Mindset Articles

How Business Owners Can Develop an Abundance Mindset

How Business Owners Can Develop an Abundance Mindset

Do you practice an abundance mindset, or do you often find yourself letting a scarcity mindset take over? It can be too easy to focus on what you haven’t achieved rather than celebrating your successes. Many of us fall into that habit. For both the health and success of your business and personal life, it’s important to develop an abundance mindset.

As defined by Stephen Covey, author, businessman, and speaker, “An abundance mentality springs from internal security, not from external rankings, comparisons, opinions, possessions, or associations.” The more you focus on comparisons to others and let negative thoughts take over, the less room available in your thoughts for abundance. People tend to become what they allow their thoughts to focus on. Pay attention to the direction of your mindset. Then go one step further. Think about the difference in your business and your life when you have had an abundance vs. a scarcity mindset. 

So how can you flip the switch from scarcity to abundance?

Identify and focus on the positives of your business

Brainstorm with a former client, team member, trade partner, etc. Then put together a list of what your firm offers that makes it stand out – makes it unique. When you have challenges in your business, rather than seeing limitations, view them as possible opportunities. Maybe those challenges will make you realize you need to develop or adjust processes that would create solutions.

Did a client decide not to move forward on a project or maybe you lost a possible new job? Yes, it’s frustrating but before going straight to a scarcity mindset ask yourself a few questions. Was that truly an ideal project or client? If so, then identify why you did not get the job. Then ask yourself how to turn it into a learning opportunity. Figure out what you might do to improve your chances the next time. Do you need to change your initial interview, add more specific questions, more clearly explain your design process, etc.? 

Surround yourself with people who have an abundance mindset

Tony Robbins says, “The quality of a person’s life is most often a direct reflection of the expectations of their peer group.” 

Have you noticed that the more time you spend with negative people who have a scarcity mindset, it’s like an infection that spreads? The most effective “medicine” to cure that infection is to surround yourself with people who practice an abundance mindset. Consider this when choosing with whom you spend a great deal of time. This includes the team you hire. By encouraging an abundance mindset at your firm your team will not only be more productive but also will be happier. 

At The Pearl Collective not only is our team encouraged and really surrounded by an abundance mindset, but we attract clients who are also. We promote an abundance mindset by encouraging our clients to look at each other not as competitors but as partners in learning and sharing. They know that they can learn from each other and thereby each of their businesses grow which also helps the industry grow. Take the positive effects of an abundance mindset into your personal life also. 

Create win-win opportunities

A scarcity mindset will usually remain closed to listening to others and will immediately prejudge. Rather than letting that happen, remain open to at least listening to opinions and input from others. If you remain open, you each might learn something and find some common ground and they may be more willing to listen to you also. Hence, you can create an opportunity for a win-win situation.

Incorporate gratitude into your life

Tony Robbins shares some excellent advice when stating, “When you are grateful, fear disappears and abundance appears”. In an article from Johns Hopkins University, they stated that people who show gratitude benefit in many ways. They have less stress, a general sense of well-being, improved cognition, and reduced risks for depression. In addition, people who are grateful have positive physical health benefits.

Incorporating gratitude into your life involves the process of noticing the positive things in life for which to be thankful. An effective way of doing this is to keep a gratitude journal and just write 3-5 things each day for which you are grateful. It may be something as big as receiving the signed contract for that major design job. Or it can be things you may often take for granted such as the beautiful weather outside or being blessed with good health. You might do this at the beginning or the end of each day. You will then either start or end your day incorporating gratitude into your life.

Train your mind to recognize the possibilities

With an abundance mindset, you will be more open to seeing more options, more choices, and more opportunities. If you are too laser focused you will miss optional possibilities. Train your mind to create expanded awareness. Be willing to open your mind to the possibilities without letting a scarcity mindset try to shut down those possibilities. 

In the words of Oprah Winfrey – “Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.” Will you let a scarcity mindset hold you back, or will you remain open to the opportunities that abundance can offer?

Contribute your experience to the survey and see your industry’s results this fall.

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