Episode 39 - HOW TO HAVE AN ABUNDANCE MINDSET VS A SCARCITY MINDSET AS AN ENTREPRENEUR AND WHY IT'S SO IMPORTANT TO THE SUCCESS OF YOUR BUSINESS

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HOW TO HAVE AN ABUNDANCE MINDSET VS A SCARCITY MINDSET AS AN ENTREPRENEUR AND WHY IT'S SO IMPORTANT TO THE SUCCESS OF YOUR BUSINESS

In today's episode, Danielle dives into the importance of having an Abundance Mindset instead of a Scarcity or Lack Mindset as an Entrepreneur. SheI discusses why this is SO vital when it comes to the success of your business and shares 5 tips on how to create this mindset. Danielle shares examples of how she’s had both an abundance and scarcity mindset in her business journey, what she’s learned, questions to ask yourself to know what type of mindset you have and what this mindset will do for not only the growth of your biz but also for your life!

Hint: An abundance mindset is contagious! Having a community of other entrepreneurs who can encourage you, support you, and help you see the opportunities in every challenge is KEY!

Key Takeaways:

  • Why having an abundance Mindset so important when you are in business for yourself AND what it looks like to have an Abundance Mindset vs a Scarcity Mindset.

  • A scarcity mindset will cost you as a business owner and it will affect your personal and professional impact. It can also lead to a self-fulfilling prophecy of lack.

  • You will encounter challenges as a business owner - how you overcome them can shape your mindset and the culture of your business!

  • Having an abundance mindset causes you to see the world through a different lens. It is 100% possible for you to change your mindset!

  • Why having an abundance Mindset so important when you are in business (and personally) AND what it looks like to have an Abundance Mindset:

    •  Having an Abundance Mindset means that you believe that there is an abundant amount of opportunities, business, time, joy, resources and finances. You see everything (including challenges) as opportunities for growth instead of feeling defeated or discouraged.

  • What is a Scarcity Mindset, and what it looks like in your life as a business owner:

    • Having a Scarcity Mindset means that you feel like there is never enough. You lead with fear, you see others as competition, you hoard your money and you don’t share openly with others about what is working for you because you don’t want anyone to “Steal” your ideas. You also may shy away from taking risks, trying new things, or investing in yourself or your business. You focus on the “Lack” - lack of time, money, or resources. You always feel like there is never enough. You feel stuck and you feel like your goals are always out of reach. Having a scarcity mentality can cause a downward spiral that often leads to the exact thing that you fear. 

  • Your mindset can be programmed in you from a young age - your past may have taught you to act with Scarcity. 

  • I know I’ve been in times of my business where I realized I had a scarcity mentality - I thought that I didn’t have “enough” and I was running my business out of fear rather than abundance. Not only did it cost me my mental peace, but it cost me opportunities. Based on my experience with business owners with Abundance Mindset - those who practice openness and vulnerability and share their resources with others, I found that they are the best people to build a thriving community with!

Your mindset doesn’t just affect your business, it affects your personal life! If you want to have an IMPACT, having an abundance mindset and a belief that all the resources you need are at your fingertips, it empowers you to give with love, care, and respect, because you don’t operate out of desperation.

Reflect on this for a moment and be honest with yourself - do you have an abundant mindset or scarcity mindset when it comes to your business?

  • What thoughts cross your mind when you see someone in your industry having success? Is it jealousy? Comparison? Sadness? Or do you feel excited? Inspired? Hopeful?

  • How do you feel when you have to pivot and something in your business doesn’t go as you planned? (Anxious, disheartened? Feeling like giving up? Or do you have the perspective of, that didn’t go as planned but I’m sure there’s something to be learned here! There’s an opportunity here!)

  • What is your first thought when you have a business opportunity fall through? (Discouragement? Frustration? Or do you know that your next opportunity is just around the corner?)


When you run a business, change and challenges are inevitable. You WILL go through times where revenue dips, opportunities fall through, contracts cancel, etc. How do you approach these challenges? You can’t control your circumstances, but you can control your responses.

You see the world through a different lens when you think with Abundance. When you actively practice looking at life and business abundantly and you believe that opportunities are out there for you, you’ll recognize opportunities everywhere, you’ll take action that will get you closer to your goals and ultimately allow you to experience the abundance that you feel. 

Abundance mindset business owners invest in themselves, they see huge value in personal development, in education and growth. 

You can choose to look at the same circumstance two different ways. How you look at each situation will determine what you do, and what you do will determine your results. 

It is 100% possible for you to change your mindset. It’s just a choice. 

Steps to develop a better mindset: 

  1. Start your day with gratitude!  

  2. Writing down your wins, journey what is going WELL. Share it with others and CELEBRATE!

  3. Limit your time on social media & watching the news. 

  4. Notice your thoughts/reactions and take them captive as you go through your day. What kind of thoughts cross your mind when challenges arise? Ask yourself, is this coming from a place of scarcity or abundance? Stop your thoughts in their tracks. Think “How can I look at this from a different perspective?” Can’t think of it from a different perspective? Find a friend, coach, spouse, or mentor to help you think of the situation from an abundance mindset. 

  5. Surround yourself with other people who also have an abundance mindset because it IS contagious! People who encourage you, remind you of your strengths, remind you how capable you are! 

**Exciting NEWS!** Applications for our Mastermind are now OPEN! If you've been looking for a group of other successful entrepreneurs that you can scale your business alongside, and brainstorm growth strategies with, apply for our mastermind here: https://www.businessbabescollective.com/mastermind

Links:

Danielle Wiebe