Scarcity vs Abundance mindset

Today, we’re introducing a concept developed by renowned author and motivational speaker, Stephen Covey. Many of you will know Covey from his hugely successful book, The Seven Habits of Successful People. In it, he introduced the concept of scarcity vs. abundance mindset. 

The ‘Scarcity Mindset’ is entrenched in the belief that there’s a limited amount of success or resources available. Therefore, if someone else wins or achieves success, that means less for everyone else. Individuals with this mindset often view life as a constant competition and have difficulty genuinely celebrating others’ successes, as they fear it might diminish their own chances.

On the flip side, the ‘Abundance Mindset’ thrives on the belief that there’s plenty for everyone. It’s rooted in the conviction that success, wealth, happiness, and resources are not finite but can be generated and expanded. This mindset encourages sharing of prestige, recognition, profits, and decision-making, thus fostering a climate of trust, creativity, and positivity. Individuals with an abundance mindset view success as a collective phenomenon and believe that helping others ascend does not push them down but rather elevates the entire community.

In reaching for success, the abundance mindset allows us to see opportunities where others see obstacles, to share success rather than hoard it, and to create a positive, productive atmosphere both in our personal and professional spheres.

So let’s look at those mindsets in practical terms.

Scarcity Mindset

  • Fear controls me
  • The market’s saturated
  • I don’t deserve it
  • I am unlucky
  • I don’t like change
  • I don’t share

Abundance Mindset

  • Change brings opportunity
  • I can do hard things
  • I am worthy
  • I take action as a default
  • I think long term
  • I support and help others to be successful

We looked at ourselves in these terms recently and with a bit of a brainstorm came up with the following definitions.

BuddyCRM – sales, support, and marketing all in one.

Scarcity Mindset

  •  We don’t have millions to outspend the competition
  •  Big companies only trust other big companies
  •  There are dozens of CRM companies

Our abundance mindset is this:

Abundance is an incredibly useful concept to foster a positive approach to your business. 

So what’s your abundant mindset for your company and how can you start switching it on?

Here are five simple steps to start developing your abundant mindset:

  1. Be grateful for what you have. One of the best ways to shift from a scarcity mindset to an abundance mindset is to focus on the good things in your life. Make a habit of expressing gratitude for your good fortune, big and small. This will help you to appreciate what you have and to see the world as a place of abundance.
  2. Surround yourself with positive people. The people you spend time with have a big impact on your mindset. If you surround yourself with negative people who are always complaining and talking about how there’s never enough, it will be hard to develop an abundance mindset. Instead, make an effort to connect with positive people who are optimistic and believe in the power of abundance.
  3. Believe in yourself. One of the biggest obstacles to an abundance mindset is a lack of self-confidence. If you don’t believe in yourself, you’ll never believe that you deserve abundance. So start by working on your self-esteem and believing in your own abilities.
  4. Take action. An abundance mindset is not just about thinking positively. It’s also about taking action to create the life and the business environment you want. So don’t just sit around and wait for abundance to come to you. Get out there and make things happen.
  5. Be open to new possibilities. One of the hallmarks of an abundance mindset is a willingness to see the world in new ways. If you’re always closed off to new possibilities, you’ll never be able to experience the abundance that’s out there. So be open to new ideas, new experiences, and new people.

Hopefully, these tips will help with your abundant mindset!

Got any questions?
Give us a call on 0121 288 0808