Scarcity vs Abundance Mindsets

One of the keys to success is your mindset.

Alongside hard work (and in some cases, sheer luck) mindset is a core component to advancing your career and making an impact. But, the concept of nurturing your mindset can feel impossible to do if you aren’t equipped with the right tools to harness it. There are two common mindsets that someone can possess: a scarcity mindset, and an abundance mindset. 

What is a scarcity mindset?

A scarcity mindset is defined as “when you believe there are limited resources, so if someone else has something, you feel there is less of that resource available for you”. In essence, it can make you feel like you’re constantly in a race with yourself or others, worrying about what is going to come next and having a fixed way of thinking, for example, “I’ve tried to secure a flat for the past three months, it’s so hard, I guess there’s just none out there.”

What is an abundance mindset?

An abundance mindset is quite the opposite, defined as “the belief that there are enough resources in the world for everyone – and of being grateful for whatever the universe provides”. It enables you to operate in a more carefree and positive way, for example, “I’ve tried to secure a flat for the past three months, it’s hard - but I know that there are lots of options out there, and I’ll find something right for me, I just have to keep going!”. 

The contrast between these two mindsets is that one stunts growth and one promotes it - this isn’t to demonise a scarcity mindset, as there may be situations where urgency and adopting a scarcity mindset can enable you to operate more efficiently. However, on the whole, an abundance mindset in a professional environment is a better mindset to adopt for the following reasons:

• It opens your mind to learn more:

  If you have a fixed view of the world, it will be difficult to accept change or even respond to change - whether that’s good or bad. An abundance mindset enables you to see the world differently, see that it’s full of opportunity and that you’re always learning.

• You don’t sweat the “small stuff”:

  Sure, there are going to be times when you’ll have a scarcity mindset, but how exhausting is it to be like that all of the time? Having a more relaxed and positive view enables you to stop focusing on minor things and instead put your time and energy into things that matter.

• People will enjoy working with you more:

  No one likes the negative nelly in the office or the individual who can never look on the bright side of things. Great leaders can lead in times of crisis - why? Because they have the right mindset. People will enjoy working with you more if you have a better outlook on your work!

How can you cultivate a better mindset? 

As mentioned, having a scarcity mindset isn’t the end of the world - and in some instances, it can be good to switch between the two and know when you need to adopt each one. 

Ultimately, cultivating a better mindset requires you to unlearn many things you’re told socially and in the workplace. Being told that you can’t do things or can’t achieve something, as well as surrounding yourself with individuals who have an abundance mindset. 

If you’re spending time with individuals who don’t have dreams bigger than yours - all cringe aside - you probably need to widen your social circle! Positivity breeds positivity and success breeds success, educate yourself, and surround yourself with inspirational people so you can achieve more.