Latest news with #businessmindset
Forbes
02-07-2025
- Business
- Forbes
How Instant Gratification Hinders Success (And What To Do Instead)
Cody Bjugan is a top American land development educator, visionary entrepreneur and founder of Allied Development & VestRight. This might be difficult to hear, but if you're addicted to quick wins in business, you could sabotage your future. Instant gratification culture has created an illusion that success happens overnight, fueled by dopamine-driven apps and rare, outrageous success stories. Not only do these set unrealistic expectations of the road to success, but they also go against everything the principles of the wealthiest, wisest people I know have taught me. You probably won't be surprised to learn that a study published in Frontiers in Psychology found that a person's ability to delay instant gratification was among the top predictors of higher income. A mindset fixed on long-term success is a recurring theme among the most successful people in my circle: they prioritize discipline, consistency and patience. I believe that's because business success, wealth and legacy aren't birthed from impulsivity. The Science Behind Instant Gratification Instant gratification is the desire for immediate reward, even at the expense of long-term gain. Our brains are wired for it. Dopamine is released in anticipation of rewards, which helps explain why we crave the next scroll, snack or splurge. While these impulses offer immediate pleasure, they can also distract us from more meaningful long-term wins. Psychologists refer to this as 'present bias.' It's when we overvalue the now and undervalue the future when making decisions. The Stanford Marshmallow Experiment famously demonstrated this. Children who delayed gratification were more likely to have positive life outcomes, although the study has faced criticism. Similarly, a 2012 report demonstrated the effects of damage to various areas of the brain on one's tendency toward planning versus impulsivity. Learning to delay gratification in business isn't easy, but the rewards are often greater and far more fulfilling. Playing The Long Game Do you know what the most successful entrepreneurs I've worked with have in common? They're not in it for a quick hit of success. They're playing the long game—three, five, even 10 years out. After decades of working with some of the most successful people in real estate and business, I've seen it repeatedly: Their sights are set way beyond the short term. These people are not chasing dopamine. They're chasing outcomes that take time, patience and discipline. Their decisions aren't reactive but are principle-based, aligned with a bigger vision rather than instant reward. Many young entrepreneurs miss that when starting out. The most successful people I know will sacrifice a small win today for a bigger one later. In my experience, there's no such thing as 'quick cash' in real wealth. Successful people also understand the cost of distraction. Instant gratification is expensive. It costs us in time, energy and missed opportunities. The time you spend chasing short-term wins is time you're not investing in your long-term growth. I like to think that the people who win in the end are the ones who can delay the win. The Compounding Power Of Consistency Here's the key, and it's one of my personal mantras: 'Consistency compounds.' There's no other time-proven method I've found that's more essential to finding success in your business than consistency. The best part about consistency is that it compounds, growing more substantial every time you invest into it. Think about the saying that compound interest is the eighth wonder of the world, but apply it to compounding consistency instead. No matter what I'm working on, action will outperform hype every time, no matter how big or small. If you invested $500 per month with an 8% return, it would grow to about $750,000 in 30 years. But if you waited 10 years to start investing, the total at the end of 30 years would be cut by more than half. Instead of dollars, we're talking about time, skill, credibility and relationships, all essential ingredients to a hyper-successful business. Success doesn't explode. Success stacks. How To Train Yourself To Delay Gratification The point's been proven, but it is easier said than done. Learning to delay gratification can be trained. A 2011 article (registration required) in the Journal of Consumer Research stated that "the less consumers are closely connected psychologically to their future selves, the less willing they will be to forgo immediate benefits in order to ensure larger deferred benefits to be received by that future self." This likely means that people who focus on long-term identity (e.g., 'I'm a future millionaire') would be more likely to make disciplined financial decisions than those who focus on short-term identity. Here's my advice to you: • Play it forward. Stop thinking so much about the moment: the next few weeks or months. Start looking at things from a year's perspective, whether that's one, two or more. • Create friction. Set parameters to make impulsive decisions harder, like establishing a policy of not acting on day one. When you start to