Delayed gratification is the process of delaying immediate satisfaction in exchange for a better result in a longer time period. In other words, rejecting immediate pleasure for better satisfaction in the future. This quality is one of the main indicators of success, especially for entrepreneurs. Furthermore, it is closely related to other virtues such as patience, self-control, and self-regulation. Visionary individuals with a long term plan for a greater purpose can easily resist the temptation to pursue immediate pleasure. A body of research has provided the correlation between delayed gratification and academic success, social competence, physical and mental health, and wealth generation.
A famous experiment called Stanford Marshmallow Experiment was conducted to resonate the importance of delayed gratification. In this experiment, children were asked to choose between two scenarios. They could either choose one snack immediately or wait for a longer period of time to receive two snacks. The experimenter then left the room and watched the children's behavior. Most of the kids could not resist the temptation and ate the snacks. There were just a few kids who could wait. Researchers later found that kids who could wait had a few more advantages over other kids in the future. A few of these benefits included better SAT scores and fewer problems in school.