Seth Godin’s Tips for an Entrepreneur and How Important is Putting off Satisfaction

Interesting points described in the Startup School Podcast which I decided to transcribe for you …

There was a study 30 years ago conducted by a group of researchers. For the experiment, they took several 3 year olds, (which they couldn’t  probably  do today. They put them in a room with marshmallows. They told the kids, “Here’s a marshmallow, if it’s still here when we come back in 5 minutes we’ll give you two more marshmallows. But if it’s not here because you already ate it, you won’t get any more marshmallows”. Five minutes is a really long time when you are a three-year-old in a room by yourself with a marshmallow. After 30 years since this simple study, what they found out is this: 15 to 20 percent of the kids don’t eat the marshmallow. There is a video of this and you’ll see how the kids behaved inside. One kid is seen eating stuff out  from the inside of the marshmallow and heals it back together. I don’t want that type of kid to be my accountant that type who sniffs around. The kids who didn’t eat the marshmallows have better marriages, did better on their SAT’s, went to more famous colleges, get paid more money, statistically significant.

Now, one lesson that they would like you to learn from this is that putting off satisfaction for 5 minutes is a trait that pays off in the long run. But that’s not why I told you this story. I told you this story because I want you to remember that there are always marshmallows rewards. You can always take the marshmallows without having to eat them. If you go outside after the study you don’t get any marshmallows at all, right? Take the marshmallow, don’t hold yourself back. Don’t say, “Well I’m not qualified for a marshmallow”, or “I probably won’t get any marshmallows”, or “It is someone else’s turn to get the marshmallows”. Just take the marshmallow. This revolution isn’t gonna last very long and you are in the right place at the right time once and for all.

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