The ability for delayed or deferred gratification is the ability to control impulses and postpone the fulfilment of a desire – the opposite of instant gratification. This short talk by Joachim de Posada revisits the famous “Stanford Marshmallow Experiment” (originally done by Walter Michel, launched in the late 1960s and published in 1972). While Michel found a positive correlation between pre-school age children’s ability to delay gratification with their later educational achievements. De Posada takes this further and generalises that the ability to defer gratification is crucial for any kind of success, and is especially key for entrepreneurial success.
Can you not drink your coffee for 6 minutes while watching this video?
Later article by Michel, Walter, Yuichi Shoda and Monica L. Rodriguez (1989) Delay of gratification in children, Science, New Series, Vol. 244 No. 4907 (May 26, 1989), 933-938: http://pages.uoregon.edu/harbaugh/Readings/Time/Mischel%201989%20Science,%20Delay%20of%20Gratification.pdf