Understanding the Scarcity Mindset

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Witthaya Phonsawat - www.freedigitalphotos.net

Witthaya Phonsawat – www.freedigitalphotos.net

Reading and reflecting on some ideas from Mullainathan and Shafir’s new book . .

Entrepreneurs can thrive on limitations, such as tight deadlines, lack of funding, or more work than you can handle. Innovators can thrive on scarcity, what economists define as “having less than you need” (p. 4). 

What happens when you adopt a scarcity mindset? When your framework on how you view the world and each situation you encounter is based on “having less than you need” of something? When does this mindset wreak more havoc than good?

Scarcity alters how we look at things; it makes us choose differently. This creates benefits: we are more effective in the moment. But it also comes at a cost: our single-mindedness leads us to neglect things we actually value. (p. 38)

What’s your scarcity mindset and how is it serving you?

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