As social beings, humans naturally compare themselves to others. It can often be useful for survival to know whether you can beat an opponent or should run to safer ground. But comparisons are more trouble than they are worth. Why compare yourself to others and feel bad if you aren’t up to snuff?
Comparing ourselves to others can do more harm than good. If we are doing more poorly, we'll feel inadequate. And it isn't always the case that we are performing below par. Each person has his or her own personal history or circumstances that shaped his or her life. People differ in terms of personality, intellectual skills, and life experiences. Any or all of these factors can influence one's performance. It makes little sense to beat yourself up because you haven't achieved a level of performance equal to someone else who had advantages that you didn't have. In the end, the only person you can compare yourself to is you. If you make any comparisons at all, it should be against your own past performance, not someone else's. If life is a race, you should run your own race. Competing with others makes us feel good when we win, but most of the time, comparisons make us feel bad. Making comparisons can stifle creativity. It’s better to avoid such comparisons and appreciate your own talents and skills. If you do the best with what you have, you will feel better and be more productive.
Successful people in all fields avoid making comparisons to others. In the end, the only person's opinion that matters is your own. If you believe you are doing well, then that is all that matters. So when you find yourself comparing yourself to others, stop. The more you can focus on your own standards, the more successful you will be.
I started writing columns about developing a winning mental edge in 2002 for the "Mind Over Markets" newsletter for Innerworth. Sometimes the columns for the newsletter were inspirational, similar to "self help" psychology books. The columns I most enjoyed writing, however, were based on research studies in psychology and behavioral finance. I've posted my favorite columns on this blog. I've also written some new columns.
Tuesday, September 23, 2008
Take Control
Do you ever feel as if you have no control of your future? These days, it’s hard not to feel as if things are a little chaotic. Whether you invest in the financial markets or not, the economy is on everyone’s mind, and it has created an aura of fear and uneasiness. You may wonder if your personal goals are possible with such an uncertain economic future. If you are in business, for example, you may wonder whether clients will buy your goods or services. If you work for a non-profit company or charity, you may similarly worry about how the long term economic picture will impact the organization where you work. It’s natural to panic during uncertain times. But rather than feel a sense of panic, it’s vital to take an active, problem solving approach to your life. The more you feel in control, the more likely you will be able to make progress toward your goals.
A study by Dr. Timothy Steenbergh and colleagues at the University of Memphis (Steenbergh, May, Meyers, & Whelan, 2005) suggests that you are better off believing you are in control even when you may not fully be in control. They studied a group of university students who played a computer game of roulette. All participants reported they had gambled recreationally in the past year. Researchers asked participants to describe the strategies they used while playing computerized roulette. About 25% of the participants reported they had no strategy or plan for winning; they just saw outcomes as random and passively accepted outcomes. The remaining participants reported that they had developed a strategy or game plan.
Results of the study suggest that it is better to make plans and take an active, rather than a passive approach. Participants who came up with some sort of strategy, sound or not, believed that their actions had an impact on roulette outcomes. They made more bets than those who didn't have any strategy, and made more money in the end. These findings illustrate how it’s vital to engage in active planning strategies rather than passively thinking, "Why bother, it doesn't matter." By taking an active, problem solving approach, you will feel in control and achieve success.
A study by Dr. Timothy Steenbergh and colleagues at the University of Memphis (Steenbergh, May, Meyers, & Whelan, 2005) suggests that you are better off believing you are in control even when you may not fully be in control. They studied a group of university students who played a computer game of roulette. All participants reported they had gambled recreationally in the past year. Researchers asked participants to describe the strategies they used while playing computerized roulette. About 25% of the participants reported they had no strategy or plan for winning; they just saw outcomes as random and passively accepted outcomes. The remaining participants reported that they had developed a strategy or game plan.
Results of the study suggest that it is better to make plans and take an active, rather than a passive approach. Participants who came up with some sort of strategy, sound or not, believed that their actions had an impact on roulette outcomes. They made more bets than those who didn't have any strategy, and made more money in the end. These findings illustrate how it’s vital to engage in active planning strategies rather than passively thinking, "Why bother, it doesn't matter." By taking an active, problem solving approach, you will feel in control and achieve success.
Subscribe to:
Posts (Atom)