The time was 7:30 AM. I had arrived early to the coffee shop for a early morning monthly get together with fellow entrepreneurs, small business owners and community leaders. The speaker today was the founder, owner and vice president of a well known establishment here in Western Kentucky…. Okay it was Patti’s Restaurant and Patti’s 1880’s Settlement & Hotel. The speaker gave us a history lesson on the diner and the buildings that are on the premise and have its name. A long history spanning 40 years with its fair share of ups and downs in its history – not to mention a fire that happened 2 years ago that made the restaurant and the community it served to come to a complete stop! The whole speech was a reaffirmation of what I have been saying for a while now. There is NO magic bullet in life – particularly in business.
Go back 3 years ago….
I was in the twilight hours of being 26 and tired of the course I was on. I wanted instant gratification fast by any means necessary. This was also a time where my business as a mentalist had really began to kick off and I was approached by a local DJ who asked me for my formula. I sat down with him for 2 hours over the span of 4 months giving him what I knew. The revelation that there is no magic bullet came to me a few months later on that same year. A few months after our final sit down the DJ hit me up a few more times wanting the secret – I wasn’t doing anything different than what I was doing the last time or the first time. It had dawned on me that this individual had fallen into the trap of just about every business venture that has failed…. Wanting instant success without the work.
The Marshmallow Test is a popular psychological experiment done on young children to test for impulse control and patience. In the experiment the child is presented with a single marshmallow. The psychologist (and sometimes the physician, teacher or school guidance counselor) instructs the child that if he or she waits 2 minutes and not touch the marshmallow – he or she will be rewarded with a second marshmallow. The instructor leaves the room and observes behind a double one way mirror. As promised – if the child holds off on touching the marshmallow they are rewarded with a second. If the child eats the marshmallow – they are not rewarded.
The Marshmallow test has been followed up in many longitudinal studies as the subject matures. The conclusions have been very compelling and consistent. If the child waited and held off on eating the marshmallow until it was time, did remarkably better in life than those children who could not hold back…. Keeping in mind the impulsivity of young children the experiment is normally done on 1st graders up through 3rd grade.
Another prime example of the rewards of patience being earned is in the stock market. This is where a LOT of day traders lose money, timing the market. With every dip – the market has rebound. No better example of how time and patience is rewarded exists other than the stock market. Sure individual companies may fall but the indexes throughout the recorded history of the NYSE has shown a steady rise over time.
Yea you can spend thousands of dollars on FB and Instagram to gain followers and customers BUT is that sustainable? What if FB and Instagram crash? Longevity should be the goal of all businesses. Yea your competitor maybe bringing home more dough but what are they going to do when there is a rough economy? Chances are they arent going to lower their price.
Building business is like building equity in the stock market or in your home. It happens with time and persistent action. No magic bullet is going to take care of your problems. No money is going to either (money will just create another different type of problem). Enjoy the process!
That will be it for this time. If you enjoy this please leave a comment below, share with your friends and if you would like me to cover something please mention it. I dont claim to have all the answers but I will do my best. Keep grinding and making things happen!