Would you pass the Marshmallow Test? In this test, first conducted by psychologist Walter Mischel in Stanford University in 1972, kids were left alone in a room with a marshmallow on the table. Those who could hold out for 15 minutes without eating the marshmallow were promised a second one as a reward. This tested the concept of delayed gratification. It turns out that those who could succeed in this test as a kid, were also most likely to succeed as adults later in life. (Read the book Don’t Eat The Marshmallow Yet!: The Secret to Sweet Success in Work and Life (affiliate link) or watch this video to learn more about the test and its results).
This concept plays out in many aspects of life. In school we are encouraged to study hard at home, while our friends are out partying or playing video games, in order to get good grades that will lead to better career options in the future. Doctors encourage us to watch what we eat and exercise now, in order to lead healthier lives in the future.
How does this apply to business? The decisions you make today will affect the future of your business years from now. Life will tempt you with “treats” at all stages in order to knock you off your end game. The people who succeed are the ones who can stay focused, put things in perspective, and maintain a long term focus.
All the revenue I earn from my businesses today, are a result of the actions and decisions I made years ago. If I hadn’t taken all the small steps along the way back then, people wouldn’t be purchasing my products today. Thanks to that work, I’m now reaping the rewards over and over again today.
Take the time now to find ways to keep improving your business. That time you spend now will pay off handsomely years from now. You can thank me then.