If you think this is about money, we’re sorry to disappoint. Abundance is more than revenue. It is the foundation of the building — and keeping — of wealth, but it isn’t a monetary magic trick.
A lack of an abundance mindset, comparable to a growth mindset, is where the mighty have fallen or failed to start. Why? Because having an abundance mindset when creating your business keeps you focused on what you’re bringing to the table — not your supposed “competition.”
“There’s a misconception that you need to be competitive in order to survive, but that’s not true — every brand has its own unique story and products, and there is room for everyone!” -Nancy Twine
Nancy has always prioritized an abundance mindset while on her entrepreneurial journey. When she founded Briogeo, she didn’t let entering one of the most saturated markets, beauty and haircare, stop her from establishing herself as an innovator. This is the power of an abundance mindset. As famed author Stephen Covey defined in the 7 Habits of Highly Effective People, an abundance mindset is the belief that there are enough resources and room for shared success with others. An abundance mindset allows you to create the most effective business plan because it clears out the inner critic as you align with your vision. Rather than stopping yourself from launching your idea, an abundance mindset reminds you that your success is possible even if you have a similar skill, product, or service to others.
Signs You Lack An Abundance Mindset
If you lack an abundance mindset, you likely have a scarcity mindset. A scarcity mindset means believing you are not enough or have insufficient resources or space to succeed. To clarify, gaps in access to resources and glass ceilings must be shattered repeatedly, but these barriers are not markers of impossibility. An abundance mindset should not be seen or used as a bypassing tool to these often systemic blockages but as a reminder that there are ways to work around issues, find community, and nourish our self-worth to reach our full potential.
That said, a scarcity mindset is an intangible, internal block that can appear in various ways, regardless of our external circumstances. Much like a fixed mindset, scarcity keeps us stuck on old narratives that hinder us from growth. Here are some common scarcity mindsets:
1. You haven’t had much luck in love, so you believe you’re destined to be alone.
2. A friend gets a big promotion at work, and you feel jealous because you’re stagnant in your career.
3. You get inspired to share your artwork online but find another artist with a similar style and decide your work isn’t good enough, so you hold off on posting.
4. You started a new fitness routine but haven’t seen your desired results in the first few weeks, so you stop working out altogether.
5. A boss offers you feedback on a project, and you feel like a failure for needing redirection.
While these scenarios are different, the mindset remains the same: When faced with difficult information, failures, or discomfort, you often resign or cannot celebrate or learn from others. It becomes easier to blame and shame external circumstances than confront your real issue: Yourself.
Signs You Have An Abundance Mindset
Abundance mindset is something to nurture in ourselves. It shows up as optimism and dedication. An abundance mindset is also grounded in reality. When you are abundant in mind, you’re also abundant in effort. You understand that things won’t just happen for you. Good things take time and require discomfort along the way. You may still experience some of the emotions associated with scarcity, but don’t let these temporary feelings permanently trap you.
An abundance mindset is a feeling of freedom and possibility, regardless of external circumstances. Much like a growth mindset, abundance keeps us in the flow, releasing old narratives that hinder us from growth. Here are some common abundance mindsets:
You celebrate others.
You can cheer on friends and colleagues when they reach their goals and receive praise.
You learn from mistakes.
When you receive feedback, you’re grateful for the guidance and see it as an opportunity to elevate your craft.
You practice vulnerability.
You accept vulnerability as part of the process and let yourself be seen trying rather than performing perfection.
You are inspired by competition.
When building your business, you look into your competitors for inspiration and welcome the challenge of finding your distinct voice.
You embrace your emotions.
You often step outside of your comfort zone to learn new skills, meet new people, and shift your perspective, even when you feel embarrassed, disappointed, or unsure of the next step.
“All the fear and discomfort you feel communicates where you might need care, attention, or a plan, but it doesn’t determine your worth.” – Nancy Twine
How to Develop An Abundance Mindset
You might have a mix of abundance and scarcity in different parts of your life. When you’re on your entrepreneurial journey, your mindset can grow and diminish as you meet new challenges and people. Here’s how to ensure you level up your abundance mindset and stay on track to your inevitable success:
1. Stop comparing yourself.
Feel free to roll your eyes. We know it’s easier said than done, but this step is crucial to feeling more abundant. If you spend time looking over your shoulder, you’ll lose sight of where you’re meant to go. Worrying about how you look, sound, act, dress, etc., compared to others, wastes your time. Seeking inspiration is one thing, but comparing or trying to copy blocks you from discovering who you are.
2. Stop taking things personally.
Your friend’s engagement doesn’t say anything about your love life. That dress that didn’t fit doesn’t devalue your body. And the coffee shop that opened up down the road has nothing to do with the cafe you’re building to meet the needs of your target audience. All the fear and discomfort you feel communicates where you might need care, attention, or a plan, but it doesn’t determine your worth.
3. Accept change.
Things don’t always go as planned. Learning to embrace the ebb and flow of life will keep you abundant and adaptive. (This is an advantage for the uncertainty of entrepreneurship.) Knowing how to pivot keeps you grounded in believing that anything is possible. Lean into it!
Like all things in life, your relationships are critical to your growth. An abundance mindset is more sustainable when like-minded people surround you. Call in your team of believers and let go of every naysayer. Being with a community of entrepreneurs, joyful leaders, and empathetic people keeps you focused on the wins ahead. Be sure to inventory who drains or uplifts you — then implement the boundaries needed to ensure you thrive.
Check-in: Where do you feel scarcity, and where do you feel abundant? Let us know in the comments.