Any business of any size is run by people. People, being people, carry their own mind-sets and world views with them wherever they go, and make decisions, have habits, and see things according to the way their world-view works. How you see the world decides how you act in it, and vice versa.
And with that setting the context, you have heard of the scarcity mindset, right?
- The Scarcity Mindset: How does being poor change the way we feel and think? (Shahram Heshmat Ph.D.)
In essence, the scarcity mindset is concerned with lack. If we were talking about it like it’s eyesight, it’s hyper-focus and short-sightedness at the same time.
- With hyper-focus you can get tunnel-vision. While doubling down on an issue can help especially when time is running out and the need is urgent, you can also get blindsided.
- With short-sightedness you won’t be able to focus on what’s further ahead.
You’re fully caught up in the moment, and not in a good way. Think of it like treating the symptoms and ignoring the illness. You feel better temporarily, but it doesn’t fix that you’re sick.
When you’re focused on what isn’t there, you can’t focus on what is there. You’re too tied up to respond freely, consciously, and deliberately.
What happens when you have have this mind-set?
- You spend the majority of your brainpower and energy on what you see as emergencies, and the important things can slide right out of focus.
- Your judgment is affected, as will as your willpower.
When these two things are set askew, you won’t be able to make the most appropriate choices in the situations you face, and you could find it easier to throw your hands up and pick the closest ‘solution’ available, or simply give up, which doesn’t help and can make the situation worse.
- The psychology of scarcity: Days late, dollars short ( The Economist)
- From the Scarcity Mindset to the Abundance Mindset (The Simple Dollar)
- Scarcity and Abundance: Escaping the Scarcity Mentality (The Simple Dollar)
In many cases, that sort of thinking can be a big a problem hiding in your blind spot. You might not think there’s anything out of the ordinary, you might not see that there’s an issue, but somehow you keep bumping into the same snarls, chokepoints, and roadblocks. You keep putting out the same fires.
See, the scarcity mindset isn’t just the overall feeling that “there is only this much, and no more,” so you have to get yours while you can. It’s an entire way of moving in the world, and for you, it’s just normal. And it’s holding you back.
Continue reading Are You A Poor Entrepreneur?