Archive for December 16th, 2007

Putting off that designer handbag

December 16th, 2007 by financialgal

I was reading Emotional Intelligence, Bantam Dell Publ., 1995, by Daniel Goleman, a groundbreaking book about psychology and business, published a little over a decade ago.  One of the book’s chapters was particularly interesting.  It discussed an experiment involving marshmallows and four year old children.  The experiment was like this:  the children were given the option of having one marshmallow immediately, or waiting 20 minutes for two marshmallows.  Of course some children grabbed one marshmallow right away while other children waited patiently for 20 minutes to score the two marshmallows.  The researchers tracked these children down years later and discovered that the kids who had resisted temptation were superior students in school, more socially outgoing, and better-equipped to deal with life’s frustrations than the kids who wanted the instant gratification of one marshmallow.  Although the children in this experiment were only four years old, the author concluded that this ability to control impulses can be learned.  So, even if you aren’t sure, like me, that you would have waited an interminable 20 minutes for that second marshmallow, have faith that now, in your adulthood as a budding entrepreneur, you see the light.  Delaying gratification and resisting temptation is one of the core tenets of building a business.  As you toil to cultivate your business like a wilting flower that constantly needs more soil, (expensive) plant food, and endless amounts of water, you have to keep the endgoal in mind.  I live in an area where yuppies roam free, monster-sized SUVs abound, and Nordstroms is only a five minute drive away, but I’ve resisted the desire to upgrade my home, car, and wardrobe, to pursue the dream of building a business.  Admittedly, it can be very difficult to resist impulse, as I eyed the new leather furniture and remodeled party room at my friend’s holiday party last night.  But I bring myself out of green-eyed envy mode, and back to the endgoal, building capital and my business.  The second marshmallow, I think, is going to taste pretty good.

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Category: Personal Finance, self improvement | 1 Comment »