Blog Archives

Featured Video: Raise Your Children As Entrepreneurs

Entrepreneurial skills are not a part of traditional education, even though they are important if we want to empower more people to make an independent living in a world where not everyone can find a good job.

In this TED talk, Cameron Herald argues that we should encourage and foster those skills in children. He makes a case that entrepreneurial traits occur quite naturally in children and can be encouraged and reinforced in playful ways. He gives many practical suggestions how parents can help their children develop those skills. For example, rather than giving children allowances and thereby getting them used to expecting a regular paycheck, children could be paid for specific projects.

Many important traits could be developed in that way, including such big ones as creativity, social skills, a proactive attitude towards working, and an understanding of what it means to create value for others.

by Ursina Teuscher (PhD), at Teuscher Decision Coaching, Portland OR



Savings and Retirement Decisions

How many Americans aged 30-54 believe they will not have enough money put away for retirement? According to the U.S. Census Bureau (retrieved from Statistic Brain Research Institute), as many as 80%.Savings and Retirement Decisions 1

How many Americans don’t save anything for retirement? The U.S. Census Bureau estimates 38%.Savings and Retirement Decisions 2

How many Americans who started working at the age of 25, have adequate capital stowed away for retirement by age 65? The correct answer is 4%, again according to the U.S. Census Bureau, as retrieved from Statistic Brain Research Institute.Savings and Retirement Decisions

Decision scientists have long been interested in savings decisions. They have found many reasons why people don’t save enough, and many tricks to get people to save more, which I may write about another time.

One important reason though is probably simply that people are overwhelmed, because there is no one correct answer as to how much we need to save, and how to get there.

However, there are calculators to help you estimate how much you need to save for retirement. I found one by Fidelity that I liked more than others, because it doesn’t ask for a lot of details about your financial situation. You can enter just a few rough estimates and then play around with sliders to see what variables make a difference. Two things I’d like to point out:

  • It’s important to understand how the calculator treats your income: it assumes you’ll want an income during retirement that’s 85% of your pre-retirement income, so that you can maintain a reasonably similar living standard. That means the lower your income, the less you need to save in order to reach that goal and be able to maintain your living standard after retirement. It took me a while to figure this out: that if I enter a lower income, I’ll be more likely to have enough savings. It’s a little counterintuitive, but makes sense.
  • What I found striking and encouraging is how much of a difference the monthly savings can make, regardless of whether you already have a lot of previous savings. It can really hit home to see those estimated bars jump around on the screen just by adding another $100 per month.

Be brave and try it for yourself!

Sources and additional reading about savings and retirement decisions:

by Ursina Teuscher (PhD), at Teuscher Decision Coaching, Portland OR



Book and Video Recommendation: Skills Are More Important Than Passion

“Follow your passion” is a very commonly heard career advice, but Cal Newport argues it’s actually quite terrible as a guiding principle.

In his quest to figure out how people find great careers, he found not only that preexisting passions are very rare, but that they have little to do with how most people end up loving their work. The pressure to “find our passion” can therefore unnecessarily lead to anxiety, dissatisfaction and unproductive career changes.

Instead, passion for a career seems to come after you put in the hard work of becoming excellent at something that adds value to other people’s lives, not before.

This is the book that resulted from his research, and where he includes more advice on how to go about building a career based on skills:

Cal Newport (2012). So Good They Can’t Ignore You – Why Skills Trump Passion in the Quest for Work You Love.

If you prefer to listen, here’s a video of him giving a talk about it to Google employees (the actual talk is only 25min):

by Ursina Teuscher (PhD), at Teuscher Decision Coaching, Portland OR

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What Are Your Strengths? Review of Two Self-Assessments

I’m featuring two self-assessments here that focus on clarifying what your strengths are: the Clifton StrengthsFinder®, and the VIA Survey.

The Clifton StrengthsFinder® was developed by the Gallup Organization. Based on a lot of interview data, they came up with 34 distinct patterns of strengths, or what they call “talent themes”. The online self-assessment tells individuals which of those “themes” are most pronounced in them. From the perspective of management consulting, the assumption here is that by identifying people’s strengths, an organization’s overall performance can be improved.

The VIA Survey was created by Christopher Peterson and Martin Seligman, well-known researchers in the field of positive psychology. It is designed to identify a person’s profile of character strengths. The inventory informed the Character Strengths and Virtues Handbook (CSV), a counterpart to the Diagnostic and Statistical Manual of Mental Disorders (DSM) used in traditional psychology. Unlike the DSM, which categorizes human deficits and disorders, the CSV classifies positive human strengths.

So, the two assessments have different origins and purposes, but both are centered on helping people recognize and build upon their strengths.

I took both self-assessments online and read up on the research behind them, and here are my observations on both of them.

