From Scarcity to Abundance: A Mindset Shift Every Female Entrepreneur Needs

“The opposite of scarcity is not abundance; the opposite of scarcity is simply enough.” (Dr. Brené Brown)

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I’ve been an entrepreneur for nearly 16 years now. Looking back to when we first opened the business, I didn’t have any grand entrepreneurial aspirations. However, I did have the right conditions to lean more toward an abundance mindset rather than scarcity.

Despite my modest beginnings, life up to that point had been good. I had traveled, moved abroad, earned a master’s degree, and truly believed in the power of the universe and its endless possibilities.

Yet things became messier — and much scarier — after taking those early steps into entrepreneurship. Suddenly, the full weight of responsibility hit: financial security, business operations, and an added layer of self-worth tied to the success (or failure) of my venture.

Once the initial high of “following your dream,” “taking that bold leap of faith,” or in my case, “starting an exciting adventure,” begins to fade, doubts and fears can creep in. The more unstable the economy or your industry, the more vulnerable you feel. Neglecting your personal well-being only adds to this vulnerability.

Competition — especially fierce competition — can chip away at your confidence. Customer feedback can feel deeply personal. Financial challenges introduce you to the exhausting world of overworking and over-worrying, and before long, you find yourself at the very bottom of your priority list. Your business begins to feel like it’s dictating your value as a person.

When you’re constantly worried and running on empty, it takes a toll — not just on your efficiency, decision-making, and performance but also on your overall well-being. Without actively tending to your mindset, your once “glass-half-full” perspective can quietly shift to “glass half-empty.”

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Entrepreneurs stuck in a scarcity mindset, seeing the glass as perpetually half-empty, often find themselves consumed by over-worrying. This state of constant stress leaves them more vulnerable to burnout and further drains their energy and passion for their work.

Working consciously to cultivate a healthy (abundance) mindset is essential for truly enjoying the entrepreneurial journey.

The Impact of Scarcity Mindset on Wellbeing

Scarcity mindset is the belief that resources are limited and must be hoarded and competed for. The term was originally used to describe a specific type of anxiety and cognitive stress experienced by people whose incomes were below the federal poverty threshold (clevelandclinic.org, 2022).

However, a scarcity mindset often extends beyond finances, influencing other areas of life where “seeing the glass half empty” and fixating on what’s lacking become the norm. In contrast, an abundance mindset fosters the belief that resources are plentiful and there is enough success to go around for everyone.

Scarcity mindset leads to chronic worry and fear that there will never be enough to meet one’s needs, whereas abundance mindset fosters optimism, collaboration, and a focus on growth and potential (McGarvie, 2024).

Operating from a scarcity mindset can significantly impact your mental health, as constant worry may lead to burnout. Worry burnout, a state of emotional exhaustion where a person feels worn out and overwhelmed by worry, is often a result of prolonged excessive and emotional, physical and mental stress (Tomes, 2022).

Perceived scarcity, either due to objective scarcity of resources or due to individual’s perception that resources are less than what they need to meet their needs can lead to temporary decrease in cognitive flexibility (Huang L, Li X, Xu F and Li F, 2023). “It may lead to individuals unable to adapt well to the changing environment, unable to quickly devote themselves to new tasks, and reduce work and learning efficiency in daily life” (Huang et al., 2023).

Roots of Scarcity Mindset

A scarcity mindset can stem from a variety of situations and life experiences. While it may arise from genuine financial hardships, it is often shaped by one’s upbringing, pivotal life events, and personal circumstances, such as parental beliefs, job loss, financial crises, divorce etc.

According to Dr. Brené Brown, our culture of scarcity is defined by the sentence: “Never _____________ enough” and “it only takes a few seconds before people fill in the blanks with their own tapes:

“Never good enough. / Never successful enough / Never powerful enough etc.”

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Dr. Brené Brown goes on saying that “We spend inordinate amounts of time calculating how much we have, want, and don’t have, and how much everyone else has, needs, and wants.” After eventful decades that have shaken up the sense of safety, worrying about scarcity has become our culture’s version of post-traumatic stress — sharing the same formula of shame, comparison, and disengagement, with the same dynamics in family, work, school, and community culture (Brown, 2015).

