If You Showed This Trait in Childhood, Research Says You Have What it Takes to be a Successful Entrepreneur They say leaders are made, not born — is that true?
By John Rampton Edited by Mark Klekas
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Whether you are an entrepreneur or aspiring to be one, there is one trait I've noticed over the years that can help determine your likelihood of success in starting a business. I meet with hundreds of business leaders every year, and there is always the same signs that show me someone is going to do well for themselves.
You probably juggle many tasks: business meetings, deadlines, friends and family obligations — and endless decisions. But did you know that one of the most essential qualities you possess might have developed early on in your life?
Related: These 3 Quotes From Jeff Bezos Will Change How You Run Your Business
I'm talking about self-control. After all, managing stress, staying calm, and making level-headed decisions under pressure is more than just a life skill; it also indicates entrepreneurial success. So, let's take a closer look at self-control and how to strengthen it.
The hidden power of self-control in entrepreneurship
Think back to your childhood. Were you able to stay calm during stressful situations? Did you patiently wait for your turn on a ride? By doing so, you unknowingly built the foundation for entrepreneurial resilience and focus.
To be a leader or an entrepreneur, self-control is a key trait honed early in life. Taking strategic decisions, navigating uncertainty, and handling stress are all characteristics that play an essential role in managing business demands, according to research led by Julian Barling at Queen's University.
Running a business isn't just about having a great idea; it's about maintaining the energy to keep going when times are tough. As a result, it requires:
- Emotional regulation,
- Ability to delay gratification
- Discipline to stay focused on long-term goals
Related: 10 Powerful Ways to Master Self-Discipline & Lead a Happier Life
The Marshmallow Experiment: An iconic study in self-control
You might have heard of Walter Mischel's famous "marshmallow experiment." During this study, children could eat one marshmallow immediately or wait to receive two marshmallows later. It was found that the kids who waited for their marshmallows had a greater sense of self-control and were more successful in life years later.
This experiment initially seemed to confirm that self-control is a fixed trait. However, a 2018 follow-up study by Tyler Watts, Greg Duncan, and Hoanan Quan uncovered deeper insights. In addition to a child's personality, their environment, particularly their socioeconomic background, also influences their self-control.
Children from lower-income families are believed to delay their gratification less often. This was not due to a lack of self-control. Instead, they took advantage of what was available to them due to their life experiences.
Self-control and business: strengthening the "muscle"
It takes discipline and focus to start a business. Every stage of entrepreneurship requires self-control. The good news? It's not too late to improve in this area. According to research, self-control — like a muscle — becomes stronger the more you use it.
According to Roy F. Baumeister, author of "Willpower: Rediscovering the Greatest Human Strength," self-control can be developed over time with consistent practice. It is possible to develop self-control through small challenges, such as sticking to a routine or managing your finances carefully.
Related: Have Great Ideas? Here's Why the Best Thing You Can Do Is Give Them Away.
Better self-control starts with fueling your brain
Self-control has a physical component in addition to mindset. According to Baumeister's research, exercising self-control depletes glucose, the brain's fuel. In other words, the more you rely on self-control, the more likely you need regular, healthy meals to maintain your brain's function. By skipping lunch or eating poorly, for example, you will be less focused and disciplined.
Building the three pillars of self-regulation
An entrepreneur's ability to lead a successful business is closely tied to three key components:
- Emotional regulation. When you manage emotions, especially under stress, you can make thoughtful decisions and stay composed.
- Cognitive control. To successfully navigate complex business decisions, you must stay focused, think critically, and solve problems efficiently.
- Behavioral control. In psychology, this refers to one's ability to control or influence their actions. Using techniques like conditioning and therapy can assist in guiding behavior. Parents often employ behavioral control by setting rules and monitoring their children's activities. Child development outcomes can be improved with this approach, such as reducing risky behaviors among children.
Developing these skills takes time, but mindfulness, goal-setting and strategic planning can all help you develop the skills within yourself. As you practice these skills, you will be able to handle entrepreneurship's ups and downs more effectively.
To preserve self-control, simplify your life
Here's a tip from some of the world's best entrepreneurs: simplify your life to conserve self-control. Why? It takes the same mental energy to control oneself and make decisions. Whether choosing what to wear or eating, the more decisions you make, the less energy you have for business.
For example, you can save mental energy for more important decisions by streamlining your daily routine, as Steve Jobs did with his wardrobe.
Related: 15 of the Best Time Management and Productivity Books of All Time
As an entrepreneur, self-control is a valuable trait. Whether you learned self-control as a child or developed it later in life, self-control gives you the focus, resilience and confidence to navigate business challenges.
