3 TIPS FOR EVERY BUSINESS LEADER Execute Strategy and Kill Stagnancy
The Growth Mindset
THE BEST PERSPECTIVE FOR TRADING
“Tome, ideas areworth nothing unless executed ... Execution is worthmillions.”
–Steve Jobs
Misconceptions of intelligence have run rampant for centuries, from the idea that brain size determines your level of intelligence to the notion that you have a fixed amount of intelligence from birth. Another misconception is that the older you get, the less likely you are to learn or adapt your thinking. New research from Stanford highlights just how wrong these misconceptions are with the growth mindset.
Anyone can take this advice to heart, whether you’re a stay-at-home parent or the CEO of a Fortune 500 company. Ideas are easy, but no one becomes successful because they had a great idea. Success comes from putting that idea into action. Being able to
execute a plan is a skill every business leader needs. Here are three steps to help you improve your execution.
According to Stanford psychologist Carol Dweck, the growth mindset is where:
“People believe that their most basic abilities can be developed through dedication and hard work, and brains and talent are just the starting point.”
1. Ditch Perfection
The research presented by Dweck shows how a growth mindset can develop when two conditions are present.
Have you ever watched a behind-the-scenes
featurette of your favorite movie? Some of the most successful films were all but unrecognizable in their early phases. In fact, a lot of early concepts are terrible. Look up the original designs for Woody in “Toy
1) A person makes a purposeful and meaningful effort. 2) A person understands that this effort makes you smarter.
This was showcased in Dr. Dweck’s work when set in place in a fourth grade classroom, where teachers rewarded effort, strategy, and progress rather than who got the correct answers. The result took a fourth grade class that was behind the curve to being one of the top classes in math test scores. This mindset is applicable to your everyday trading practices and can benefit them in a number of ways. Having a growth mindset can help alleviate any immediate panic or deterrence in your trading. Panicking is the worst thing you can do when you see a change in the value of your stock. Panic was one of the factors that led to the Great Depression, and if left unchecked, it can be detrimental to your trading.
Story” to see for yourself. Fortunately, rather than wait for the perfect script, creators executed their visions and make changes as needed.
Putting off action in favor of creating the perfect plan or strategy leads to stagnant business. Successful people know that plans take many shapes before they reach their final form. Don’t jump into something without a clear plan, but don’t be afraid to define your strategy as you go.
2. Be Methodical
With every stock you trade, you can learn something new and adjust your technique. This mindset will ensure that you’re making clear and educated choices on your stock. A growth mindset ensures you retain a clear picture of how the end result will affect your bottom line in the long run, not necessarily just tomorrow.
While you shouldn’t wait for the perfect plan, you shouldn’t be flying blind, either. You can be too energetic about execution. Make sure everyone involved in a plan knows their responsibilities. Confusion will torpedo any strategy faster than you can say, “Who was in charge of this?” The Harvard Business Review states, “Having the discipline to organize people, assemble resources, and then generate a plan that others can commit to will collectively improve execution.” We’re not saying you should micromanage, but you do need to be checking in on a regular basis to evaluate progress on your plan. Schedule monthly or quarterly evaluations to go over the strategy. This is where you look for any changes that need to be made and refine the strategy. A smart strategy feels reassuring, but learning to execute a plan is the only way to make progress. The best business plan in the world is worthless if you never follow through. 3. Evaluate, Evaluate, Evaluate
The primary aspect that the growth mindset emphasizes is that you’re continually learning. With those two conditions, anyone can learn, which is something that the Online Trading Academy embraces. To learn more about how we utilize this mindset in our curriculum, visit us anytime at TradingAcademy.com or call us at 425-307-6610.
2 • TradingAcademy.com
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