feel the heat, remember that pressure makes diamonds. • Track progress. Whether you're dealing with money, habits or outreach, you need data to help you know if you're on the right track. Tracking will help build momentum. • Surround yourself with long-term thinkers. Community shapes your pace. Build a network of those just as committed to playing the long game as you are. • Celebrate progress, not just payoff. Without the process, there is no payoff. Both are equally important and exciting. In my experience, the dream doesn't die from a lack of hustle but from a lack of patience. Instant gratification may feel good, but it's likely stunting your progress by keeping you in one place. Income, impact and freedom come from valuing the time it takes to grow such high achievements. Good things come to those who wait and work hard, focusing on the long term, consistency and embracing patience. Legacy doesn't live in your next dopamine hit—it lives in what you build over time. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Yahoo
27-06-2025
- Business
- Yahoo
'You're the One Holding the Bag': Codie Sanchez on the Mindset That Keeps People Broke
Small business guru Codie Sanchez regularly offers advice for people who want to acquire partial or full stakes in local businesses. She also dives deep into the mindset you need to win at business, but in a recent TikTok, she explored the one mindset that holds most people back. If you have this mindset Sanchez warns about, you can end up losing a lot of great deals and opportunities. Sanchez offered a blunt analysis for people who have this particular mindset about money and opportunities. "You're the one holding the bag," Sanchez stated. Don't Miss: GoSun's breakthrough rooftop EV charger already has 2,000+ units reserved — become an investor in this $41.3M clean energy brand today. Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. She's talking about thinking that the world runs on a lose-win playing field. This mentality can result in missed opportunities, but if you have a win-win approach to business, you might grow faster than your competitors. Here's why that's the case. A lose-win money mindset can cause you to view every potential partner as an adversary. Having this mentality may cause business owners to make short-term gains that eventually result in burned bridges and limited future upside. It's also possible that some business owners reduce their goals in this type of environment. They may feel that setting big revenue goals requires that someone lose on the other end. For instance, a business owner who believes in a lose-win money mindset may be reluctant to charge what they are worth and underprice themselves in the process. You can be left holding the bag if you let people take advantage of your low prices, and a lose-win money mindset can steer you away from collaborations. These outcomes can hurt your motivation and result in your business and career slowing down. Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100. Sanchez goes on to explain that a win-win mentality can create more opportunities. You don't have to put yourself at a disadvantage to give your customers and business partners more advantage. Increasing your value is a win-win that allows you to earn more money while giving customers and business partners a better experience. Sanchez recommends determining the pain points that your customers and business partners have. Some people will happily pay top dollar to resolve those pain points, and you can be the person who provides the solution. If you solve big problems, more customers and business partners will come to you. Business owners do not have to solve every problem, but they can solve big problems within their zone of genius. Sanchez wraps up the TikTok video by encouraging people to discover their skills. You can write a list of everything you know well and then assess how you can make money from those skills. For instance, Sanchez mentions that she is good at marketing. After identifying that skill, Sanchez ponders how she can figure out how much that skill is worth and how to start offering it as a service. You can offer your skill as a product or service to customers or provide a service to a business owner in exchange for some equity. Sanchez enjoys the equity model because it allows you to receive a percentage of profits. Marketing is a valuable skill for people in Sanchez's industry because you need effective marketing to get a small business in front of more customers. If you master that skill, you can more easily scale a business and repeat the process with business acquisitions. See Next: $100k in assets? Maximize your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $100. Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'You're the One Holding the Bag': Codie Sanchez on the Mindset That Keeps People Broke originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News.com.au
22-05-2025
- Business
- News.com.au
Navigating the Challenging First 5 Years as an Advisor
Kaden Bernstein, a Morgan Stanley financial advisor, says that new advisors need a "thick skin,' should adopt the mindset of a business owner, and be proactive about communicating with clients.
