What Is Lack Mentality and How It Affects Your Business?

Your mentality when running your business affects the business as much as it affects you. Attitude and mentality are two different things people always mistake them for each other. These are two important factors of your personality that needs to be developed for your business to take off the way you want it to, especially if you are working with employees or teams. To better understand, mentality is a way of thinking that is more permanent and difficult to change, as it is most likely influenced by many factors surrounding an individual’s life like childhood, location, and peers. Attitude on the other hand, is more of a changeable and temporary way of thinking and feeling, influenced by situations.

While attitude is something we can always control, mentality is not. It takes much longer to change than attitude and it requires more effort and patience. To begin shaping yourself into the leader who will bring success to the business, let’s dig deeper into one of the mentalities that highly affects progress – ‘Lack Mentality’.

‘Lack mentality’, or “Scarcity Mentality” as coined by Stephen Covey, is when you live in a world of fear of never having enough. This fear often applies to many areas of your life – money, time, rest, health, happiness, connections, attention, power, and many more. The Lack Mentality is an over-protection mechanism, and it restricts an individual from achieving more and doing more with their talents and skills that could give them the leverage for success. It becomes the reason behind mediocrity and lost hopes, often taking away the wonders of your life’s best moments.

How does this kind of mentality affect your business? The Law of Attraction.

According to Jack Canfield, the Law of Attraction states that whatever you focus on, think about, read about, and talk about intensely, you’re going to attract more of into your life. With lack mentality, your focus will always be on the negative – what you do not have, what isn’t there, falling short, and not having enough – and will most likely be what you are going to attract. When you attract this kind of negative energy, you often feel miserable, stressed-out, and poor. This affects your business because these negative feelings and thoughts affect the way you work. You become an ineffective leader by making poor decisions for yourself and the business, worrying about losing instead of focusing on gaining.

Lack mentality also prevents you from achieving wealth because you are constantly focused on the fear it brings. The fear holds you back from seeking new opportunities for growth, investment, and innovation, therefore keeping your business from growing and expanding its reach. This kind of mindset has the tendency to make you feel that you are not worthy of success and will keep you focused on just getting by to avoid any setbacks without realising that this exact kind of thinking is what creates the setbacks. You fear thinking big, you take smaller actions towards your goals, and you avoid any kind of risk at all costs.

To achieve success, it is important that we acknowledge what we are good at and what needs improvement, and that includes our mindset as entrepreneurs. Even with a powerhouse team and a large reach in audience, your mindset as a leader is what determines the fate of the organisation. If you suffer with a ‘lack mentality’, the next best move is to begin changing the way you perceive the world around you and begin adopting an ‘abundance mindset’ instead.

The Abundance Mindset, in contrast to Lack Mentality, is believing that there is always something for everybody. People with this kind of mindset believe that no matter what the situation is, there will always be a way for everybody to win.

People who lead their lives with an ‘abundance mindset’ are always grateful and choose to think positively. Circling back to the Law of Attraction, the abundance mindset lets you attract wealth, happiness, and success with the positive energy you have. The positivity will allow you to become a better leader by making better decisions for yourself and the organisation. Celebrate all wins, no matter how big or small.

While the growth of your business does not happen overnight, it is still best to begin turning things around the soonest you can, to experience the success you can have as soon as possible too. Begin changing your mindset by practicing gratitude and celebrating your wins, no matter how small or big they may be. Most of your time could be spent thinking of ways to boost your business’ income and revenue rather than fearing for what would tear it apart. When you are finally able to begin changing the way you think, you will spend less time worrying about what could happen and you will have more energy to focus on how to develop your business to be able to deliver better service to your customers. You will then, be able to be more innovative and creative – allowing you to discover bigger opportunities and more success for your organisation.

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