How’s your mindset? Tactics and strategies are very important when it comes to growing your business, and my content is full of them. I find that most entrepreneurs focus on the strategies and tactics, the marketing, occupying the digital space, posting on social media, but not very much on their mindset.
And I have encountered, and spoken to, and worked with over a thousand entrepreneurs at this point in my business so I speak from a place of experience.
Most of us grew up with a mindset of scarcity
I’ve been in business for nearly a decade, and I’ve found that one’s mindset is a critical factor, and it requires a critical paradigm shift to experience growth.
Taking a step back here, most of us have come from the corporate world. Most of us probably didn’t grow up in a very affluent society, or a very affluent community. Some of us might have, but I certainly did not, and I can definitely relate to that. My parents didn’t have a lot of money when I was growing up.
It isn’t uncommon that we then have a certain mindset growing up in a middle-class community, and just going to middle-class school, living in a middle-class neighborhood. There is nothing wrong with that, absolutely nothing.
But typically our mindsets are around the practices of the middle class. They’re not about abundance, they’re not about massive amounts of growth. They are just about getting a job, getting by, going into the corporate world.
That’s just how we were taught by our parents’ generation. Entrepreneurship wasn’t big for our parents’ generations, and so the mindset that they had was one that they passed along to us. And we, of course, adopted that mindset, and we are now living with it.
So what we inherited is not the mindset of abundance. And I will readily admit the fact that I used to do just that. I used to have a scarcity mindset myself because that’s how I grew up.
Like I said, my parents didn’t have a lot of money. We were middle class, and my parents would always say, “Hey, get a job. Earn a steady paycheck. Have a steady income. Don’t rock the boat. Just get things done, and live the middle-class life.”
I think for our parents’ generation that was the dream. For our generation, our dreams are much bigger.
For growth, we need to shift to a mindset of abundance
Because our dreams are bigger, the mindset of our parents’ generation doesn’t fit.
But because it’s what we grew up with, we need to consciously take action to change our thought processes. I want to share a little story with you that illustrates how the change in my mindset has occurred.
In March 2020, I bought some land up in the mountains of Colorado.
Now, I live in Denver. It’s always been my dream to buy land and build a house in the mountains of Colorado.
I finally found a piece of land that I really liked. And it was the right price.
I bought this land with cash–not with financing or through a mortgage. At one point, I had to wire the title company tens of thousands of dollars to cover the land.
Tens of thousands of dollars went out of my savings account. Naturally, I started thinking, “Wow, that’s a lot of money. This is a big chunk of my savings that I’ve been putting away for the last several years.”
I was very excited about the land and the house, but at the same time, my mind was going, “That’s a big chunk of change.”
The scarcity mindset started to brush up against me, but I decided, “No. This is not the way I want to view things. I have to think about it in terms of abundance.”
- First of all, I’m deploying my capital.
- Secondly, I’m following my dreams. My dream has been to buy land in the mountains of Colorado, so that’s following my dreams.
- I can earn back the money. I believe in my capabilities to do that. Yes, I had spent tens of thousands of dollars on land in the mountains, but I have no problem earning that money again.
And that’s how millionaires and billionaires think. They think with abundance.
They don’t think, “Oh, I just spent a bunch of money! Where am I going to get the money to replace that?”
Instead, they think, “That made me happy. And it’s no problem to earn it back. I’m spending money because that’s just a part of consumerism and a part of deploying my capital. But it will be easy for me to get more. There are infinite amounts of money out there, and there are always opportunities to get more.”
It’s absolutely true.
What’s your mindset like?
I encourage you to ask yourself this question.
Where is your mindset now? When you need to spend or invest money, are you still thinking in the scarcity mindset framework? Or are you thinking big!.
Check your own mindset. You might not be aware of it. Once you discover it, change it. Shift to an abundance mindset. It will give you confidence in pursuing your dreams and goals.