Dr Brené Brown (2015) does not see abundance as the counter approach to living in scarcity, instead she believes that “the opposite of “never enough” isn’t abundance” or “more than you could ever imagine.” The opposite of scarcity is enough.”

And “feeling enough” sounds like a great foundation for connecting with the abundance within and moving from scarcity mindset to abundance mindset, a shift that “opens doors to possibilities, collaboration, celebrating the successes of others, positivity, innovation, creativity, problem-solving, infinite possibilities, and greater prosperity in your business” (Marter, 2024).

Common Traps of Scarcity Mindset in Entrepreneurship for Women

Entrepreneurship is a courageous and inherently vulnerable journey, where mindset serves as a critical determinant of success. Along the way, challenges will arise, testing your patience and resilience. Ultimately, the ability to not only survive but thrive often hinges on the strength and adaptability of your mindset.

Women are often expected to be quiet and agreeable, with competitiveness and ambition receiving less encouragement. Natural skills and talents are often overlooked or undervalued, as societal expectations prioritize the role of caretaker and homemaker over personal development and professional potential.

Often, women manage businesses alongside the responsibilities of ‘running their family,’ a dynamic that demands exceptional prioritization, balance, and effective management of both time and energy.

This juggling act can often lead to mental and emotional strain, making it easy for limiting beliefs and a scarcity mindset to take hold. When scarcity mindset is in the driver’s seat, female entrepreneurs may find themselves grappling with challenges like these:

1. Comparing yourself to others — Constantly comparing your success to that of other entrepreneurs or competitors, rooted in the belief that success is a finite resource, rather than embracing your unique value proposition and viewing competition as proof that ‘if they can achieve it, so can I.
2. Chasing every opportunity — Saying yes to everything, hoping that doing more will lead to more success, rather than focusing on the most aligned opportunities that support your long-term vision. Trying to serve everyone by offering too many products or services out of fear that narrowing your focus will limit opportunities, rather than honing in on your core strength and audience.
3. Undervaluing your services — Undercharging for your products or services due to fear that clients won’t pay what you’re truly worth — resulting in burnout, feelings of undervaluation, and unnecessary financial strain.
4. Fear of investment — Believing that investing in yourself or your business is too risky — leading to reluctance in hiring support, enhancing your skills, or upgrading essential tools, even when such investments are crucial for growth.
5. Difficulty delegating — Believing that unless you do everything yourself, tasks won’t be done ‘right’ — resulting in overwhelm, stagnation, and missed opportunities to scale your business effectively.
6. Holding onto old ways — Clinging to outdated business practices, strategies, or tools that feel ‘safe,’ even when they are no longer effective — driven by a fear of the unknown and resistance to change.
7. Procrastination — Putting off important decisions or actions due to a fear of failure or the belief that you lack the resources to succeed — leading to missed opportunities and hindered growth.
8. Avoiding connection and networking — Hesitating to reach out or collaborate with other entrepreneurs out of fear that there’s not enough room for everyone. In reality, collaboration opens doors to greater exposure and new business opportunities, while avoiding potential clients limits growth.

7 Strategies to Shift from a Scarcity Mindset to an Abundance Mindset

So, how do you shift from a scarcity mindset to an abundance mindset? It sounds simple in theory, but it’s a lot harder in practice, especially when your beliefs and thought patterns are deeply rooted and well-established.

As Dr. Brené Brown says, ‘The opposite of scarcity is enough.’ Building your self-worth and practicing gratitude for what you already have is key to making this shift.

Here are 7 strategies to help you ground yourself in gratitude and move from a scarcity mindset to one of abundance:

1. Practice Gratitude Daily

• Why: Focusing on what you already have helps you see sufficiency rather than lack.
• How: Start a gratitude journal, listing 3 things you’re thankful for each day.

