Success in every endeavour of life most especially business requires you to ignore doing something easier (delaying gratification) in favour of doing something harder.
Let me tell you a story. It’s about a Nigerian boy, an “Aji-no-moto” pen, his father, and a Primary 4 exam.
But before I get to that, something has been bugging me. Just two weeks ago, we all woke up to the news that a promising West African fintech startup, after successfully raising millions from investors, had suddenly collapsed. The reason? The CEO was reportedly paying himself a whopping $50,000 a month. I cringed when I read it. I’m not here to talk about corporate governance or what the investors missed. My question is, how did this CEO, at the helm of a new business, fail to grasp the simple, yet profound, principle of delayed gratification?
This case, as you might have guessed, is a stark lesson. The CEO’s extravagant lifestyle was likely fueled by the company’s working capital, setting the business on a path to a premature end. And lest we point one finger at him while four point back at us, the lack of discipline to delay gratification is the Achilles’ heel of most entrepreneurs. It’s the reason why so many African businesses that could have become legacies end up failing.
Now, let me tell you my story.
In primary school, I was a bright kid, but easily distracted. My report card for multiple terms was a study in consistency—I bounced between 9th and 10th position in my class. My dad, a man of simple but effective ideas, had tried everything to get me into the top three, but nothing worked.
Then, one day, I saw an “Aji-no-moto” branded pen that he owned. (For you Gen Z readers, ask your parents about it—it was a big deal!) I had always wanted it. When I asked for it again, my dad got an idea. He told me that if I came in the top three in my upcoming exams, the pen was mine.
And you know what? It worked. After the exams, the boy who was used to 9th and 10th place came in third. He got the pen from a very proud and excited dad.
What made the difference? The promise of that pen. I delayed the gratification of being distracted and instead focused on the harder task of studying. That’s it. Success in any endeavor, especially business, requires you to ignore the easy way out in favor of the harder, more rewarding path.
Delayed gratification in entrepreneurship means:
- Living below your means so you can reinvest in your business to help it grow.
- Skipping the fancy clothes and jewelry at the early stages of your business to invest in your skills and training instead.
- Waking up an hour or two earlier to complete that crucial proposal.
- Taking the stairs every day to meet your fitness goals instead of using the elevator.
- Missing that TV show or football match to catch up on work you missed during the week.
I could go on and on, but I’m sure you get the message.
Some people are born with this discipline, while others must learn it. Whichever category you fall into, know this: without the discipline of delayed gratification, success will remain a stranger. If you don’t take my word for it, search for and read up on “The Marshmallow Experiment.”
I rest.
P.S. The boy in the story was me. I’ll see you next week.