From the course: Small Business Secrets

Adopting an attitude of abundance

From the course: Small Business Secrets

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Adopting an attitude of abundance

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- Part of the reason why I love working with entrepreneurs is because they view the world a little different than everyone else. I don't think this is necessarily something that they're born with. I think you can learn, to think like an entrepreneur. And part of that is learning the difference between an Abundance Mindset and a Scarcity Mindset. In this video, I'm going to illustrate the difference between Abundance and Scarcity to help you, get a little bit more of that thought process into the way that you operate each day. The Scarcity Mindset views the world as controlling them. It's everything outside of them is controlling whether or not they're going to be successful, whether it's their genetics, or the government, or whatever it is, they're really at the mercy of whatever's happening around them. But the Abundance Mindset is about me having control. Yes, maybe something's making it more difficult but I can overcome it because I'm in control of my day-to-day actions. The Scarcity Mindset, focuses on whether or not the economy is bad or good and they feel like their business may not be succeeding because all the economy's bad. But the Abundance Mindset, recognizes that's there's always a need. Well, maybe the economy's bad, so I can help people work through that or the economy's good so I can help millionaires by solving their problems. There's always a need. Someone with the Scarcity Mindset is worried about job security. It's about getting one job and staying with it for years and years and I don't want anyone to take that away from me. When the reality is, it can get taken away at any time. But the Abundance Mindset recognizes that I make my own job security, that it's my responsibility to keep that income coming and making people happy, so that I have a job. The Scarcity Mindset, is focused on saving money. Now that sounds kind of like a good thing but in a business, you can't make money by saving money. You can't stop spending, instead you need to have an Abundant Mindset which focuses on investing. Investing is about spending money and getting a wise return on investment, that way you grow what you already have, year after year. The Scarcity Mindset, is focused also on needing money from other people. It's that proverbial “rich uncle” that's going to swoop in and give me the money that I need to help me be successful. Whereas the Abundance Mindset recognizes, I need to sell, I need to prove it, and earn that money, not someone else giving it to me. The Scarcity Mindset views customers as a hassle. Someone may be working at their office and they're stuck and working on e-mail and the customer comes in, "Oh, how annoying." But the Abundance Mindset is so happy that a customer comes through the door because they recognize that the customers are the lifeblood and so they say, "Thank you, how can I serve you?" "We're so glad you came." The Scarcity Mindset feels like they don't have enough time. I'm always busy and I can't keep up with everything that I have to do. Each day I go to sleep exhausted and I wake up worried that I'm not going to get everything done. But the Abundance Mindset recognizes that I have more than enough time. Really what I need to do is look further into the future and I need to plan more long term rather than trying to pack everything in just this week. Which leads to the next principle which is that, the Scarcity Mindset is impatient and this leads to people pursuing get-rich-quick ideas. If I'm impatient, I'm only going to chase after things that are going to give me money today, or tomorrow, or this year. But entrepreneurs that are successful have the Abundance Mindset and they focus on steady growth. Year after year, decade after decade, that's where real success comes from. In summary, the Abundance Mindset is about you having more than enough, that you can succeed. It's really just a matter of you taking careful, calculated risks and then having the confidence that, in the long run, they'll succeed.

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