Today on #TalkingTuesday, we are going to learn a powerful business lesson about scarcity and how your business can thrive if you learn the three powers involved.
The world can only deal with scarcity in three ways and three ways only. This blog is not meant to be an economics course but it is important to understand some basics for the sake of growing and thriving in your own business. I am going to give you an extremely basic and quick lesson on scarcity and here we go. The three ways to deal with scarcity are as follows. The first way is through growing the economy. So to explain this simply, it means having the ability to produce plenty of goods and or services. It’s as simple as it sounds, just keep producing what people want and produce it in abundance. That’s as simplistic as I can get with this first way of dealing with scarcity.
The second way of dealing with scarcity is for people to reduce their wanting of something. This one appears simple enough but it is actually hard for people. It’s hard because we have become a nation and a world of everyone constantly saying, “I want that and I want this”. So, reducing your “wants” is the second way of reducing scarcity. Simply put, the less you want the less is needed and therefore the less the chances are of running out of a product or service and thereby causing scarcity.
The third and final way of dealing with scarcity is to use your existing resources wisely while keeping the old adage in mind of waste not want not. The three most important ways of doing this that I would like to emphasize regarding using existing resources are first be efficient with productivity. For example, do everything in your power to minimize cost. This will allow you to produce more and thereby reduce scarcity. Secondly, be efficient with your allocation of your goods and services. For example, create a good mixture of goods and services. Create more of what people seem to want more of and therefore you will create less of what people seem to bypass and therefore you will be creating less scarcity. Finally, my third pick would be to have full employment. Full employment doesn’t just mean people working it also means using all factories and all farmland and even all the mines. This allows all who are working to use all that is available and therefore waste less.
So why this economics lesson on #TalkingTuesday? The answer is simple. I want you to take this one day per week and go out there and talk to everyone who you can engage in conversation. Find out what they want. Find out what they love and what they hate. Find out where their favorite place is to spend their money. Find out how much they typically spend on their wants. So what do you do with this information? You take this information and you grow your business. You try and create scarcity in your niche. Make people feel they need you and make them feel that they need whatever it is you are selling. More importantly, be different so that they feel that you have what nobody else can give them. You have to separate yourself from the pack and the more questions you ask people the more ammunition you will amass for your own purposes.
A quick example on differentiating yourself would be something like you and a competitor bake cupcakes but unlike your competitor, your cupcakes have hidden surprises inside of them. Now you have differentiated yourself enough so that people come to you because they can’t find anybody else who does the same.
Are you understanding why it’s important to know about scarcity? Make people want you and make them need you. With scarcity you can accomplish this enough so that you propel yourself ahead of your competition.
Another great book to borrow from your library or a friend is called How To Talk So People Will Listen. If you prefer your own copy Amazon has it available at the following link>> https://amzn.to/2W2YhfU
If you choose to shop in Amazon, I would greatly appreciate it if you could use the link I have provided. As an Amazon Affiliate, it is possible I can earn a bonus and therefore continue to provide continued content we all enjoy. Thank you in advance!
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