4 Tips to Overcome a Scarcity Mindset — and Develop an Abundance Mindset, Instead
When something goes wrong, what do you do?
Do you think of the new possibilities, or do you feel trapped by what you don’t have?
Our mindset matters — in how we react, how we go forward and how we govern the situations we find ourselves in.
Coined by Steven Covey, author of The 7 Habits of Highly Successful People, a scarcity mindset emerges when we focus on lack: a lack of opportunities, a lack of money, a lack of resources. It cultivates a sense of deprivation, competition and alienation — if someone gets a promotion, that means I won’t.
But this scarcity isn’t real, and getting mired down in this type of headspace can only keep us further from our goals, isolate us and increase our sense of fear. And one of the biggest barriers standing between us and what we hope to achieve is our fear. Overcoming a scarcity mindset can make us feel better, happier and more resilient, consistently, in our personal and professional lives.
(Seriously, mindset really matters. A study from Yale and Miami researchers found that adults who have positive views about aging live 7.5 years longer than adults with more negative views. Other studies have found that a positive outlook can boost our success and improve immune systems.)
Here’s what I’ve learned to help move away from a scarcity mindset:
Tip 1: Operate from a Place of Abundance
The opposite of a scarcity mindset is an abundance mindset, the perception that there is plenty for everyone.
To practice coming from a place of abundance, you can begin by considering what you have, what you’ve achieved and what makes you special. What meaningful experiences have you had? Shift your mindset from what you lack to what around you brings you joy. When something unanticipated happens, like losing a job or a relationship, instead think of the new opportunities.
Another strategy to harness an abundance mindset is to pay attention to your thoughts. Write them down, and evaluate them: are they coming from a place of fear or fullness? Are there specific areas where you struggle most?
Working from a place of abundance gives you a greater sense of control over your life, rather than feeling like things are happening to you, and allows you to be a better member of all of your communities. You’ll be striving for everyone to succeed, rather than for you alone to secure short-term wins.
tip 2: Give Back
Giving to others has been proven to release dopamine, the hormone responsible for regulating pleasure — we are biologically wired to feel good when we give.
Some of my favorite ways to give back are:
Volunteering and donating to causes you believe in
Offering free mentorship services to help empower others in your community
Hosting friends for dinner
It’s also a reminder of our connection to the larger world. “By doing good for just one person, in just one moment, you can affect the trajectory of many things, of many lives, all over the world,” said Kat Cole, President of Focus Brands.
tip 3: Practice Gratitude
Gratitude helps us feel happier, giving us the resilience to withstand difficult situations (mentally and physically) and appreciate what’s happening around us on a daily basis. Dr. Robert A. Emmons, a psychologist, found that those who regularly practiced gratitude were more optimistic and even visited the doctor less.
Some simple ways to integrate a regular gratitude practice include:
Write down a list of five things you’re grateful for each morning
Block off five minutes on your calendar each afternoon to reflect on what you’re grateful for
Send hand-written notes to let people know you appreciate them
Show yourself gratitude through self-care, whether that’s exercise, a warm bath, a good book or however you like to relax
tip 4: Focus on the Possibilities
Scarcity mindsets can lead to narrow, focused views on specific concerns, obstructing our view of the bigger picture. But a single problem is just a single problem — it won’t last forever, and there are far more positive experiences around you.
Expand that focus and awareness. What other possibilities and solutions do you have? Are you falling into similar thought patterns? What are different ways of reacting to these situations? What is the lesson learned in each situation, and how can you apply that going forward?
Expanding your mind takes practice. You can begin this practice by:
Committing to regular meditation (Headspace and Calm are both great options)
Dedicating a moment for stillness and quiet every day, whether on a walk or finding a peaceful space in your home or office. Simply be with your thoughts without distractions
Get proper sleep: Frequently discussed but often overlooked, proper sleep is essential to being able to think clearly and handle daily stress
As both an entrepreneur and CEO, I know the difficulties — and rewards — of shifting from a fear-based mindset to one of abundance. I’m passionate about helping other leaders grow and learn how to operate from places of gratitude. Let’s chat about how my mentorship and consulting services can help you feel happier and achieve success.