The research:
  • There is a technical report on the StrengthsFinder® website that summarizes the development and validation process of the assessment. Several studies with huge sample sizes by research groups both inside and outside of Gallup have tested the reliability and validity of the assessment, and the technical report provides a lot of information about the statistical characteristics of the measures and their usefulness for interventions.
  • The VIA team also provides a nice (shorter) overview of the survey’s psychometrics on their website. Aside from the standard measures that we would expect, such as alpha coefficients, they also present a factor analysis, which reveals a discrepancy between their model and the newer research. This gives me a better impression than if everything looked smooth, which honest research rarely is. While the number of studies that tested the VIA Survey is rather small, they have been conducted by more than one research group (suggesting at least one might be independent from the developers), and have been published in peer-reviewed journals (rather than books or self-published “reports”). The journal that published the factor analysis, “Assessment”, is a high-impact journal.

In addition to the validation of the survey itself, you’ll find an extensive literature overview on the VIA website, summarizing what the research says about character strengths in general.

The money, and what you get for it:
  • For the StrengthsFinder®, you have buy the book first, before you can take the assessment (you’ll need the access code you get in the book). As a result of taking the assessment, you get a report with your top 5 strengths, along with some suggestions for action plans. You would have to pay more for any more detailed reports, including the full rank order of your strengths.
  • The VIA® Institute of Character is a non-profit organization. You can take the assessment for free, without buying a book. As a result of that self-assessment, you’ll get your entire “Strength Profile”, as a rank order, along with a short description of 24 possible strengths. There too, you could pay for more elaborate results.
My subjective experience taking the assessments:
  • I found some of the questions in the StrengthsFinder® very irritating. Here’s one example of a question I wouldn’t possibly know how to answer:ItemSo if I’m somebody who never makes deadlines and don’t deliver what I promised, I get the same score (“Neutral”) as somebody who always makes deadlines and follows through on her commitments? That just doesn’t sound like a good idea.
  • The StrengthsFinder® enforces a time limit to answer each question, which is unusual for personality questionnaires. I don’t know of any research suggesting it would be an advantage to “not think too long” before answering. I suspect the real reason they’re doing this is to prevent people from copying the questions. (I did for example miss the question above, because I spent all my allotted time first scratching my head in disbelief and then taking a screenshot.)
  • The VIA Survey took less time to take, and the questions seemed (very subjectively!) to make more sense.

Overall, they both seem like well-researched instruments: the StrengthsFinder® more commercialized and more widely used, but also with more research history. I personally found that the VIA Survey gave me more bang for my buck (which was no buck at all in this case), and was less annoying to take.

How about you?

I’d love to hear other’s perspectives, and I know many of my readers are very familiar with the StrengthsFinder at least, if not with both instruments.

Did you ever take either of these assessments? Or are using them in your own practice with clients or employees? What has been your experience? (If you’d like me to respond, please don’t forget to include your email address — but I’ll be very interested in reading your comments either way.)

 

by Ursina Teuscher at Teuscher Counseling, LLC

Earlier posts on self-assessments:

 



A Career Development Tool For Academics

myIDPContinuing my series about self-assessments, the one I’m reviewing here is for academics:

the myIDP.

The myIDP is an Individual Development Plan for science careers, and is mainly targeted to grad students and postdocs, with the goal of helping them define and pursue their career goals.

It includes a self-assessment part covering skills, interests, and values. Aside from the online questionnaires that show your scores right away, can also download blank skills assessment forms to share with a mentor or colleague. Based on the assessment, it offers a long list of career paths and shows you how well each matches with your interests and skills. As you explore those options, you get suggestions of how to consider your values in those contexts.

After this assessment and exploration part, the website includes a personal planning system for setting your own goals and implementing next steps. For example, you can set skill improvement goals and plan specific activities to reach those. To help define your own skill improvement goals, you get all the information from the skills assessment, but you choose where you want to improve. In my own case, my lowest skill score was in animal research – not an area in which I need to improve given that I have no plans of working with animals in the foreseeable future. However my semi-low scores in “how to negotiate” might be relevant for my life and worth improving.

As is fitting for a target audience of scientists, this tool does not give you easy answers, let alone ONE easy answer. It asks a lot of questions, gives you many answers and a lot of homework, including suggestions of further research to do (not in those exact words…). All the assessments are very transparent, no hidden magic.

The website can be used free of charge. You just need to set up an account, so that your data can be saved, but you don’t need to provide any information other than an email address. It looks like this is really just a service (funded by several educational institutions), not part of a research project or a business.

If you try it, let me know what you think!

by Ursina Teuscher (PhD), at Teuscher Decision Coaching, Portland OR



Book Recommendation: Smart Choices

John S. Hammond, Ralph L. Keeney, & Howard Raiffa. (1996). Smart Choices: A Practical Guide to Making Better Decisions.

It’s time to recommend another classic. This book is a short and very useful guide, presenting a variety of decision tools. It doesn’t offer too much in the way of psychological explanations of why we need the tools and how they work, but it is a nice little toolkit.

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Creativity Tip – How to Make Other People Think for You

We’ve all experienced it: we’re talking to somebody, and suddenly they are trying to solve our problems for us or give us unasked advice. Our first impulse? Shutting them down. Saying, “yes, but …”, and making clear that their idea is neither new nor helpful. But here’s the thing: if we do that, we’re missing out on some great creative potential.

