RR#122 - The silent killer of entrepreneurial dreams (it's not what you think)
I'll cut to the chase this week: if you aren't actively combatting scarcity in your mindset, you're setting yourself up for stalled growth and suboptimal decisions, both in life and business.
This week, I’m going to break down how scarcity creeps into our mindset, give specific patterns to look for, and how to flip the script on it.
Let’s dive in.
Why This Matters
The scarcity mindset can trick you into feeling like you're always on the defense in a game that actually requires you to play offense just as fiercely.
Worse, it robs you of the joy that comes from actively pursuing your goals, masking the actual progress you're making with a perpetual fog of fear.
Logically, you know this. You’ve read the books, listened to the podcasts, and watched the TED Talks. The benefits of an abundance mindset and the consequences of a scarcity mindset aren’t new to you.
The Sneaky Nature of Scarcity
But here's the sinister part of scarcity: it hides in those subtle thought patterns that whisper you're not enough, that things could go poorly, or that there's not enough to go around.
It's the voice that praises you for being overly cautious, telling yourself that you're being "realistic" or "responsible."
And this is your (and my) reminder to stay vigilant. Removing scarcity from your mindset isn't just about better decisions or outcomes—it's about enjoying the ride itself and genuinely appreciating the progress you make.
Scarcity Equals Fear
Remember, at its core, scarcity is just another form of fear. It's fear that:
Competitors will "beat" you
You'll run out of money
You'll run out of time
Failure is final
Sure, there's always a chance things won't go as planned. But there's at least some probability they will—maybe better than you expected. Hell, there's a chance that not getting what you want is the best possible outcome long term.
But making decisions out of fear? That leads to flawed and inaccurate thinking. Which is the very thing you're trying to avoid in that hyper-analytical state that creates it in the first place.
Patterns to Watch For (And How to Flip the Script)
Based on my own personal experience, and that of coaching hundreds of founders and business owners, these are the patterns to keep an eye on, and how to turn it around.
Pattern: Failure to Recognize Progress
You're blind to your own progress, always focused on what's next instead of how far you've come. And the only celebration that happens when crossing a finish line is the process of creating a new one.
Flip the script:
Start a progress journal. Each day, jot down the micro-wins, no matter how minor they seem.
Remember, there was probably a point where what you have now was what you considered the goal.
Pattern: Rushed, Frantic, Impatient, and Hurried
You're moving at warp speed but in circles. Decisions are rushed, information is incomplete, projects never get finished, and you're stuck in a loop of rework.
Flip the script:
Get crystal clear on the problem you're actually solving.
Define what success looks like (and I mean really define it).
Question those deadlines. Are they real, or self-imposed?
Pattern: The Comparison Trap
You're playing a game you can't win, always measuring yourself against others and coming up short—which will happen at every level because it's a glitch in thinking, not circumstances.
Flip the script:
Remember, social media is everyone's highlight reel, not their behind-the-scenes.
The journey is the reward. (Cliché, I know, but true nonetheless.)
Pattern: Ruminating On What Could Go Wrong
You're spending more time imagining worst-case scenarios than actually taking action. And you're ignoring the fact that those worst-case scenarios play out more in your head than in reality.
Flip the script:
Really dive into that worst-case scenario. Is it actually as bad as you think?
Remind yourself why you became an entrepreneur. Wasn't part of it for the freedom to take risks?
Pattern: Saying ‘Yes’ To Everything
You're hoarding opportunities like they're going out of style, even the ones you don't really want. And you're afraid to say no to anything.
Flip the script:
Imagine being so bogged down with mediocre gigs that you miss out on that dream opportunity.
Create a few templates and scripts you can use to say no, even if it disappoints someone.
Pattern: Not Raising Prices, Despite Evidence You Should
You're swamped with work but scared to up your rates. You're basically leaving money on the table and consciously working for less than you deserve.
Flip the script:
Consider what your day would be like if you had half the number of clients paying twice as much.
Consider the reputation damage you’re doing by maintaining more clients than you can handle to hit your income goals.
Pattern: Avoiding Tough Conversations
You're tiptoeing around issues, afraid of conflict or rejection. But all you're doing is letting problems fester and accumulate.
Flip the script:
Recall a time when a tough conversation led to a major breakthrough. Feels good, right?
Focus on the relief and clarity you'll feel after the conversation, not the temporary discomfort.
Scarcity thinking is a tough habit to break. I know because it's something I'm personally working on eradicating from my own thought process.
But like any habit, it takes work, practice, and time to master. It won't disappear overnight.
But if you put in the work, your future self will thank you.
Hope this helps.
P.S. -
I originally wrote this as a letter to myself to reflect on periodically. So if it's a little direct, it's some tough love to my future self. 😉
