Latest news with #scarcitymindset
Forbes
10-07-2025
- Business
- Forbes
How To Overcome A Scarcity Mindset And Thrive In The Luxury Industry
The scarcity mindset limits professional development, especially in the luxury world In a world defined by rarity and aspiration, the luxury industry should be the last place where scarcity reigns. Yet, a silent saboteur runs through the careers of many professionals in this space: the scarcity mindset. Coined by Stephen Covey in his 1989 bestseller The 7 Habits of Highly Effective People, the term refers to a worldview that sees success as a finite pie — if someone else gets a slice, there's less for you. The opposite view is an abundance mindset, Covey wrote. In luxury, where access is a tightly guarded commodity, this belief can distort everything from how professionals price their services to how they perceive their worth. 'It's like wearing blinders,' says Karina Vazhitova, a luxury career advisor. 'I've seen incredibly talented professionals shrink themselves because they think there's not enough; not enough jobs, visibility, or support.' And it's not just about opportunities. Scarcity thinking seeps into everyday business practices. Helena Blanchet, a high jewelry and luxury expert, client experience trainer and coach, sees it regularly on the shop floor: 'Some advisors assume, 'They won't buy this; it's too expensive,' because they're projecting their own budget onto the client. They've forgotten how to step into someone else's world.' Karina Vazhitova is a luxury career advisor Where Scarcity Mindset Begins This way of thinking is often inherited long before anyone steps foot in a luxury boutique. 'Our money mindset is wired into us early,' explains Debbie Sassen, a business and money coach for six-figure women entrepreneurs. 'If your parents said, 'We can't afford that,' or made negative comments about wealthy people, those messages become internal truths,' she notes. Sassen adds that pop culture doesn't help: 'We see wealthy characters portrayed as greedy or shallow, not as philanthropists building hospitals or funding education. Subconsciously, we learn that being rich is wrong, or at least suspect.' That conditioning sticks. And in the luxury industry, which is, by nature, small, hyper-networked, and often opaque, it can harden into a dangerous belief: that there's only one right path, and deviation equals failure. 'Many of my clients feel that if they didn't go to the right school, land the right internship, or work at a marquee brand by 30, they've missed the boat,' says Vazhitova. 'But that's just not true.' Helena Blanchet is a high jewelry and luxury expert, client experience trainer and coach Inside The Scarcity Mindset At Work The scarcity mindset doesn't just manifest in how people perceive themselves; it also influences how they present themselves to others. Blanchet points to the moment when a client hesitates over price. 'If the salesperson is focused on the tag, they make it transactional. But if they focus on craftsmanship, storytelling, and curiosity about the client, the energy shifts completely. Now we're talking about a piece of art, not just a price,' she says. Sassen agrees. 'When professionals say, 'Nobody will pay me that,' they're not just doubting the market, they're doubting themselves. They've internalized the idea that success is possible, but not for them.' That thinking creates a comparison trap, especially in image-conscious industries. 'I had a client who worked in luxury beauty,' recalls Vazhitova. 'She had decades of experience, but constantly compared herself to creatives. She felt she'd never be seen as visionary.' By shifting her focus to her actual strengths, including consistency, empathy, and customer insight, she gradually became a trusted strategic voice in her company. A year later, she was promoted to a global role. Vazhitova explains that the key to this individual's success was to let go of who she thought she had to be and own who she already was. From Scarcity To Strategy How can luxury professionals begin to unlearn scarcity and replace it with something more expansive? 'Awareness is step one,' says Sassen. 'Catch yourself in the thought: 'That's not for me.' Then challenge it. Ask, 'What if it is for me?'' She also recommends a bold but simple practice: spend time with people who have more. 'Befriend people earning more than you. You'll see they're normal, honest, and kind. That proximity shifts your belief about what's possible.' Blanchet suggests bypassing price altogether in the sales conversation. 'Focus on the piece: the design, the story, the emotion. That's what draws clients in.' She often trains advisors to surprise clients with one exceptional item, regardless of budget. 'Say, 'You're a connoisseur, let's see what you think.' It invites a dialogue about beauty, not money.' Curiosity is another antidote to scarcity. 'Know your clients,' Blanchet adds. 'What do they love? How do they live? Build trust around their world, not just the items.' Debbie Sassen is a business and money coach for six-figure women entrepreneurs Steps Toward Abundance Scarcity thinking can be stubborn, but daily rituals help loosen its grip. Sassen advises her clients to build a simple affirmation habit: 'Every day, remind yourself: 'It's possible someone will say yes. It's possible I belong here.'' Vazhitova encourages her clients to lead with generosity. 'The most magnetic professionals I know aren't the ones who chase the spotlight. They're the ones who make others feel seen. That quiet confidence is what opens doors.' Blanchet agrees. 'The luxury client responds to emotional intelligence. If you believe in what you're offering and see the person in front of you, the sale becomes a relationship, not a transaction.'
