What is Scarcity?
It is defined as the state of being scarce or in short supply; shortage (Oxford dictionary).
What is a Scarcity mentality?
The scarcity mentality is the belief that if others have more you will have less. It is a belief about limitation.
Such a mindset is driven by fear and it demonstrates your lack of confidence and faith in God’s power to supply all your needs according to his purpose and abundance of resources. “It is based on the faulty assumption that if someone else has something, you can’t have it because there’s only one pie available and every slice that someone else gets, means less is available for you”(Dorothy Smith). Completely false!.
Why There’s A Scarcity Mentality in Africa.
The root of the scarcity mentality in some of our communities is that people are reluctant to share ideas because they are worried about their share of the pie being reduced, as though there wasn’t enough to go around.
There’s an unhealthy ideology in Africa where people tend to believe that when they share an idea with a friend, family member or even a complete stranger, they will use it to accomplish, acquire or make gains that will either increase their competition or reduce their potential gains. That’s not the case because there’s a lot to go around.
By the same token, your own financial independence is constrained by the fact that you refrain from trying something because you think there are too many people doing it already, even though the character or the idea of your project can well be completely different from that of the person next door.
A good example is the music industry. Think about how many songs are released yearly, yet you still have people dancing and listening to old songs and new songs.If you are limited by the notion that too many songs have been released already, you are never going to use that God-given talent of yours to bless the world, and even enjoy the financial benefit that comes with it.
The example of the music world just demonstrates that there’s enough capacity out there to absorb whatever product or idea that you have so long as you are creative, consistent and you have conviction.
The Potential of the African Marketplace
Statistics on Africa
I will like to assume that if more people had this information, they will be blown away by the potential of the current and future African Marketplace. As per the United Nations population counter, the current population of Africa is 1.38 billion as of Tuesday, August 24, 2021. This means Africa’s population is equivalent to 16.72% of the total world population. Africa ranks number 2 among regions of the world (roughly equivalent to “continents”), ordered by population.
The graph below are a beautiful info graphic representation of that information.
The Sweet Spot About Africa’s Growing Population
In a few years time, not only would Africa have doubled its population, it will also have the youngest population , with the fastest rate of urbanisation which therefore means a growing demand for a variety of goods and services. The economies are growing and with the growing popularity in education and disposable income, the demand for things like restaurants, apparel, transportation, tourism, infrastructure, telecommunication, beauty products and much more.
It is imperative for young Africans to understand that’s the future in order not to be taken unawares. They have to start developing the right entrepreneurial skills in order to be ready to ride the imminent demographic wave. You need to have a vision about the future and not miss the train and wallow in regrets like those who missed investing $0.08 into Bitcoin in 2010, which would have been worth nearly $50,000 today. Just 10 years later. Imagine that! There are real and macro fundamental trends that are emerging.
If you seek financial independence, the first thing is to ensure that you are not a victim of the scarcity mentality. It’s not just about saying you don’t have the mentality, but to realise that the facts and statistics in the example of the music industry, apparel industry, beauty industry and much more, have proven that there is more than enough for everyone.
Rihanna’s Story Should Inspire You.
She simply did not buy into the scarcity mentality. Despite thousands of beauty and lingerie brands on the market, she simply identified her niche and decided to go all in.. She clearly didn’t go into that industry with a dearth mind or to play the fainthearted.
The pop star, whose real name is Robyn Fenty, launched her line of 40 different foundation shades in 2017, which at the time was largely unprecedented. It led to the so-called “Fenty Effect” where rival brands broadened their shade ranges for make-up products, and she said the aim of the line was to appeal to “every type of woman” The line brought in more than $550 million in annual revenue in its first year, LVMH said. On August 4, the BBC published an article announcing that Rihanna was now officially a billionaire and the wealthiest female musician in the world with a Net worth of $1.7billion.
The Nasty Side of the Scarcity Mentality.
There are some people in our communities who would rather not promote each other for fear that one person is going to get all the business or money, or love, or loyalty or prominence. If someone’s business is a success, they are more inclined to sabotage it in the erroneous belief that they would get a bigger share of “the pie” as a consequence.
A common situation is ignoring a friend’s request to like, share or promote their business on social media. This could be a case of scarcity mentality if the act is not executed for fear of boosting the value of the request to one’s own perceived detriment. But it is worth remembering that there are plenty of consumers for each type of content, so that fear is completely misplaced.
The Impact, of the Scarcity Mindset on Your Success.
- You remain stuck in your comfort zone for fear that striving for more might cost you the little you already have.
- Your success level is capped by your belief. You can’t really take the risk to expand your business because you believe there aren’t enough customers to buy from your completion and you as well.
- Makes you a bad team player. You don’t want to share valid information or give your colleague that review that will get him a promotion because you believe you deserve it more and there won’t be enough promotions to go round.
- You focus on the insufficiency and miss out on the unlimited opportunities.
How to overcome the scarcity mentality
-Rebrand your self
-Stick to a niche or target market
-Focus on your talent and not your inner critic or external influences
-Remind yourself of God’s promise in 2 Corinthians 9:8 “And God is able to make all grace abound to you, so that having all sufficiency in all things at all times…..YOUR MIND & IMAGINATION = ABUNDANCE OR LACK!.
If you are a victim of the scarcity mentality in your professional life, business, relationships or any other area, please consider the 3rd Law of motion(for every action, there is an equal and opposite reaction). When you stand in the way of someone’s success, success cannot come to you.