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Scarcity vs Abundance Mindset - Small Business Blunders, vol. 11

Hi. My name is Adam with Adam Lowe Creative, and I help small businesses overcome the challenges and obstacles that we all face. Today, I'm gonna talk a little bit about your mindset.

So many small businesses have this mindset of scarcity, and they have this mindset of competition that they close themselves off from a lot of opportunities. For example, a photographer might feel like every other photographer in their space is their competition. A web developer might feel like every other web developer is their competition. While in some cases, that's true, the truth of the matter is there really is enough work out there for everybody, especially since everybody has their own strengths and weaknesses, and every customer is going to have their preference in style or their preference in who they're going to work with.

A customer that comes to me for a web design, for example, might be the perfect customer, but maybe if they go over to Sally, you know, Sally's style isn't quite what they're looking for, or maybe somebody's coming to me for photography services, and they're looking for family photography, for example. That's not something that I really specialize in, so it's something that I'm gonna refer out to somebody that's much better equipped to handle the situation for them. Maybe somebody's coming to me for help with social media marketing, for example. Well, again, that's not something that I really specialize in, but it does fall under the realm of marketing services that I provide, but that's something that I'm gonna find a partner that can really help them with their social media marketing needs.

Abundance Mindset

Every company has the things that they specialize in, and every client is going to have their own particular needs that may or may not fit with you. So, instead of having this scarcity mentality of, "Oh my gosh. I have to take every client that comes my way," or thinking that every other vendor that has a toe in your space is suddenly your competition and is suddenly somebody that you need to fight against or that you need to dominate or destroy, you know, think about it in terms of collaboration.

These other companies are your colleagues. They're not your competitors. I get lots of work referred to me by other people that are in the same space as I'm in. I refer work out to other people that are in the same space that I'm in. The more you can make friends with them, the more everybody can grow. It sounds ridiculous and cliché, but there's that old saying about a rising tide lifting all ships. It truly is the way that the world works. So, don't be afraid of your competition, and don't think that you have to beat everybody else. There's enough work to go around, and if you keep that mindset in your head, then I think everybody's gonna win. Take care, and I'll talk to you next week.

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