How often have you thought, “I don’t have enough money” or “I don’t have enough time ” in response to the idea of pursuing your dreams? This thought pattern is a manifestation of a scarcity mindset.
A scarcity mindset stems from the belief that resources are finite and there aren’t enough opportunities or wealth to go around. This outlook on life can be extremely detrimental to the progression of black and brown women.
What is a scarcity mindset and how is it holding you back from success?
Many of us are all too familiar with the realities of coming from a disadvantaged background, facing financial trauma, or feeling overwhelmed by societal expectations. These are all factors that contribute to a scarcity mindset.
The term was popularized by author Stephen Covey in his best-selling book, “The 7 Habits of Highly Effective People.” Covey described the scarcity mentality as believing that there is only one pie, and if someone gets a large slice of the pie, there will be less left over for everyone else. In contrast, an abundance mentality is the belief that there are plenty of resources to go around. Adopting an abundance mindset can help you attract opportunities and reach your highest potential.
The limitations of a scarcity mindset are often self-imposed under the guise of being “realistic.” However, the thought patterns and behaviors that make up a scarcity mindset might be exactly what hold you back from accomplishing goals and paving your unique path to success.
When you have a scarcity mindset, it affects your actions and how you approach situations in life. You might be less inclined to take risks or pursue opportunities out of fear of failure. This creates a cycle of limitations because you avoid taking the first step toward making that career pivot or starting that business you’ve always dreamed about.
Practical strategies to overcome a scarcity mindset
Fortunately, we don’t have to succumb to the fears and self-limiting beliefs associated with a scarcity mindset. Our brains have this innate ability to rewire themselves and create new ways of thinking. With a little bit of effort on our end, we can help train our minds and make the shift toward a mentality of abundance.
If you’re ready to make that shift, continue reading for five practical strategies to overcome a scarcity mindset.
1. Build a supportive network
The company you keep plays an important role in the mindset you adopt. Surrounding yourself with those who possess an abundance mindset and strive for what they want are the people you want to be around. Although it may seem intimidating at first, these are the individuals who can open your mind and show you that success is possible. Everyone has to start somewhere, and the right group of people will understand that. You can start building your network by attending networking events and connecting with like-minded individuals online. Don’t be afraid to shoot your shot!
2. Seek opportunities for learning and development
Seeking opportunities for development and building a supportive network go hand in hand. With these two strategies, you are nearly unstoppable and well on your way to thinking more abundantly. So, instead of feeling like you’re not smart enough, this is your opportunity to become smarter and gain the necessary skills that it takes to move closer toward your goals. This is where true empowerment happens.
If you want to bring your ideas to life through entrepreneurship, seek mentorship from an established business owner. That way, you can learn from someone who has done it themselves. Perhaps you want to break into a new career field. There are a ton of free courses and workshops online that can equip you with the knowledge and expertise to enter a new industry. Taking actions like these can help put you in the mindset of being resourceful.
3. Start future journaling
Neole Kane is the perfect example of a boss woman who channels a mindset of abundance, which has brought her great success. In a BAUCE interview, Kane shared the term “future journaling,” referring to a journaling practice that has helped her shift her mindset and attract opportunities. This is a concept where you write about your desires as if they have already happened. Similar to speaking things into existence, this involves writing your aspirations into existence, allowing your ideas to become your reality.
4. Express gratitude daily
A huge aspect of developing an abundance mindset is being grateful for the many blessings in life. Daily expressions of gratitude force you to shift your focus from the things you don’t have to the resources that you do have. Whether you choose to write it down or speak it out loud, gratitude is known to have many positive effects on the mind, which in turn impacts our reality. Not sure where to start? Here are a few examples:
- I am grateful for my ability to be resourceful and think outside the box.
- I am grateful to see another day and receive the opportunity to create the life I want to live.
- I am grateful for the people in my life who offer support and guidance along my path.
5. Consider working with a mindset coach
If you find yourself seriously struggling to adopt an abundance mindset, working with a mindset coach might help. A mindset coach helps clients identify the habits that prevent them from taking action to achieve their goals. Through a range of strategies and techniques, a mindset coach can guide clients through the process of shifting their mindset and transforming their lives.
As you can see, making the shift from a scarcity mindset to an abundance mindset takes intentionality and community. Taking actionable steps toward releasing a mentality of lack and embracing abundance pays dividends. You can find examples of this in many of our BAUCE profiles, which are full of self-made women who have created a life beyond their wildest dreams (in case you need some encouragement and inspiration). It can be challenging to develop new thought patterns, but this is not something that you must do alone. By building connections, seeking opportunities, and expressing gratitude, you can begin your transformation to a life of abundance.