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The Entrepreneur’s Marshmallow
The Marshmallow Test, which was done back in the early 1960s by Walter Mischel with 400 four-year olds at Stanford University.
Children were put in a room by themselves with a two-way mirror and filmed. On the table in the room was a marshmallow. The researcher then told each child that, “I’ve got to leave for about 10 minutes. You can eat this marshmallow now if you want. Or if you wait till I get back, you can have two marshmallows when I get back.”
The researchers continued to track these children throughout their school careers and into early adult life. The results were dramatic.
Those who had deferred eating the marshmallow for 15-20 minutes in order to get the bigger prize just a few minutes later were more socially competent, personally effective, self-assertive and better able to cope with the frustrations of life.
As entrepreneurs, the decision to defer eating the marshmallow is a challenge we continually face. Let’s face it; thinking long-term is often an oversight when getting past the next month is the major focus.
Having been a venture capitalist and an entrepreneur over the last twenty years, one observation that is evident today is the environment for entrepreneurs is more favorable than ever.
Think of all the elements of today’s market that didn’t exist ten years ago – cheap computing, low-cost storage, open source software, inexpensive bandwidth, immediate access to customers through the Internet, advertising, etc.
For the first time in history, it is possible for a couple of entrepreneurs to build a services business on the web, launch it, and get profitable in a short period.
Read more here.
Photo by Dvortygirl.
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Carl Zetterlund on August 31st, 2007 1:04 pm
I keep seeing that marshmallow test. Maybe its an entrepreneurs way of validation.
I do agree with you that there hasn’t been a better time to be an entrepreneurs. There is so much opportunity. If you aren’t rich, you just have to give up some emotional pleasures.
It’s refreshing to read like minded people.
KingJacob on August 31st, 2007 10:31 pm
@Carl: You dont have to give up emotional pleasure, you just have to redefine it.
FacingTheSharks on September 1st, 2007 2:01 pm
I must have a whole lot of marshmellows coming to me then, because I was offered bribes and could have been a very rich woman…but I waited.
I wanted my business to have integrity and I rejected the offers. Four years later, I have lost everythig waiting and fighting back. Still fighting.
Still waiting for my marshmellows, and I will continue waiting.
Great post. Though I lost my business because I waited for an offer that didn’t involve corruption (Federal contracting) I don’t regret waiting.
LA head shot photography on September 1st, 2007 4:17 pm
reminds me of what my father taught in business schools, think ahead!
Maria Porter on September 1st, 2007 10:04 pm
Great post.
Planning, goal setting and knowing what you want to achieve in the long term and sacrificing short term pleasure is what I read from the marshmallow rlue.
“Facing the sharks”, your time will come. Behind every successful man (and woman) are a string of failures.
So long as you learn from your failures, they were worth it.
Cheers
Maria
Maggie Dokic on September 2nd, 2007 6:27 am
This was the first time I heard of the marshmallow test. Very interesting. Forsaking the short-term pleasure for the long-term gain makes sense. What I find intriguing is the fact that at 4 years of age these tendencies were already in place.
Terry Didcott on September 3rd, 2007 7:37 am
I wonder what must have been going through the minds of the children who opted to take the marshmallow “now”. Perhaps, “I can have one now and maybe the guy will give me another one anyway when he comes back”?
Did these kids grow up to be today’s scroungers in life? Standing in the welfare queue with their hands out expecting something for nothing? Believing the world owes them a living?
I wonder.
Terry
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