The Abundance vs. Scarcity Mindset That Drives Your Business

abundance vs scarcity mindset

Efficiency is the name of the game at Agents of Efficiency (obviously) so we’re making it even more efficient for you to improve your business. Every week, we sort through all the boring stuff to bring you the best tips from the wide world of the web. For this week’s #2tips4tues, we examine the abundance vs. scarcity mindset in business.

No matter what area of life we’re talking about, it’s always best to cultivate an abundance mindset. But when it comes to your business, operating from abundance rather than scarcity is a non-negotiable. So what can you do if you suspect you spend more time in “scarcity” mode than “abundance” mode?

First: Understand the Difference
In The 7 Habits of Highly Effective People, Stephen Covey says, “Most people are deeply scripted in what I call the Scarcity Mentality. They see life as having only so much, as though there were only one pie out there.”

John C Maxwell elaborates saying, “Leaders who allow a scarcity mindset to work its way into their culture pay a high price. When resources (money, opportunity, recognition) are perceived to be limited, paranoia, fear and politics thrive. In this environment, people become nervous and afraid to make a mistake. As a result, teamwork and innovation suffer.

Effective leaders, on the other hand, develop and model an abundance mindset. By doing so, they create an environment where they can positively influence their team—and where their employees can thrive. Here’s how to spread this positive mentality through your team.”

Then: Shift Your Focus in Small Ways
Starting big is tough – for example, radically changing your budget and taking more risks could end up creating even more stress. So instead, start taking tiny steps toward abundance and away from scarcity. Instead of spending all of your time trying to preserve money and resources, put your focus on what you already have plenty of. Utilize these resources to the best of your ability – have fun and don’t be stingy with them. When we operate from a scarcity mindset, we often limit our creativity. So choose an area of your business that feels stable and exercise some creativity.