Abundance mindset

• 07 September 2024

There is a Wikipedia page for "Mindset", which... attempts to enumerate all the types of mindset a person can have? Fixed vs. Growth mindset makes an appearance, as does Abundance vs. Scarcity mindset, the subject of this post.

I can't find a good canonical source for what an abundance mindset actually means. Wikipedia credits the coining to The 7 Habits of Highly Effective People author Stephen Covey, but the (summarized) articulation by Covey, as well as many other places I see online, equate it with zero-sum mindset -- the belief that any victory of mine implies an equal but opposite defeat for someone else. But I feel a better version is what's described in this blog post in the context of relationships.

It's the idea that resources in general are abundant rather than scarce. This simple mindset shift has significant second-order effects.

Let me give some examples.

Relationships #

Scarcity: If I ask out a woman and get turned down, if my girlfriend breaks up with me, if I got on a few dates with someone and it doesn't work out -- if any of this happens, I am fucked. Partners are scarce, and I might not find another suitable partner.

In this mindset, it's imperative that I only ask someone out when I'm absolutely certain it'll go well; I should go grovel to Get Her Back; and when on a date I should carefully plan what I say and do to avoid messing things up.

Abundance: If it doesn't work out with a given woman, it's no big deal, because she was just one of MANY potential partners for me. I'll be able to find someone new who is as good a match or even a better match for me.

Now who do you think will be more successful in their romance? Scarcity Stan, who rarely asks women out, comes off as desperate, and has social anxiety? Or Abundance Abe who asks any girl out because hey it's worth a shot, exudes confidence that he can bounce back from anything, and who behaves authentically because he knows he'll eventually find someone who likes the real him?

Entrepreneurship #

Someone who has a scarcity mindset themselves, who pinches pennies and hoards cash, will extrapolate that mindset onto the world. And in a world where everyone is frugal, it doesn't feel like anyone would spend money on your business.

Abundance here reflects a recognition that there is surplus in the world. There are people with discretionary income who don't know what to do with it, and are just waiting for someone to convince them there's something worth spending on.

Moreover, an abundance mindset gives you the security to take risks. If you try to start a business and it fails, you'll have more chances to start new business or take other jobs, and you'll remain financially stable. In contrast a scarcity mindset pleads with you not to leave the security of your current job, because you may never find anything like it again.

Time #

If time feels scarce, we'll tend to hoard it. I only have a meager few hours each night after work, and my weekends are a precious and short respite from the work week, so I need to use them carefully. Under NO circumstances should I squander these precious hours^[1]

But if time feels abundant, we have the freedom to explore every opportunity. If I'm out on a walk and I see an interesting-looking gathering in the park, do I stop to investigate or continue walking to my destination? The answer depends on if I feel my time is scare or abundant.

I personally notice this dynamic whenever I have sustained time away from work. Without the time pressure of the M-F 9-5, where you're never more than two days away from having to work, opportunities I wouldn't have seized otherwise suddenly became appealing. Grab dinner with the friend who's in town visiting? Why would I not? I have an abundance of days and free hours ahead of me, but this friend is only in town briefly. What a delightful way to spend the evening.

I think this is one of the reasons a sabbatical is so powerful. By tapping into an abundance of time and freeing yourself from the relentless time pressure work, you become able to capitalize on opportunities and to explore your flights of fancy. And great things will follow.

What to take away from these examples #

To me, these examples paint a crystal clear picture: an abundance mindset will lead to amazing things. Optimal performance in most areas can only come from cultivating an abundance mindset.

But how can we nurture a feeling of abundance? How do we convince ourselves to feel that way?

I'm confident there are an abundance of answers to discover. But that's a subject for a future post.

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