2. Reframe Limiting Beliefs

• Why: Scarcity often stems from limiting beliefs like “I’m not good enough” or “There’s not enough to go around.”
• How: Replace negative thoughts with affirmations and empowering beliefs like, “There’s room for everyone’s success” or “I am capable of growth.”
  Get curious about your beliefs — explore where they come from and consider what they might be protecting you from.

3. Focus on Collaboration, Not Competition

• Why: Seeing others as collaborators and inspiration fosters community and mutual growth rather than rivalry.
• How: Look for ways to partner with others in your industry rather than competing for the same audience. Be inspired by others — if they can do it, you can do it also! Celebrate the successes of others.

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4. Celebrate Small Wins

• Why: Acknowledging progress, no matter how small, reinforces a sense of abundance in your journey.
• How: Keep a “win list” to track achievements, both personal and professional. Make sure to re-visit your list often.

5. Invest in Yourself

• Why: Scarcity mindset often manifests as fear of spending or investing, which can limit your growth.
• How: Take small, intentional steps to invest in skills, tools, or support that help you grow. Sometimes what you need is to invest in getting help (e.g. housekeeping, childcare etc) in order to buy “time for you”

6. Shift from “Either/Or” to “Both/And” Thinking

• Why: Scarcity sees choices as mutually exclusive, while abundance embraces possibilities.
• How: When facing decisions, ask yourself, “How can I create a solution that honours both options?” “What else is possible?”

7. Surround Yourself with Abundance-Minded People

• Why: Your mindset is influenced by the attitudes of those around you.
• How: Seek mentors, friends, and communities that model abundance, positivity, and generosity. And be the source of positivity for others too!

Download a free visual reminder (a PDF infographic) of “7 Strategies to Move from Scarcity Mindset to Abundance Mindset” to help you shift your mindset.

Conclusion

Living with a scarcity mindset — feeling as though you are constantly in lack and competing for limited resources — can significantly impact your mental well-being and cognitive flexibility. The persistent worry associated with this mindset can lead to burnout, reduced efficiency, and difficulty navigating both personal and professional challenges.

In business, however, your mindset is one of your most valuable assets. A positive, growth-oriented mindset lays the foundation for building and sustaining a successful operation.

If you find yourself leaning toward scarcity thinking in your life or business, take heart — change is possible. The first step is shifting from scarcity to a sense of ‘enough.’ This begins with embracing gratitude for who you are, the progress you’ve made, and the place you occupy today. From this foundation of self-appreciation, it becomes easier to cultivate a positive outlook and build an abundance mindset.

Stepping into abundance isn’t just a personal victory; it creates a ripple effect. Collaboration, generosity, and impact expand, inspiring growth and success for everyone around you — including yourself. By choosing abundance, you’re not only building a thriving business — you’re contributing to a better world.

Take the first step toward a more abundant and empowered mindset — because success starts with the way you think:

Download this free visual reminder: a beautifully designed infographic featuring 7 strategies to help you move from a scarcity mindset to an abundance mindset as a woman in business.

References:

Brown, Brené (2015). Daring Greatly: How the Courage to Be Vulnerable Transforms the Way We Live, Love, Parent, and Lead (p. 25). Penguin Books Ltd. Kindle Edition.

Huang L, Li X, Xu F and Li F (2023). Consequences of scarcity: the impact of perceived scarcity on executive functioning and its neural basis. Front. Neurosci. 17:1158544. doi: 10.3389/fnins.2023.1158544

Marter, J (2024). How to Navigate Challenges as a Woman Entrepreneur (https://www.psychologytoday.com/gb/blog/mental-wealth/202406/how-to-navigate-challenges-as-a-woman-entrepreneur

McGarvie, S (2024). 8 Strategies to Transform a Scarcity Mindset https://positivepsychology.com/scarcity-mindset/

Scarcity Mindset: Causes and How To Overcome (2022). https://health.clevelandclinic.org/scarcity-mindset

Tomes, R (2022). Worry burnout’ what is it and how can you overcome it. https://ifamagazine.com/worry-burnout-what-is-it-and-how-can-you-overcome-it/