Diamonds, gold, oil and honest politicians, all scarce and all valuable. Conversely, MP3's, rolled oats and information are all abundant and therefore worth next to nothing.
In economics, we're taught that scarcity can lead to business success. If supply outstrips demand, such as the case with SuperBowl Ads, the iPhone or the Spice Girls concert, there is room for enterprising people to make a buck.
As a mindset however, scarcity has nothing on abundance.
We see this in Seth Godin's use of his blog, free e-books, giving away free books and answering each and every email that is sent to him. He treats his time and knowledge, things that could be held as scarce, as something he can share with everyone. He's wildly successful because of it.
The Wallstreet Journal and Universal Music treat their knowledge and information as scarce, they try to charge a fee for it. Both businesses have been loosing ground because of it.
An abundant mindset can also be seen in countless non-profit ventures such as kiva.org, Room to Read or the Causes application. When we are able to let go of being tied to an end result, such as profits or fame, we are able to achieve great things.
Abundance opens your mind to possibilities. It means you will have access to situations that a scarcity mindset would scoff at. It's not something that traditional business will be easily able to adapt to, leaving room for entrepreneurs like you and me to fill the void.
What are your thoughts? Leave a comment!
(illustration credit : Gaping Void)
That time I drove across Indonesia
3 years ago