Have you ever heard of the “Marshmallow Experiment?” This famous research experiment from the early 1970s involved children who were offered a deal: The child was given a marshmallow and told that if they didn’t eat the marshmallow while the researcher was away, the child would be rewarded with a second marshmallow. Some children ate the marshmallow right away while others waited for the second one. What’s the significance of this experiment, you may ask?
The researchers tracked down the participants as adults and noticed something interesting. The children who delayed gratification of eating the first marshmallow did better with SAT scores, stress responses, avoided substance abuse, and had better social skills, as reported by their parents. The researchers then followed the participants for 40 years and continually noticed that the ability to delay gratification was one key aspect for their success in life.
This behavior plays out in business as well. The decisions we make today impact what we can do in the future. Delaying gratification with purchases and initiatives could be the difference between success and failure.
Researchers at the University of Rochester duplicated the experiment years later with a twist: They split the children into two groups. One group was exposed to unreliable experiences; hence these children were offered a small box of crayons with the incentive of getting a bigger box later that would never come. The second group was given reliable experiences, and when offered a bigger box of crayons they got one.
Well, you could expect what would happen with the children with unreliable experiences when they ran the Marshmallow Experiment on them: They ate the marshmallow right away because they didn’t trust the researcher. Does that sound like a situation you may have had at your company? Promise something, but you didn’t deliver?
If you can delay gratification and build a discipline for this into running your business, then one of the keys to success is already in your toolbox. No luck is required.
Cheers to your ability to succeed with delayed gratification!
Mike