Mindset

Coaching – How do you pass a growth mindset on?

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A few notes here from Carol Dweck’s book Mindset.

It’s surprising but a parent/teacher who holds a growth-mindset doesn’t necessarily pass it on to their children/students.

Praise (when things go well). If you praise a child’s ability without focusing on the learning process, you send a signal that it’s all about the inherited ability and not the growth. Even parents with a growth mindset do that.

Reaction to setbacks (when things don’t go well). If a parent reacts with anxiety or concern to their children’s failures, they promote a fixed mindset. Even when they gloss over the failure, ie. they don’t show interest into what was the issue and how it can be improved, they show that failure is an issue and there’s nothing you can do about it. Then the children will do anything just not to fail (they can even lie) rather than focus on how to grow.

This, of course, applies to adults too! An adult can also lie in order to hide deficiencies and not look dump. For example, an adult may opt to remain silent in a meeting instead of asking a question about something they don’t know/understand. Dweck mentions Enron as an example of a fixed-mindset corporate culture. An Enron employee was considered a talent, a super-star with great abilities.

An amazing conclusion: You don’t have to explicitly say to someone “You should have a growth mindset. Look at this as an opportunity to learn!” You can foster the growth mindset on the subconscious level. How?

Show genuine interest in the setback: “Tell me more about it. What do you think happened here? How can we fix this? Do you think if we did _____ would fix the problem?”

And then…

Treat setbacks as opportunities for learning: That was a challenge, we learned something new today, that was interesting, that was fun, etc.

The approach above sends a signal that abilities are not fixed but they can be developed.

Don’t praise intelligence or talent. By doing so you make their confidence more fragile when they face a setback next time. Well, they’ll think that there is as much talent as there is, you can’t do anything about it. However, when you focus on the processes, the strategy, effort, choices, you convey a message that you have control over all this stuff if you want to get better.

A coach who says that this student has a fixed mindset and is hard to work with says that “I’m a fixed-mindset coach who doesn’t believe in growth but fixed abilities”.

Something that amazes me is that actions speak louder than words. You prove with your actions and your enquiry that someone can be developed. That’s the whole point.

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You may have 0 clients but you’ve got hunger

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To all those who started a business and haven’t got a client yet:

You may have 0 clients at the moment but you’ve got HUNGER!

You can give your clients way more value than a fancy established business that will charge them an arm and a leg for their generic “gold” service package.

You may only have one old MacBook Air and an iPhone SE but YOU will care about your client MORE than any established business out there with fancy offices.

Because you will be there to text them back on Whatsapp when the fancy business closes on Saturday.

Say that to the people you reach out to and have doubts about your ability to deliver value.

You’re hungry. That’s all you need to get your first clients.

The screenshot is from the book Mindset.

Kindness and smiles,
Angelos

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Morgan Housel’s Gems on Money, Business, Investing and Life

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Below, you’ll find a few quotes and thoughts by one of my favourite financial writers, Morgan Housel. Read this guy, his writing and views are enlightening.

Golden Nuggets

Past a certain level of income, what you need is just what sits below your ego. One of the most powerful ways to increase your savings isn’t to raise your income, but your humility.

The value of wealth is relative to what you need. Since people require vastly different amounts of spending to get by each month, $1 of savings to one person is worth something totally different to another.

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This Buffett shareholder letter will blow your mind

Buffett's letter to shareholders of Berkshire Hathaway

I was on the train the other day reading a Warren Buffett’s shareholder letter.

It’s a 23-page report and towards the end, you get the typical humble Buffett-style “Some thoughts about investing”.

Whaaaaat? Some thoughts about investing? Are you kidding me, Buffett?

That was the most mind-blowing piece of writing about investing I’ve ever read!

In this letter, Buffett uses two successful real estate investments that he did long ago to explain his entire philosophy about investing. The first investment was a farm in Nebraska and the second was some real estate property in New York.

I will not repeat the stories, I’ll leave a link to the letter at the end. Here, I want to focus on a few powerful take-home points.

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What was Buffett’s biggest mistake?

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Do you guys know what was the dumbest stock Warren Buffett ever bought?

Drum roll, please…

The stock of his own company, Berkshire Hathaway!

Berkshire was a textile business when Buffett bought it in 1962.

The reason he bought it? It was a bargain!

If you follow Buffett, you know what’s his secret recipe for investing success.

You need 4 things:

  • a company you understand
  • a company with excellent business economics
  • able and honest management
  • a cheap price!
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Who is an investor?

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Most people think an investor is someone who invests in stocks or real estate.

Neahh….. That’s too short-sighted.

You should think of an investor as a master at capital allocation.

The real investor makes his capital sweat on the right things. Any sort of capital – not only cash!

Think of capital as assets. Cash is an asset. People are an asset. Time is an asset.

An investor is a capital optimisation freak.

What does he optimise for? Profits. Returns.

An investor who is offered an investment opportunity always asks one question to himself first: “Is there anything else I can do instead to get more returns?”

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I want to become a tortoise (Habits and Goals)

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We all have a hare 🐇 start when it comes to forming a new habit. DAY 1 visiting the gym, we’ll do a 2-hour workout. We’ll do cardio, weights, yoga, pilates, stretching! We’ll have a protein shake too! No one ever will visit the gym for 12 days in a row only to do a 10-min workout. Most people are like that including myself. If only we could get to the finish line tomorrow!

My experience shows it doesn’t work like that. When it comes to habits and goals, we’ve got to be a tortoise 🐢. Maths say 1% better every single day means 37 times better after one year (1.01^365 = 37.78). We’ve just got to show up every single day and do that tiny little bit we’ve got to do for the day.

Got 10 minutes? Do a few push-ups or sit-ups, practice meditation or breathing, read 10 pages, whatever the habit is, then forget it. You’ve done the thing today. You’re a winner today. You’ve ticked the box today. Go have a coffee with your friends now. Just show up again tomorrow winning tortoise.

I’ve used only “we” because I’m a hare myself who wants to be a tortoise.

Any tips on becoming a tortoise? Leave a comment below.

PS: I was inspired to write this after going back to James Clear’s book Atomic Habits this morning. I say “going back” because that’s not a book you read once and then shelve it. It’s a book you keep going back. It’s the habits bible.

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Entrepreneurship sucks but…

Angelos Georgakis St. Petersburg - Live Diversified

Hi guys,

I know you haven’t heard from me for a while.

The reason is I’ve been working hard on two courses, one on self-publishing and one on the Russian culture.

I’ve also been interviewing experts on various subjects you requested – learning, marketing, writing, self-development and more.

I’ll be publishing videos and new material soon so stay tuned!

I also wanted to share with you a few truths about my journey as an entrepreneur.

More than 3 years have passed since I gave up my investment banking job in London. I was an exciting decision but not an easy one.

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