From Pain to Gain: See Opportunities Instead of Crises with a Growth Mindset

Exploding energy costs, bankruptcies on end, a lack of trust in our business location, and growth rates that leave something to be desired. Add to that the unresolved issue of migration, nationalist tendencies within the EU, an erratic new old US president, increasing geopolitical tensions, and intensifying conflicts in Ukraine and the Middle East. The world is in a sorry state, you might say. 
 

What We Need Now: the Right “Anti-Crisis Strategy” 
 

Considering this backdrop, now is the time to rethink our line of action, says Michael König, WU strategy expert and senior lecturer at the Department of Strategy and Innovation at the Vienna University of Economics and Business. The time for a new “anti-crisis strategy,” as he calls it, has come.  

“All companies base their way of thinking on crisis scenarios; that’s more or less a given,” Konrad Holleis, Head of Executive Education at the WU Executive Academy, agrees. As a result, innovation and change are often viewed as a threat instead of an opportunity. “The pandemic is behind us, but the fear of uncertainty remains. It is high time to start thinking in terms of possibilities and opportunities.” 

Mastering Crises with Foresight: Thinking Long-Term, Creating Opportunities 

Michael König considers family businesses that have survived a multitude of crises in the course of years and decades (sometimes even centuries) to be role models. “Companies that withstood world wars have a completely different approach to dealing with the current crises,” he believes. This resilience is more than mere resistance: it allows them to envision the future in a more positive way. Their mindset is rooted in the companies’ longevity: they think in terms of generations instead of months or years.  

The Key to Success: a Growth Mindset 

If we want to free ourselves from this preoccupation with crises and actively shape the future of our companies, we need the right strategic mindset. “This requires courage, a readiness to take risks, and the ability to look beyond the confines of what you already know,” Konrad Holleis explains. In order to cultivate these qualities, it is important to focus on something other than just the operative side of business for a change: strategic management is more than just coping with everyday business and averting crises.  

Even in today’s highly challenging environment, opportunities abound. A prime example is the use of artificial intelligence - a field brimming with potential but too often misused, says Michael König. “Often, AI is used to try to perfect the future and plan every little detail.” But instead of getting lost in the microscopic intricacies of operative business, AI should be used for creativity and scenario planning.  
 

4 Tips on How to Shape the Future with a Growth Mindset 
 

But how do you make the transition from a crisis mentality to a growth mindset that promotes entrepreneurial opportunities? Our experts share valuable tips on how you can successfully establish a growth mindset in your company: 

1. Focus on the Essential 

Leaders should once again concentrate on what makes or breaks active entrepreneurship: creating growth, bolstering innovation, meeting customer demands. A growth mindset helps to recognize the potential for the future while remaining capable of acting in the present. “Of course we need to deal with all the ongoing crises, but at the same time, let’s not forget to harness the potential for our future,” Michael König emphasizes. 

2. Avoid Mentality Traps 

Many people are inclined to make rash and superficial decisions based on their limited knowledge or own experiences. A growth mindset encourages us to think more in terms of possibilities and to seek creative solutions even when knowledge is limited. “We need a completely new concept of what could be and actually is possible,” Konrad Holleis says. 

3. Convey Vision and Purpose 

Anything we do must be driven by a vision and purpose the whole organization and all employees can rally behind. “Everybody must be involved and committed to this revolutionary scenario work,” Michael König underlines. A growth mindset promotes this attitude by encouraging employees not only to maintain the status quo, but also to actively work on further development based on the company's overarching vision. 

4. Be Different, Think Different 

There is one central question that has been overshadowed by the multitude of crises in many organizations these days: what sets us apart from our competitors? “Sometimes you need to come up with something new to distinguish yourself from others,” Michael König points out. A growth mindset encourages companies to break new ground and find innovative approaches, for example by focusing more strongly on sustainability, which can create a decisive competitive advantage. However, this should not only be a reaction to a crisis, but above all a long-term, future-oriented goal. 

Strategic Foresight: the Foundation of New Thinking 
 

The overarching concept of “strategic foresight” forms the basis for rethinking companies with the help of a growth mindset. “Strategic foresight is so effective because it combines classic performance-management systems, which are focused on data from the past, with operative strategy implementation and situative tools for managing the future” explains Michael König. 

As opposed to run-of-the-mill forecasts, strategic foresight considers multi-dimensional future scenarios. Foresight enables us to manage the past, the present, and the future all at once. Companies that have done their homework in this field thus know exactly what happened in their past, successfully handle the tasks related to their present daily operative business, and proactively shape their future in a BANI world. They are unfazed by blind spots or suddenly emerging new phenomena. Just like people, these companies are able to anticipate alternative futures, react quickly, and deal with new developments in a structured way.  

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