering any challenges, and the world of startups can be particularly turbulent, with everything from uncertain economies to balancing budgets affecting everyday life as a business founder.

For someone with low resilience, when faced with issues they may feel hopeless, turn to unhelpful coping mechanisms, or even decide to give up altogether. Those with high levels of resilience can’t avoid problems, but their perspective empowers them to seek ways to overcome issues and remain hopeful in the face of adversity. Realising that most problems are temporary, and can be mitigated or minimised through perseverance and innovation, can of course be hugely beneficial for new business owners in particular.

Resilience has even been recognised by the US Army, which has enrolled 900,000 soldiers in its Comprehensive Soldier Fitness programme that includes Master Resilience Training (MRT). The MRT findings show a clear improvement in resilience and psychological health for participants, again proving that these can be enhanced through training and mentoring.

What should entrepreneurs know?

Whether or not the business has been launched or is still in the ideas stage, adding in considerations around the resilience and mindset (not just of the founder, but of the team around them too) can help strengthen ability to withstand the inevitable challenges, not only helping individuals but also fortifying the company and making it more likely to succeed going forward.

While businesses may not be able to control external factors relating to economics, society or changing market demands, we have seen countless studies which show they can alter their resilience and mindset to help them cope with these factors. It may take time and effort to positively realign mindset, and build resilience, but ultimately if it helps your business survive and thrive through the startup phase and beyond, then this investment is absolutely worth it.

For more startup news, check out the other articles on the website, and subscribe to the magazine for free. Listen to The Cereal Entrepreneur podcast for more interviews with entrepreneurs and big-hitters in the startup ecosystem.