You choose whether to see the world from an abundance or scarcity mindset and to act accordingly; all of which affects your business.
Mindset can be defined as, “as mental attitude or inclination” or “fixed state of mind.” It determines how you think about things, make decisions, view the world, and choose to exist. If you view things with abundance, then your experience is full of positivity, generosity, mindfulness, thinking of others, and taking advantage of opportunities. The opposite is true for scarcity, where it’s all about negativity, lacking something, or being myopic. It’s also the difference between being open and closed or growing and declining, both of which apply to every business and its people.
A Scarcity Mindset Drains Resources and Decreases Confidence
Business owners have lots of pressure to support others, including customers, staff, and vendors. Sometimes simply paying the bills is a challenge, let alone yourself, as the owner. Constantly reacting to unplanned situations, putting out fires, and living in the tyranny of the urgent is draining—physically, intellectually, emotionally, and even spiritually. There are improvements that could be made. Always. But, fear, anxiety, and drudgery often creep in when thinking about tackling something new. When this type of thought process creeps in, it can be difficult to remove. Suddenly, it feels overwhelming to find a path forward and, before you know it, succumbing to adversity is the norm.
Then, when this loop occurs, business owners and leaders get caught in a vicious growth cycle that drains resources, like energy, time, and money, and decreases confidence, especially when you need it most.
Sound familiar? If so, then you’ve been introduced to the scarcity mindset. It’s unwieldy and brutal. A scarcity mindset closes you down to the point of being completely myopic and in survival mode. Tunnel vision sets in and potential is compromised. Unfortunately, this negative mindset is full of challenges that decrease the likelihood of success. In short, it’s usually the beginning of the end. And it’s a trap that only gets worse as clarity, motivation, and structure lessen. But there’s another way to lead and operate your firm.
An Abundance Mindset Makes Business Ownership Worthwhile and Increases Confidence
Do you aspire to do what you want, to have manageable and actionable paths that help to overcome adversity, and to achieve goals by being a better version of yourself?
If so, then please meet the abundance mindset. As the name suggests, it’s all about being open to possibility and being grateful for what you have, as well as embracing a future state. Here are three ways an abundance mindset can grow your business.
- Clarity — an abundance mindset is achieved when clarity enables you, the owner and leader, to articulate what you want to do.
- Structure — this will help to anticipate and cope with the inevitable adversity when it arrives. Your ability to create structure via manageable and actionable paths to overcome adversity will increase because you have higher levels of self-efficacy, which encourages you to make progress.
- Motivation — you build more motivation to keep the good momentum going and to become a better version of yourself, all of which is driven by self-efficacy. Suddenly, it seems feasible to solve key issues and to say no to whatever distraction may captivate you at the moment.
Navi Radjou’s concept of frugal innovation shows what happens when people do more with less. This phenomenon occurs when economic, environmental, and social values increase while resources, like time, capital, and energy decrease. Being in an abundance mindset means acting with others in mind through wisdom (i.e., clarity), unity (i.e., clarity), ingenuity (i.e., structure), and (com)passion (i.e., motivation). Having a scarcity mindset is the complete opposite: being self-centered, fearful, and desirous while seeking power. Frugal innovations occur with an abundance mindset because you become more purposeful when values increase and resources decrease.
Open Yourself to Possibility by Enjoying Ownership and Leadership
The more clarity you have, the more you can do what you want. In turn, the more structure you have, the easier it is to overcome adversity. And when that happens, you have more motivation to improve and become a better version of yourself. Lastly, and most importantly, owning a business becomes worthwhile because of the virtuous growth cycle you’ve created and perpetuated. This simply means you can do more of what you want, overcome adversity with greater ease, and continue to become a better version of yourself.
An abundance mindset opens you to possibility. The world opens up and you can make connections sooner and stronger. You gain more clarity, structure, and motivation. In turn, this creates a virtuous growth cycle that increases your confidence and makes the whole experience more worthwhile. To this end, you have a higher likelihood of success.
Would you rather have an abundance or a scarcity mindset? You choose. If you want to work towards a future state, then STRE.ME’s Strategic Boost Template will walk you through the process of identifying an objective, key results, and more.