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Episode 6  |  30:55 min

Plenty of Fish: The Abundance Mentality

Episode 6  |  30:55 min  |  12.22.2020

Plenty of Fish: The Abundance Mentality

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This is a podcast episode titled, Plenty of Fish: The Abundance Mentality. The summary for this episode is: Tobe Agency founder Andrew Hong believes money grows on trees. No, really. He does. In this episode of Entrepreneurship Sucks, Andrew shares how a scarcity mindset could be your downfall, and what to do instead.
Takeaway 1 | 01:34 MIN
Introduction - Thank You
Takeaway 2 | 03:38 MIN
The Concept of Scarcity
Takeaway 3 | 06:20 MIN
Story Time: The Discouraged BizDev Guy
Takeaway 4 | 17:59 MIN
Scarcity and Your Business
Takeaway 5 | 00:28 MIN
Outro

Scarcity vs abundance: which mindset do you embrace on a day-to-day basis? Do you live life as if there’s only a small amount of resources available, and very few people will be able to claim them? Or do you feel that opportunities are unlimited, with plenty to go around for everyone?

Tobe founder Andrew Hong tackles this mindset dichotomy and how it affects entrepreneurs:

  • Scarcity mindset in leaders: Teamwork and collaboration suffer as fear rules the atmosphere.
  • A real-life scenario of applying an abundance mindset in business development activities: can you see opportunities rather than thinking the worst when a sales conversation doesn’t go as planned?
  • Do you have a scarcity mentality in some areas of your business? How might that be working against you?
  • Ideas: are they scarce resources? Hoarding good ideas precludes you from networking and forming relationships
  • Why being protective over your ideas can hinder your business growth, and why sharing them helps you create opportunities
  • In business partnerships: don’t try to get a bigger slice of the pie, try to make the pie BIGGER
  • Can you be an effective entrepreneur without an optimistic outlook?
  • The solution to a scarcity mindset is abundance
  • The abundance mindset: there are enough resources to share with others. It’s possible for all parties to win, and you don’t need to compete.
  • Abundant partnerships: You can give what you need to give in order to build strong and mutually beneficial relationships
  • There is not just ONE winner when it comes to business

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