Daily Archives: July 14, 2016

The Sharing Economy, Millennials And The Abundance Mindset

Uber, Air Bnb have transformed their respective industries by bringing in new values and mindset. They have promoted values or concepts related to living in community, sharing, “win win” solutions and this has worked wonderfully well in an era where Millennials are now able to dictate the market.

Creating a “win win” solution and sharing what you have with others are part of the Abundance mindset. People adopting this mindset are more open to working in teams, supporting each other and having a longer term vision. They are willing to try out new concepts and create a whole new dimension of experiences. Someone with an abundance mindset considers any challenge as an opportunity worth taking and any failure as valuable lessons for the future.

Millennials have similar values and mindset. They were born in the globalisation era and have lived in places where it is “normal” to listen to a number of different languages being spoken. They value their freedom to go and do as they please without having to worry about “what others will say or think”. For them, their identity is not attached to owning branded products or being seen as living a certain lifestyle. Their identity is more related to what they believe in: fairness, tolerance, flexibility. They would be willing to make a purchase if that purchase supports the cause they believe in.

Making a “quick” profit or buying into a “glamorous” lifestyle is not what they would be supporting. This is similar to having an abundance mindset. Being you and not wanting to compare yourself with others, being appreciative of others and valuing relationships are amongst the various traits of someone having an abundance mindset.

It is difficult to fake an abundance mindset when you don’t believe in it. Your actions will not reflect your speech and thoughts. For businesses to tap into this growing generation of millennials, they would probably need to do more than understanding the psychology behind it. They would need to embrace it fully!!! With social media being their main means of communication, a number of Millennials are all about being in the open and sharing their views about everything to everyone. So faking it would only hurt the long term sustainability of your business.

How do you know whether you have an abundance mindset and how do you know whether your business is geared to tap into this growing generation of potential clients, employees and business associates?  Here are two tests that help find out for yourself. Abundance Mindset and Are You A Millenial?