Abundance Mindset… it is a phrase that you have probably heard a lot lately, especially if you have spent time reading up on how to be more successful in life. Yet mindset is not a new thing.
In fact, some of the brightest minds have been exploring the concept since the early 1900s. But recently, many people are embracing the power that the right mindset can bring to your daily life, wellbeing, and business success.
More than just a “woo-woo” concept in self-help books and blogs, the power of an abundance mindset is embraced by many highly successful entrepreneurs.
When you are trying to build a small business or start a side hustle, you need all the right tools in your tool kit, but is an abundance mindset really essential?
And what’s mindset all about, anyway?
Well, let’s look at those questions now and fill you in on all you need to know.
What Is An Abundance Mindset And Why Does It Matter?🤔
What Is Mindset?
A mindset simply describes a set of beliefs. It’s the thoughts and attitude that shape your habits and outlook on life. You could also refer to it as your frame of mind or belief system.
The reason mindset gets a lot of attention is that it reflects how you see the world, how you see yourself, and how you deal with life’s challenges.
Growth vs. Fixed Mindsets
The concept of these two core mindsets was first explored by a psychologist called Carol Dweck. She came up with the idea that there are two primary mindsets – growth and fixed. She then explored how each could impact your life.
People with a fixed mindset believe that their core qualities, such as intelligence or talent, are fixed and unchangeable. Basically, you were either born with them or you weren't.
People with a growth mindset, believe that these same basic abilities can be developed with commitment and hard work. They see challenges as opportunities and believe they can find the road to success no matter their background.
What Is An Abundance Mindset?
Before growth and fixed mindsets hit the mainstream, Stephen R. Covey talked about the power of an abundance mindset in his bestseller “The 7 Habits of Highly Effective People.”
The concept is similar to the growth/fixed mindsets but refers more to how people approach and view success. The two contrasting filters in this scenario are the abundance mindset and the scarcity mindset.
When you are operating from a mindset of scarcity, you think there’s not enough money, success, or opportunity for everyone. If someone else makes it big, that means there’s less available for you.
If you have a scarcity mindset, you may be extra stingy with money as you believe you can’t make enough. Or you may be bitter about the success of others.
But if you have an abundance mindset, you believe there’s enough out there for you and everyone else. People with an abundance mindset are still smart about budgeting. They understand that money and other resources must flow into and out of their business. They support and celebrate other peoples’ wins.
Why An Abundance Mindset Matters
If you try to start a side hustle with a scarcity mindset, you may end up holding yourself back. You may miss out on opportunities. The fear that you need to protect what little you do have can cause you to contract instead of growing.
The anxiety and stress of believing there’s not enough to go around can become a huge negative in your life. Running a small business is hard enough without dragging a ball and chain of doubt and fear along with you!
So, how will life be different if you can nurture an abundance mindset?
Just look to the most successful entrepreneurs for your answer. These people see the world as full of opportunities. They believe they have the ability to contribute positively to the world. They trust that if they work hard enough, they can achieve their goals.
People with an abundance/growth mindset are more likely to cope with the challenges that life throws at them. They don't give up after the first or second problem. They persevere until they are successful, learning from obstacles along the way.
Can You Change Your Mindset?
If you feel like you are currently operating in a fixed mindset, don’t panic! It may be hard to believe, but there is hard evidence that show that you can change your mindset!
It doesn't matter how deeply engrained our attitudes and beliefs are. We have the power to mould our thoughts over time, and change the way we look at life.
The first step is to observe your thoughts, because it's hard to adjust them when you are running on autopilot. Start listening to your mental chatter to uncover your mindset. Then, you can work on altering and replacing your thoughts and focus on those that support success.
Creating An Abundance Mindset
Abundance is not only about bringing in money (though that is a part of it). It is about believing that all the good things can flow to you with the right efforts and energy.
Remember, an abundance mindset doesn't need a promotion, a sale, or a lottery win to take effect. All it takes is a different way of thinking. It takes dedication, persistence, and commitment to move to a growth mindset. Once you are on the way, you might be surprised at how quickly doors start to open for you.
A great way of building abundance in your life is by looking at ways you can create it. A leveraged or passive income is just one of the ways to encourage abundance. It might just be the perfect solution for a busy Mum like you!
Is it time for a new income stream?
Learn more about how to build a leveraged (and sometimes passive) income here: