Scarcity Vs. Abundance Mindset & How to Deal with Competition

We've all met people with both, abundance and scarcity mindsets. You and I both know that having a scarcity mindset doesn't do the World any good, nor does it do the person having that mentality any good, either. Today, I'll be breaking down the difference between both scarcity and abundance with a bonus section on how to go about dealing with competition.

Full Transcript of Today's Episode:

PLEASE NOTE BEFORE READING: I highly recommend you listen into the podcast show instead of reading through this transcript as this is done through a digital means. There may be errors in words, spelling, grammar and transcribing accuracy as a whole that don’t fully align with what was said during the podcast episode, so just keep that in mind. But, it’s here for you just in case you’d prefer to read through.

Hello everyone and welcome back to the happiness approach podcast. I have missed you guys so much, but I am back after my six week hiatus and I really, really appreciate all your understanding and patience throughout this time. There's been so many exciting things that have happened in my life and some things that I had to tend to and also just some hand injuries that made it very hard for me to be able to edit or put blog posts up or do anything like that. You know, I'm a strong believer in working hard but also resting hard and I really needed to take that time creatively to just replenish my creative juices and I have so much fun content planned for you guys and so many cool topics that have been emailed in and questions. So thank you so much for emailing in your questions on my blog post.

I take every single one of them into account for my future podcasts and I just wanted to go over a few housekeeping things on this podcast show now before the actual podcast. For today's topic begins. I just wanted to say that I will be changing the schedule a little bit as the happiness approach stands today. I do a Monday podcast, which is usually on some sort of topic in the self development world or a question that you guys have sent in that you're struggling with that I'm going to be answering. It's more of a framework basis. Yes, or more advice based in terms of the Monday podcast and then I have a tidbit Thursday podcast which I do every single Thursday, which is short and sweet, usually around five minutes or around that ballpark in terms of time and that one is more motivational, inspirational, meditative or poetic.

What I'm going to be doing is I'm going to be a meshing those two into one podcast a week, so now from now on, from this podcast forward, I will be doing a podcast every single Monday, so just once a week so you can expect it every single Monday and I'm going to be incorporating both tidbit Thursday, ask things into the Monday podcast. So I'll still be doing my Monday podcast where I talk about topics and how to help you guys in certain ways and with what you're struggling with or some things that I'm currently obsessing about that I think could help you and benefit your life. But I'll also try to incorporate, you know, some poems, some quotable, some motivational aspects or whatever I feel suits the Monday podcast in that tidbit Thursday kind of mode into one podcast. I will be switching out the schedule to once per week and I cannot wait to start on this new schedule and thank you so much again for all your support.

I believe we have crossed over 30 plus countries that are listening to this podcast shows. So thank you so much. My heart is so full and I'm so grateful that you guys are listening and finding these things helpful because of that is why I'm doing it. If I can help you in any way possible in the smallest ways or in a big way, any sort of impact, that's what I live to do. I aspire to inspire and as cheesy as that sounds, that's honestly why I'm doing this. So before I get rambling more and more and more, let's get into today's topic. So today I wanted to talk about scarcity versus an abundance mindset and also kind of how to deal with competition. Now that kind of ties into a crab bucket mentality way of doing things. However, I may leave that for a future podcast. [inaudible]

the crab bucket mentality is a tiny bit different than maybe just a scarcity mentality. So today I wanted to focus on those things. Now scarcity, of course, I know you've met people like this along your path and in your life and I know you've met people with a very abundant mindset and mentality and a more sharing mentality. So think of a scarcity mentality more like people who don't think that there's enough or that they need to keep what they have to themselves because they're scared that if they share it or are abundant with it, that it's going to have a negative impact or they're fearful because there isn't enough. They don't think that there's going to be more opportunities or more things happening. For example, a very small example, if you're looking to rent your dream apartment and the one that you really wanted got rented or your dream house and the one you really wanted got sold.

A scarcity mentality would be thinking, you know, that's it. That's all there is out there. There's nothing else out there. Bundled mentality would be thinking something else will pop up, something better and something that aligns better or something will change. Maybe the offer won't go through and we'll still get that house. That's more of an abundant mentality. It's tied in a little bit more to optimism, but scarcities more thinking that there isn't enough. I want to start this with just talking about competition first though, when there's competition happening, so you're in an industry and there's competition in the same industry. How to deal with that is to deal with bettering your product and focusing on your strategies. There is no point in focusing on the competition. Yes. Know your numbers. Know where you stand. I'm not saying to be completely clueless about it. I'm just saying that usually when there's competition in an industry, it means that there's a high demand and more than enough of a demographic for both of you or all of you, the people who really struggle in getting their brand out there or in succeeding in terms of a brand or an image or whatever their goal is in terms of their industry that they're working towards.

You can see this in a general sense and also on a business level, but people who struggle are the people who focus on other people's grass. They're focusing on everybody else's grass that's greener instead of building their own lawn, so to speak, so focus and be obsessed with doing your job better, bettering your product, bettering your strategy instead of focusing on what the competition is doing, because all that time and energy you're wasting on that. You could be inputting into what you want to do, so understand that when there's competition, that's a good thing. You want that. That means there's more people wanting that thing. Just think about this. There's more than one type of ethnic restaurant in your city. I am sure, and if you live in a really small town, maybe there is just one, but in general there's more than one restaurant that specializes in a certain type of food.

It would be silly that only one type of car dealership opened. What if there was only one type of car? That would be silly because there is more than enough demographic in the world and more than enough people who are going to relate to certain things more than others or certain brands more than others. That's like saying, if you're reading a book and you really enjoy the books, say the book is on neuroscience or self development or how the mind works, you're probably going to continue to read a different book on that similar topic from a different author. Right? You're not going to just completely boycott all the other authors on that topic. Some people have that mentality, that scarcity mentality and that fear because they're not confident within their own product or service or what they're doing, so they spend their time focusing on others, which breaks my heart.

Focus on your own lane and I'm sure you've met people who you've started after them and you've succeeded beyond them because you have destination fixation. You're fixating on your destination and your journey in getting there. You're focusing on what's necessary in getting there. You're focusing and your drive is behind how you're going to be better than you were yesterday. Then what your product was yesterday. Then how your team was yesterday, not on the other competition now. That's how I would deal with competition. Getting more into scarcity versus abundance. I am sure all of you have met people who try to keep everything to themselves as if it's some great grants secret. To be honest, nothing is a secret anymore. You can find a blog post and information out there on just about anything. Okay, but I want to give you an example that I went through a lot back in my university days and I'm going to try to use that example to metaphorically explain what I'm trying to say here.

So in university before exams or finals, I would always obviously study, but I would always make up google docs so I would have a massive google doc of all the key points that was going to be on the test. So basically I would spend hours and hours and hours preparing for this exam and studying my butt off for this exam and I would make a google docs list that I could go over, you know, a day before the exam to just replenish my memory on what the exam was going to be about so I could succeed and obviously get an a plus. So when I did that and I went through the notes, I realized this was like first or second year I realized this, why wouldn't I share this with my fellow classmates? I could really help some people out here and I could really make a difference in their grades.

So what I started to do is every final and every midterm I would create this doc and I would, you know, name it midterm for this or final exam for this. And I would post it on. We had kind of like an online place where we could post it to all our fellow classmates so I could use that within what we were using in our university and I could share these notes in this google docs through a sharable link to all my classmates and I did that from first or second year onwards for every single exam as many times as I did it for myself personally to help me study and I remember particularly on one really hard final. I believe it was advanced statistics or something like that. It was. It was a pretty hard final. I remember before entering that final, there was probably from my lecture of like say 300 to 400 people.

