The Power of Delayed Gratification and Building a Successful Business

The Power of Delayed Gratification and Building a Successful Business

In today's fast-paced world, where instant gratification is the norm, the concept of delayed gratification seems to be a lost art. However, a 40-year study conducted by Stanford University found that individuals who possess the ability to delay gratification are more likely to succeed in various aspects of life. This quality was found to have a significant impact on their academic performance, social skills, response to stress, and overall life measures.

The study involved a simple experiment where children were given the choice to either eat a marshmallow immediately or wait for a short period to receive a second marshmallow. Those who were willing to delay gratification and wait for the second marshmallow showcased remarkable outcomes as they grew older. They achieved higher SAT scores, had lower levels of substance abuse and obesity, and exhibited better social skills, as reported by their parents.

The key to delayed gratification lies in choosing the pain of discipline over the ease of distraction. By training oneself to wait for a reward, individuals develop the ability to resist immediate temptations and focus on long-term goals. This ability is crucial for success in any field, as it requires individuals to prioritize doing what is harder and more challenging rather than opting for what is easier and more convenient.

Interestingly, the study also revealed that delayed gratification is not an inherent trait but is influenced by experiences and the environment. The children who were exposed to a reliable and trustworthy environment, where promises were consistently fulfilled, displayed a greater ability to delay gratification. This highlights the importance of creating a supportive and conducive environment for personal growth and success.

Drawing parallels to the business world, we can see how delayed gratification played a significant role in the success of Atlanta-based startup Calendly. The founder, Babatunde Awotona, created the scheduling product out of personal frustration with the inefficiency of scheduling meetings. He recognized a problem and saw a big opportunity to solve it. By focusing on building a product that addressed this pain point, Calendly has experienced tremendous growth, with 10 million monthly users and projected revenues of $1 billion.

To apply the principles of delayed gratification in our own lives and work towards success, here are three actionable pieces of advice:

• 1. Start small and make it easy: Begin by breaking down your goals into small, manageable tasks. Make your new habits so easy that you can't say no to them. By taking small steps consistently, you build momentum and increase your chances of long-term success.

• 2. Improve by 1%: Aim to make incremental improvements in your chosen field. Instead of striving for perfection or drastic changes, focus on getting 1% better each day. Over time, these small improvements compound and lead to significant progress.

• 3. Maintain consistency: Use the "Seinfeld Strategy" to stay consistent. This strategy involves marking a calendar every day that you successfully complete your chosen task, creating a chain of consecutive days. The goal is to never break the chain, which helps build discipline and maintain momentum.

In conclusion, delayed gratification is a powerful quality that can significantly impact personal and professional success. By developing the ability to prioritize long-term goals over immediate rewards, individuals can overcome distractions and distractions and embrace discipline. As demonstrated by the success of Calendly, identifying a problem and focusing on solving it can lead to remarkable achievements. By incorporating the principles of delayed gratification into our lives and businesses, we can set ourselves up for long-term success and fulfillment.