The document describes the author's experience failing to win first place in a business plan competition despite preparing for months. She realized she did not properly prepare for the final presentation because she thought she had it "nailed" without needing more practice. The document then discusses Carol Dweck's research on mindsets, contrasting a fixed mindset that believes talents are innate with a growth mindset that sees abilities as developable through effort. Having a growth mindset was shown to lead to better grades, performance, and persistence among students and relationships. The final sections provide tips for developing a growth mindset, such as focusing on learning goals, embracing challenges, and understanding that abilities grow through continuous effort.