Fear & Greed.
Supply & Demand.
Abundance & Scarcity.
Supply & Demand.
Abundance & Scarcity.
- Are all economic terms & descriptions that we have heard over the year(s) as we have taken a much dedicated approach to learning & understanding the economy and paying attention to what is taking place around us.
- However, these terms & descriptions are also transferable in our own behavior and not just words that are used to describe the economy or the stock market. These are words that can describe our behavior – which in turn impacts the outcome from the decisions that we make.
- And two that we are going to look at is the Abundance & Scarcity mindset in our leadership style.
- If you have ever read The 7 Habits of Highly Effective People – you may remember the discussion of the abundance and scarcity mindset.
Why we do things - is a mindset.
- Just like viewing the ‘glass 1/2 full’ or the ‘glass 1/2 empty’ (a mindset of perspective)...OR... ‘positive thoughts bring positive action’ (a mindset of thought process)...there is a mindset behind why we do things.
- WHY we do things...is a combination of a mindset of abundance or a mindset of scarcity.
- The scarcity mindset is....
- a view of the world that tells you opportunity is limited and that you need to compete with others in order to achieve success.
- fuelled by a motivation to compete with, to retaliate for, or to receive something in return.
- limiting ones success by consciously or unconsciously creating obstacles, barriers, conflicts, or challenges.
- a mindset where there would be a high level of hoarding information.
- While the abundance mindset is...
- a view that tells you there are plenty of opportunities available to you, so it will not hurt you to help others along the way.
- fueled by an inspiration to exponentially give for no other reason but success.
- supporting ones success by consciously or unconsciously removing obstacles & barriers, engaging in supportive conversation, and assisting in times of challenge.
- a mindset where there would be an accelerated amount of sharing information.
- And although, most (if not everyone) will experience both the abundance and thescarcity mindsets - it is the amount time that we engage in both of these mindsets...and HOW we manage our scarcity mindset to give reason why we do things.
Examples of these differences.
- to ‘have to’ OR to ‘want to’ - this is a simple example of our approach to why we do the things we do. When we engage in the abundance mindset we are internally inspired to do what we ‘want’ to do. On the other hand, when we engage in the scarcity mindset we are internally motivated to do what we are doing because we feel there is a force / reason why we should be doing it. Hence why we always see – when one does something because their love & passion for what they do...the sky is the limit (abundance), yet when one does something because of the money...there is never enough.
- push vs. pull – this is an example of the differences in both mindsets when we lead. When we engage in the abundance mindset we are inspiring others through our actions, education, and direction to follow the path of least resistance and support their success. We are unconsciously ‘pulling’ them closer to the ‘promised land’ of ‘getting it’. However, when we engage in the scarcity mindset we are motivated to lead others by ‘pushing’ them towards what we want them to believe and forcing them to ‘get it’. Causing them only to 'fight it' or 'flight it'.
- expectations – when we are leading others and are ‘paying it forward’ (ie. information, tools, knowledge, advice, etc)...if we automatically have an expectation that people will pay back the favor at some point in life or career we would be engaging in the scarcity mentality. When we have zero expectation when we give (and not to receive) but to simply give to enhance what we are doing, to support personal growth and learning, to improve...we are engaging in abundance mentality. This example will also prevent ourselves as leaders to reduce the amount of time for disappointment.
It’s the mindset we take everyday...
it is the exact thing that separates the good from the great.
As leaders we must look to engage in the mindset of abundance when we look to share insight, knowledge, and advice (to positively enhance what we are doing and who we are leading) because when we do this, we will exceed our own expectations of success.
This success will be driven by the people that you are leading as they will rally and support your vision, direction, and leadership - because they want to and not because they have to.