Abundance in Business Part 1
Wednesday, the Thoughts from the Truck podcast gave listeners an example of a time where my clinic could have embraced a scarcity mindset BUT instead choose to make decisions from a place of abundance instead.
This allowed us to facilitate our client’s progression during an otherwise stagnant time period, while also improving our business at the same time! If you missed this episode I highly suggest you go back an listen to, “Consulting from Nothing: Embrace the Abundance Mindset."
To become a successful leader in this industry you must adopt an abundance mindset. For, as Buddha said:
“The mind is everything. What you think you become.”
Author Stephen Covey first described the terms “abundance mindset” and “scarcity mindset” in his 1989 book 7 Habits of Highly Effective People. As I have discussed this week, the selection of each of these mindsets will effect a person’s thought patterns, in turn effecting their actions and will ultimately fundamentally change who they are. So, with this said; what category do you currently identify more with?
If you find yourself being better described by the second column; scarcity, have no fear! The simple action of recognizing that this mindset means that you now can more easily identify and eliminate negative thoughts.
I know many readers at this point are saying, “Dr. Eric you’re full of it, mentality doesn’t affect me or my life! I have complete control over my state of mind!” To such a reader I will challenge you to bear with me and lean on your scientific background. Allow me to provide you peer back research to change your mind.
Perhaps, the simplest example of abundance vs scarcity mindsets is the placebo effect. As we all know, the simple act of giving a “sugar pill” or innocuous treatment to an individual will often result in improvement in their condition. This simple act of “giving hope” to someone who lacked it before provides them with positive feelings and thoughts resulting in a positive treatment effect without even providing clinically therapeutic treatment.
If this hasn’t convinced you, I invite you to check out a great review article written by Dr. Summer Allen of UC Berkley. This study complied many individual psychological and societal trials to show the benefits of a positive, abundance-based mindset. The author found that individuals with abundance mindsets benefited from better physical health, more willingness to seek help for health concerns, improved sleep habits and less cellular level inflammation.
More importantly to our profession, given the 2.5x greater likelihood of vets to commit suicide than their civilian peers, was this review found that positive, abundance mindsets were associated with;
“Improved life satisfaction, optimism, subjective well-being, positive affect and happiness.”
A separate study from Yale also found that individuals with a positive abundant outlook on aging also lived 7.5 years longer than those without!
Science clearly backs the individuals benefits of an abundant mindset. But the benefits don’t just end there! The success you will experience from an abundance mindset will carry into the medicine you practice every day as well as the business you manage!
Join me next week for Part 2 of the Abundance in Business Blog article where I will discuss how an abundance mindset can set your clinic on a path of growth, innovation and improved impact!
Carry on OTO’ers!
Ps. If you want to learn more about abundance mindsets and the individual responsible for identifying them I recommend you check out The 7 Habits of Highly Effective People by Stephen Covey. Despite being over 25 years old the book continues to be an Amazon best seller and continues to wow readers! Check it out today!