In a world that often glorifies success and achievement, it’s easy to fall into the trap of a scarcity mindset. This mindset, rooted in the fear of not having enough or being enough, can significantly impact personal and professional success. Having a scarcity mindset as a current or former athlete, I can tell you from first-hand experience that it’s not healthy.
Living with a scarcity mindset is one of the biggest mental hurdles I’ve struggled with as a young adult. I’ll be honest- sometimes I still have to check myself and incorporate more gratitude and abundance into my thoughts. Not having enough money, being afraid to fail, or even not having enough time examples of mindsets that I struggled with and worked to improve. Below are various ways a scarcity mindset can affect your path to success and, more importantly, provide practical alternatives to overcome it.
Examples of a Scarcity Mindset
Embracing Limiting Beliefs. A scarcity mindset breeds limiting beliefs, convincing individuals that opportunities are scarce, and success is reserved for a select few. These beliefs can lead to self-doubt, hesitation, and a reluctance to take risks. This might look a few ways depending on your situation, like thinking you’ll only have access to little bit of money. Or it could mean believing there is only one way to advance in your career.
To overcome this, challenge these limiting beliefs by seeking out inspiring stories of individuals who defied the odds. Recognize that success is not limited and can be achieved through perseverance and determination. There are so many ways to ‘win’ in life. When you let go of your limiting beliefs, you’ll soon learn that there are so many opportunities and areas in life for you to succeed.
Reject Your Fear of Failure. A scarcity mindset often goes hand in hand with a paralyzing fear of failure. This fear can hinder innovation and prevent individuals from taking the necessary risks for growth. To combat this, re-frame your perspective on failure.
Being an athlete or any kind of competitor is great because we learn quickly that failure is part of the journey to becoming great. Understand that setbacks are not permanent and can be valuable learning experiences. Many successful individuals, especially athletes, attribute their achievements to the lessons learned from their failures.
The Comparison Trap. Constantly comparing oneself to others is a common symptom of a scarcity mindset. This comparison trap can lead to feelings of inadequacy and unworthiness. Shift your focus inward and concentrate on your personal growth journey. Celebrate your achievements, regardless of how small they may seem, and acknowledge that everyone’s path is unique.
Lack of Opportunities Perception. A scarcity mindset convinces individuals that opportunities are limited, creating a sense of competition for the few available chances. Challenge this perception by adopting an abundance mindset. I always think of this example- there were hundreds of coffee shops in existence before Starbucks arrived on the scene. Yet, other coffee shops being in business didn’t stop Starbucks from creating their place in the market. There is always an opportunity for you to make your mark. Understand that opportunities are abundant and can be created through initiative and a positive outlook. Networking and staying open to new possibilities can also broaden your horizons.
Here are few ways you can combat and stop applying a scarcity mindset to all that you do:
Embrace an Alternative Mindset. The antidote to a scarcity mindset is cultivating an abundance mindset. Embrace the belief that there is enough success, joy, and fulfillment for everyone. This shift in perspective opens up a world of possibilities and encourages collaboration rather than competition. Remind yourself daily that abundance surrounds you, waiting to be acknowledged. For this means there will always be enough money, opportunity, health, etc. for me and my family to benefit from. It’s about seeking ways to find it and not programing my brain to think ‘there’s not enough’.
Practice Gratitude. Incorporating gratitude into your daily routine is a powerful way to counteract a scarcity mindset. Take time each day to reflect on the things you’re thankful for, both big and small. Research indicates that practicing gratitude can improve overall well-being and shift your focus from what’s lacking to what you have in abundance. When I started being grateful for the things that I had in my life, it changed my perspective and outlook.
Set Goals and Plan. A scarcity mindset often leads to a lack of vision for the future, as individuals may believe that setting ambitious goals is futile. Break free from this mindset by setting realistic, achievable goals.
In my case, being upset when I ‘never have enough time’ wasn’t a good excuse when I have a lot of control of my schedule daily. To combat this, I use my planner to schedule breaks or ‘me time’ to help me make time for things that I value. Create a step-by-step plan to reach these goals, emphasizing the progress made along the way. Small victories contribute to a sense of accomplishment and encourage further goal-setting.
Learn from Setbacks. Rather than viewing setbacks as failures, see them as opportunities for growth. A scarcity mindset tends to amplify setbacks, making them appear insurmountable. Develop resilience by extracting lessons from challenges and adapting your approach. Successful individuals often attribute their accomplishments to the valuable insights gained during challenging times.
Stop Comparing. You never know what someone has going on in their lives. While life might look perfect on the outside for your teammate, co-worker or friend, you never know what is going on behind closed doors. Instead of looking at what someone has, what awards they’ve earned, what bonus they just received- focus on all of the good you have in your life. I promise that the moment you genuinely stop comparing yourself to others, the more you’ll be able to look at your life and see all of the good in it.
Recognizing and overcoming a scarcity mindset is crucial for unlocking your full potential. By challenging limiting beliefs, re-framing your perspective on failure, and taking other steps, you can pave the way for personal and professional success. Remember, success is not a finite resource – it is attainable for those who choose to approach life with an open and optimistic mindset.