Daily Mail
29-05-2025
- Business
- Daily Mail
Meghan Markle reveals 'guilt mentality' about being rich and fear about 'never having enough' money
Meghan Markle has claimed she was taught to feel guilty about being rich as she discussed fears about 'never having enough' money. The Duchess of Sussex made the admission speaking to the billionaire founder of the Spanx fashion brand, Sara Blakely. Speaking on the final episode of Meghan's Confessions of a Female Founder podcast, Ms Blakely spoke of the joy of female entrepreneurs 'obtaining a lot of financial freedom and money for themselves'. Meghan admitted she would 'love to adopt' her mindset but claimed that women often felt discouraged from building their own fortunes. 'So many women, especially, we're taught to not even talk about money and there's lots of guilt mentality surrounding having a lot', Meghan said. 'And at the same time there's a scarcity mindset that it's easy to attach to, of like "I'll never have enough".' Talking about her own businesses, which include her As Ever brand, she said: 'When you only have yourself to answer to I think it's twofold. It can be incredibly liberating or it can be incredibly lonely.' She added: 'There's a misconception that you need to go to Harvard Business School and have a lot of money and get all the best people behind you [to be successful in business]... So you talk yourself out of it'. The Duchess of Sussex, 43, was speaking about her business and balancing work with motherhood as the first series of her podcast, published by Lemonada Media, comes to a close The Duchess of Sussex, 43, was speaking about her business and balancing work with motherhood as the first series of her podcast, published by Lemonada Media, ended. After her As Ever jam, flower sprinkles, tea and other products sold out, Meghan said she wants to 'step back, gather data from the launch, and figure out exactly what As Ever could be.' Meghan said for now she is planning to launch a new range of merchandise in early 2026 - and may widen her brand into clothing. 'The category of fashion is something I will explore at a later date, because I do think that's an interesting space for me,' she said. Her online store sold out in 45 minutes and contained homely items as well as her long-awaited pots of jam. In the interview, the Duchess also revealed she wouldn't know 'what to call herself' if she had to write a CV. She said: 'If I had to write a résumé, I don't know what I would call myself. 'I think it speaks to this chapter many of us find ourselves in, where none of us are one note. But I believe all the notes I am playing are part of the same song.' Meghan added that the 'mom moments' push her to success in the business world, with plans in the future ranging from home goods to fashion. Revealing her son Archie has begun to lose his teeth, she described becoming the tooth fairy and leaving coins and a little dinosaur underneath his pillow. She said: 'I had a lot of business meetings the next morning, but I still chose to cuddle with him the rest of the night. Those mom moments energize me to be a better founder, a better employer, a better boss.' She revealed she may not restock the previous As Ever goods she sold and instead come up with new products such as fashion Speaking to the Duchess of Sussex on the podcast, the pair shared stories of wearing shoes that pinch and 'cripple' wearers, with Meghan describing how she particularly struggled during her pregnancies. 'I gained 65 pounds with both pregnancies,' the Duchess revealed, continuing: 'And you're in these five-inch pointy-toed stilettos. 'You have the most enormous bump, and your tiny little ankles are bracing themselves in these high heels, but all of my weight was in the front, so you're just going how on earth am I not just tipping, you know faceplanting. 'I was clinging very closely to my husband, I was like please don't let me fall.' During the conversation with Ms Blakely, Meghan also revealed that Archie, six, and Lilibet, three, who have been mainly kept out of the public eye at their home in Montecito, California, are doing well. She promised to send Sara family pictures, adding: 'They are so grown.' The pair also discussed starting businesses in a male dominated world, with Ms Blakely stating: 'There were very few women that I could go to, I really didn't have any. 'I didn't really even have other female founders that were in my network that I could bounce my approach to business.' Describing her time in boardrooms surrounded by men, she jokingly added: 'I'm like Jane Goodall but instead of observing chimpanzees in their natural habitat I get to observe men in their natural habitat. They totally forget I'm there.'