It was a big class. There was probably around 15 separate individuals that came up to me before the final and said, oh my goodness, thank you so much. You know, I was out partying and I didn't study for this exam as much as I should have or I didn't have the time because of a, B and c reason to study as hard as I could. And your notes literally saved me because I succinctly put it all together in that dog and had I kept that to myself to succeed in me getting an a on that exam and not shared it with my fellow classmates, maybe they wouldn't have done as well and there was multiple people after the exam even before and after that told me how much of a difference it made for them and they so appreciated it. I'm telling you this example because somebody else in that class scoring an a plus on that exam does not take away my grade.

I want to say that again. Somebody else scoring a high grade on that exam does not take away migrate or my GPA or my average. That could have been the difference between someone failing a course and passing it. It makes me think of one of my favorite quotes. A candle loses nothing by lighting another candle. That's what I want you to take away from this podcast show. Now, I've been in situations where the opposite was true. There was a girl that was in one of my lectures and I always helped her out with notes when she was sick. Okay. We were, we were kind of acquaintances and we'd sit together. Sometimes I would help her out and I would help all my fellow classmates out with notes if they were sick or they weren't able to make that class. We had a pretty good system going where we would, you know, get each other's notes if one of us missed.

And I remember one day I missed class and I asked her if I could have the notes for that lecture and she flat out said, no, she doesn't feel comfortable doing that and no, she doesn't want to share her notes for the lecture with me. And from that day I kind of thought, well, what difference would it make in her life? Like what difference is it going to make in her grade if I also have the notes to succeed in that class for that one lecture. So that's a really good example of having a scarcity mindset, having something that you want to keep secretly to just benefit you when sharing it with others will do absolutely no harm. It will just bring other people up along with you, but you being up and sharing your resources and sharing what you know and bringing other people up and leveling other people up does not lower your stature.

That's what I want you to know about this. You helping other people with resources and things you want to share does not ever take away from where you stand. It just helps other people in their lives as well. Keeping things to yourself will never help the world in any way and sharing and being open and having an abundant mindset and mentality is key when it comes to success. True success because people love people would genuine tendencies to help other people and some people think that someone else succeeding is taking away their success and they want to pull them down because it doesn't make them look as good, but really having an abundance mindset and helping people out and helping them level up doesn't really change where you stand. It just helps everybody collectively level up and when it comes to competition and industries, like I said, it just means that there's more demand and demographic out there.

So next time when you're doing something or you're taking notes and you're a university student, just ask yourself, maybe I can make a big difference in my classmate's lives or in my team's life or in whoever's life by sharing what I know, because them succeeding as well as me is not taking away my letter grade or my gpa. It's not lowering my average. So I hope that example, that university example kind of metaphorically explains to you what I'm trying to say here. I'm trying to say that sharing is one of the best things we can do and I understand 100 percent. If you're in the service industry that you need to get paid for what you do, I'm not saying give all your information out there for free. Of course you need to earn a living with what you're doing. I'm just saying in a general sense, on a daily basis have an abundance mentality.

I think that there's more than enough out there for everybody. There's no harm in sharing what you know to help other people rise up because while you're doing that, you to rise up and that will come back to you in tenfold. There's going to be people with a scarcity mindset, but I hope this podcast inspires you to be the person with the abundance mindset to be the person that is setting the example so that little by little, through a ripple effect, more and more people start to become that way because it rubs off on them. And with that, I hope you enjoyed today's podcast. It's something that I think is such an important conversation and I would love to know what you guys think about it. You can email me via my blog and you can send me little notes and suggestions for the next podcast. Thank you so much for listening and I'll talk to you soon.



Sending you BIG love today & always! 

My whole heart, ♡


Hi! I'm Pooja,

A multi-passionate entrepreneur, coach and unwavering optimist committed to helping you become your best self yet.

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In this podcast episode, I share with you the difference between a scarcity vs abundance mindset and how to go about dealing with competition!

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