- An abundance mindset is a type of positive psychology that helps individuals lead happy, fulfilled lives.
- Gratitude, the act of expressing thanks for the possessions or circumstances you currently have, is an element of practicing an abundance mindset.
- Practicing abundance will not only enrich your personal life, it can also significantly bolster your business.
This time of year, many Americans will practice their abundance mindset without even knowing it. However, taking the time to express what you are grateful for is a powerful tool you can use to enrich your life year-round, not just during the holidays. Read on to find out what having an abundance mindset is all about, and how shifting your entrepreneurial mindset toward one of gratitude can help you manifest success for your business.
What Is An Abundance Mindset?
Coined by Stephen Covey in his best-seller The Seven Habits of Highly Effective People, the term ‘abundance mindset’ describes the belief that there are “enough resources and successes to share with others.” Developing an abundance mindset is thought to help individuals achieve a full and satisfying life. Achieving a sense of confidence and openness allows them to recognize and take advantage of opportunities that come their way. The concept also applies to the entrepreneurial mindset, in which having a positive, plentiful outlook can boost one’s success in business. Read more about mindset shifts for growing a successful business.
Scarcity Vs Abundance Mindset
At the opposite end of the spectrum of the abundance mindset is the scarcity mindset. Individuals with a scarcity mindset tend to play the role of the victim, and have tense physical and emotional energies. Because of their focus on the negative, individuals can stand in their own way of personal and professional growth.
It should be made clear that most individuals fall somewhere on the spectrum between scarcity and abundance, and that developing a lifestyle of abundance takes practice. Visit this article if you’d like to determine if you have more scarcity or abundance tendencies, and how achieving an abundance mindset can help you find more deals.
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What Is Gratitude?
Gratitude describes the expression of thankfulness for the possessions and circumstances you currently have, and is a great way of activating your abundance mindset. Thanksgiving has traditionally served as the time of year when Americans practice gratitude, yet is something that doesn’t need to be limited to just once per year. Find out why cultivating a mindset filled with gratitude can benefit you and your business year-round:
Gratitude Promotes Positive Business Culture
Business owners who encourage their team members to practice gratitude can break down barriers and help everyone work toward common goals. A sense of emotional well-being and abundance can encourage employees to perform optimally, think big, and follow through on moonshot goals. One way to promote an abundance business culture is to start off team meetings with a roundtable where everyone expresses their gratitude for something or someone. This culture of appreciation can help employees feel valued and important, allowing them to connect with the company’s work and mission on a deeper level.
Gratitude Improves Authenticity
As a business owner, your success can be attributed largely to your clients and customers. Having a genuine appreciation for them will enable you to approach your marketing strategy authentically. For example, you could create meaningful connections with your audience through storytelling, instead of focusing so much on your products and services. Continuously working through the lens of gratitude can help draw potential clients to your business over others.
Gratitude Helps Your Business Grow
Raj Jana, founder of JavaPresse Coffee Company, claims that practicing gratitude helped grow his business by 800 percent in one year. He defends that practicing gratitude gave him the energy to deal with the stress and challenges of building a business from the ground up. A gratitude mindset teaches you to focus on the resources you do have, and actions you can take, rather than on what you can’t do or what you don’t have. This mindset shift can help unlock the ideas or resources you need to solve unique business challenges.
How To Develop An Abundance Mindset (With Gratitude)
Practicing gratitude is a key aspect of developing a strong entrepreneurial mindset. (Do you currently possess an entrepreneurial mindset? Take our quiz!) Feelings of thankfulness toward your clients and colleagues can have profound positive effects for your business. This can include anything from helping you connect better with your audience and boosting employee engagement to having the courage to set and achieve bigger goals. Now that you understand the incredible benefits practicing gratitude can have for your business, the following guide explains how to incorporate them to help you develop your abundance mindset:
Bring awareness to your thoughts: Take the time to notice the thoughts that drift in and out, and determine if any of them are based on fear or scarcity. Make an effort to reframe your thoughts towards abundance.
Incorporate gratitude into your habits: Try keeping a journal where you write down at least three things you are grateful for, everyday.
Open yourself to possibilities: Instead of staying laser-focused on a particular goal, open yourself to the possibility of other opportunities. Focusing intently on just one thing might deter you from noticing new possibilities right under your nose.
Define and share your “why”: By taking the time to define what you love and what drives you, you can share your purpose more easily with others. Being confident in your purpose can help you better serve others, as well attract the resources that you might need.
Create actionable goals: It’s easy to have great ideas, but not so easy to take action. Identify the big goal you want to achieve, and write down a list and timeline of small, actionable steps you can take to get there. Focus on achieving one step at a time until you have reached your goal.
Be precise with your word: The way you frame your thoughts, either in your mind or vocally, will shape your reality. Practice taking note of the way you phrase things and try reframing them so that they are in line with the abundance mentality.
Commit to education and growth: Individuals who dwell on the side of abundance have a lifelong commitment to growth and education. They also acknowledge their role as the pupil and never the master, and that growth is key to accomplishment.
Embrace the beginner mindset: Having the attitude that you are always the disciple means that you take on the attitude of a beginner when approaching tasks or challenges. This helps you maintain an openness to approach things with enthusiasm and a willingness to learn.
Focus on the positive: Humans are hardwired with the “fight or flight” response, which unfortunately means that we tend to identify what’s going wrong in any situation. However, optimists train themselves to focus on what’s going right, which gives you the capacity to find creative solutions instead of panicking or giving up.
Use positive affirmations: Studies have shown that individuals who use positive affirmations are more likely to reduce their stress when presented with challenges. The next time you encounter a problem that makes you feel stressed or worried, try writing down a list of your fears. Next, write down the opposite of your fears: your desires. You could even formulate solutions in case any of your fears are realized. This type of practice can help you incorporate positive affirmations to help you get through tough situations.
As we take some time off for Thanksgiving and the holidays, it’s the perfect time to reflect on the past year and check in with our outlook on life. Even if you generally feel like a confident, positive person, you may recall some instances where you erred toward a scarcity mindset and missed out on opportunities that were knocking at your door. Why not try practicing an abundance mindset today? You have nothing to lose, and you may be pleasantly surprised by the benefits it may bring to you and your business next year.
What are some of your favorite ways to practice gratitude and an abundance mindset? Let us know in the section below: