Featured Post by Richard A. Kranitz

What are the Benefits of a Written Contract?

  Richard Kranitz, Esq., Wisconsin In this age of the Internet, is having a written contract important? Read this article to find i...

Saturday, September 8, 2018

Richard Kranitz, How to Develop an Attitude of Abundance

How to Develop an Attitude of Abundance

We are all know the difference between an optimist and a pessimist. One expects the best of everyone and a positive outcome in every situation. The other is suspicious of others and doubts the future. By striving for a balance we hope to become prudent realists. By striving for large goals, but planning against potential risks, we achieve more, and are better prepared to overcome adversity.

But just as people often start from either an optimistic or pessimistic perspective, people can begin with an attitude toward scarcity or abundance. Which attitude a business owner takes along that dimension can significantly affect the likely success or failure of his business.

The attitude of scarcity is illustrated by the peasant in old Czarist Russia of whom it was said, he did not care if his crop failed so long as his neighbor’s did as well. He cared less for his success than that his neighbor did not prosper more. The attitude of abundance is illustrated by the business owner who rejoices when his commissioned sales people can grow rich. When they achieve wealth through their excellent performance, his business enjoys high sales and profits. Their success provides his success.

·       An abundance thinker believes that a growing market benefits all participants. A scarcity thinker fears that there is never enough for everyone, and the gain of others comes at loss for others.
·       An abundance thinker is happy to share knowledge, contacts and compassion with others. A scarcity thinker is stingy with their knowledge, contacts and compassion.
·       An abundance thinker welcomes competition believing it makes the market larger and drives him to achieve excellence through innovation. A scarcity thinker resents competition fearing that it makes his own market smaller, and his company weaker.
·       An abundance thinker strives to give more value than his customer expects in the expectation of growing his market and sales. A scarcity thinker can only cut costs even when it reduces quality.
·       An abundance thinker is optimistic, opportunity oriented, thinks big and embraces risks. A scarcity thinker is pessimistic about the future, fears innovation and thinks small, avoiding risks.

Over time, the attitude of abundance is opportunity driven, leading to success, joy and fulfillment. The attitude of scarcity leads to failure, fear and discontent. Isn’t it obvious that we should embrace the attitude of abundance? How can we achieve that attitude? Here are some practical suggestions.

1.       Recognize that challenges are a normal part of any business. By putting setbacks in perspective, you will learn to ride out the low points that are a normal part of any business or life.

2.       Focus on opportunities. By consciously seeking them, perhaps maintaining an opportunity list in a notebook or database, you will develop positive ways to advance your business.

3.       Celebrate your successes and those of your employees. People need to feel appreciated and strive to do their best when they feel that their efforts are recognized.

4.       Share the wealth. When others are paid fairly, they are likely to strive even harder.

5.       Seek win-win outcomes. Negotiations are an inevitable part of business and outcomes in which both participants gain something end successfully, with parties who may cooperate in future.

6.       Keep your systems, finances and records organized. Life is chaotic enough. Learn discipline.

7.       Recognize that many who suffered great setbacks have gone on to achieve great successes. Each challenge in life is an opportunity to learn, and sometimes to start fresh. Start where you are. Take stock of what you have to work with and begin to plan and strive again.

By developing an attitude of abundance you will greatly increase your chance for long term success. Take comfort from the comeback experiences of many others. Life has its challenges, but in the end, a person who learns the attitude of abundance, and develops the balance of a prudent realist, has the greatest chance of achieving a business and a life filled with opportunity, success, joy and fulfillment.

*** Richard Kranitz (Wisconsin) is an experienced attorney and business consultant in the areas of corporate, securities and tax planning for corporations, partnerships, joint ventures, limited liability companies, multi-unit enterprises, and a variety of different non-profit entities. In addition, he has counseled their owners and executives in compensation planning, estate plans, and asset protection. Attorney profile at: https://solomonlawguild.com/richard-a-kranitz-esq