ConceptsNest

  ***Continued from Chapter 01 (Covered previously: Meaning, Progressive & Degenerative impact, Loss Aversion, Psychological Roots) Link to Chapter 01 Forms in which Scarcity Mindset may Manifest A) Believing That Situations Are Permanent : . . . . . . . . . . We think “Well, that’s just the way it is” instead of changing our frame of mind and seeking out our own happiness. Thinking this way depletes our energy, harms our self-esteem, and makes life a burden in general. Nothing is permanent. There are moments in our lives that will take our breath away. An abundant mentality thinks this way and sees life as dynamic and mouldable ; something that is ours to shape and make to our liking. Perhaps most importantly, an abundant mentality sees life as an adventure. B) Using Thoughts And Words Of Scarcity : . . . . . . . . . . What we tell ourselves ultimately becomes an extension of us if left unchecked. When negative thoughts arise, which is quite natural, one way is to become an o

  Most of us can remember playing musical chairs as a child. As the music played and we marched around the circumference of the circle of chairs, we anxiously awaited the music to stop so we could fight for that last seated spot. There was something about that one-on-one physical competition and face-to-face conflict fighting for something tangible that added spice to the game. This is often one of the youngest experiences that we have of a scarcity mentality that can be translated to adult life. Simply put, Scarcity is the condition of having insufficient resources to cope with demand . When we are faced with limited resources, we strive to make effective use of them in the process of making important decisions. Economics is the study of how we use our limited resources (time, money, etc) to achieve our goals. This definition refers to physical scarcity. Once we enter that professional world, that “ every person for (him/her)self ” way of thinking often re-emerges as many people

What Is Impostor Syndrome? Impostor syndrome (also known as impostor phenomenon, impostor-ism, fraud syndrome or the impostor experience) is a psychological pattern in which an individual doubts their skills, talents, or accomplishments and has a persistent internalized fear of being exposed as a "fraud". Impostor syndrome refers to an internal experience of believing that we are not as competent as others perceive us to be . While this definition is usually narrowly applied to intelligence and achievement, it has links to perfectionism and the social context . To put it simply, impostor syndrome is the experience of feeling like a phony —we feel as though at any moment we are going to be found out as a fraud—like we do not belong where we are, and we only got there through dumb luck. It can affect anyone no matter their social status, work background, skill level, or degree of expertise. Impostor syndrome is different from the standard “fake it until you make it” in th

  Story - The Ivy Lee Method: By 1918, Charles M. Schwab was one of the richest men in the world. Schwab was the president of the Bethlehem Steel Corporation, the largest shipbuilder, and the second-largest steel producer in America at the time. The famous inventor Thomas Edison once referred to Schwab as the “master hustler.” He was constantly seeking an edge over the competition. One day in 1918, in his quest to increase the efficiency of his team and discover better ways to get things done, Schwab arranged a meeting with a highly respected productivity consultant named Ivy Lee. Lee was a successful businessman in his own right and is widely remembered as a pioneer in the field of public relations. The Ivy Lee Method:. . . . . . . . During his 15 minutes with each executive, Ivy Lee explained this simple set of daily routine steps for achieving peak productivity: 1.       At the end of each workday, write down the six most important things you need to accomplish tomorrow. 2.

  ***Continued from Chapter 01 (Covered previously: Cognitive Biases and Debiasing, The Debiasing Process) Link to Chapter 01 Various Debiasing Techniques There are a few general debiasing strategies (sometimes referred to as  cognitive-forcing strategies ), which can help deal with many of the cognitive biases. Many of these strategies are interrelated since the underlying principles behind them are similar. A) Develop awareness of cognitive biases: . . . . . . . . . . . . . . . . . .>>   In some cases, simply being aware of a certain bias can help us reduce its impact. For example, consider the  illusion of transparency , a cognitive bias that causes people to overestimate how well others can discern their emotional state, so that they tend to think that other people can tell if they are feeling nervous or anxious even in situations where that is not the case. This happens because our own emotional experience can be so strong, we are sure our emotions ‘leak out.’ Howev