If you want to get into the habit of thinking more creatively, here’s a tip.

Whenever you feel like saying “yes, but…”

for example:

  • “yes, but I don’t have enough money for that”, or
  • “yes, but that will take too much time”,

instead say “Oh, yes!”, and then something to make your friends think even harder for you (since they seem to love doing that). For example:

  • “Oh yes, what a great idea! I wonder how I could make this happen within the tight budget I’m on.”
  • “Oh yes, that’s a fantastic idea. Do you think there might actually be any way to make this feasible in such a short time frame?”

In other words, take the suggestion seriously, treat it as a brand new idea, and throw the ball back. I keep being surprised how often this results in new, better and actually useful ideas.

brains500

by Ursina Teuscher (PhD), at Teuscher Decision Coaching, Portland OR



Book Recommendation: Strategic Planning

Erica Olsen. Strategic planning kit for dummies.

If you’re a decision-maker in an organization and you’re serious about strategic planning, I highly recommend this book by Erica Olson as a very thorough but practical reference. It will give you more than you need, but it is very clearly structured so that you easily focus on whatever aspects are relevant to you. It also includes a DVD with worksheets, templates, and videos.

Book Cover Strategic Planning Erica Olson

Why does strategic planning matter?

Strategic planning offers a systematic process to figure out where you’re going – as a business or as any kind of organization.

Erica Olsen reports that CEOs of the Inc. 500 spend 50-90 percent of their time on strategy and business development. Why? Probably because they realize how much it pays off. According to her research, the firms with a high commitment to strategic planning had higher sales volumes as well as net incomes than those with  lower commitment.

A good strategic plan informs not only your current obvious decisions, but will help you look for decision opportunities that you might otherwise miss. In other words, it helps the decision-makers be proactive, rather than reacting to problems.

Where a team is involved, the process of developing a strategic plan, and more importantly the culture of continued strategic planning, builds commitment and empowers group members to make their own decisions on a daily basis.

If you’re interested in a brief overview of the process, I’ve written an outline that will walk you through the classic steps of a strategic planning session. You can access it  here (link at the bottom of the page). You can use it as a very simple cheat sheet in preparation for a team session, or, if you don’t have a team, you can go through the questions by yourself.

 

by Ursina Teuscher (PhD), at Teuscher Decision Coaching, Portland OR

 



Book Recommendation: “Decisive” by Chip and Dan Heath (2013)

Chip and Dan Heath (2013). Decisive: How to Make Better Choices in Life and Work. New York: Crown Business.

Book Cover: "Decisive" by Dan and Chip Heath

I was impressed with this new book by the Heath brothers, a very helpful guide to decision making. It does not offer any formal tools to evaluate options, but a process with powerful ideas that are easy to apply to any personal or business decision.

They call their approach the WRAP process, an acronym standing for (1) Widen your options, (2) Reality test your assumptions, (3) Attain some distance, and (4) Prepare to be wrong.

Here’s a sample of some ideas that I’m finding very effective with clients as well as for my own decisions:

For widening your options, they propose the “Vanishing Options Test”: what would you do if the current alternatives disappeared? This question forces us to think creatively, oftentimes bringing better solutions to mind than the ones that seemed most obvious at first.

Also, consider opportunity costs: if I didn’t do this, what else could I do with the same resources?

Always think AND, not OR. Can you follow multiple paths at once?

For attaining some distance, they suggest the simple but powerful question: “What would I tell my best friend to do in this situation?”

For preparing to be wrong, they introduce the idea of a “tripwire”: set a date or trigger for revisiting the decision. This will not only prevent you from getting stuck on a bad track, but it will give you a certain period where you will have the permission and peace of mind to fully commit to your current action plan, without tormenting yourself about whether this was a good decision or not.

Chip and Dan Heath also offer a great resources page on their website, with free cheat sheets and worksheets summarizing their process.

by Ursina Teuscher (PhD), at Teuscher Decision Coaching, Portland OR

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Interest Profiler for Career Choice and Development

Im my last post, where I discussed a free personality self-assessment, I promised to write more about self-assessments, in particular provide information about a test that is more geared towards career development.

Here is a website that offers several free career-oriented self-assessments and a neat way to explore information about hundreds of occupations: http://www.cacareerzone.org.

The interest profiler, for example, is based on the six Occupational Themes (developed by the psychologist John L. Holland). His idea assumes that people thrive most in career environments that fit their personality, and that jobs and career environments are classifiable in that way. The model classifies jobs and career along six occupational themes or “types”, and all the different combinations of those:

  • Realistic (Doers)
  • Investigative (Thinkers)
  • Artistic (Creators)
  • Social (Helpers)
  • Enterprising (Persuaders)
  • Conventional (Organizers)

As an acronym of those themes, Holland’s model is sometimes also referred to as RIASEC. The interest profiler is a self-test that helps you figure out which three of those six themes are your strongest suits, and gives you suggestions for careers that require predominantly those skills and personalities.



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