"The Man, The Mission, The Passion" Husband, Father, Attorney, CPA, Steward Leader, Entrepreneur, MBA, Author, Builder, HBS OPM 25 Class, Mentor, Teacher

Mentor’s Reply to Young Entrepreneur’s Questions (Part XVI)

keep-calm-and-dont-eat-the-marshmallow

Thanks for responding to my email Mr. Collier!
Your answers sincerely help me become a better business man, real estate investor and I also believe a better man.
I have some follow up questions to obtain some additional insight and understanding.

When I read your incredible, insightful answers and you refer to yourself, in any regard for an example you recently said “gunslinger”. You seem to be really self-aware. Where did that strong self-awareness come from?

Self-awareness is simple! Just took me 30 years of journaling, setting goals, writing mission statements, a bit of therapy, 12 years of YPO Forum, one soul-searingly painful divorce, a great wife not the least bit shy about giving it to me straight, a LOT of personal growth books and I’m still just scratching the surface!

Did you enjoy chess? Do you still play?

I used to play a lot of chess with my dad; it was a great structure for us to spend time together and I still play a bit with my son however these days I spend my time making decisions and doing things that require critical thinking skills, much less “doing” than in my earlier days so I can’t say that when I get home playing a game that requires those very same skills is my idea of relaxing.

What do you mean when you say “loss leader”?

Loss Leader is a service or good that you deliberately sell or price at direct cost (eating your overhead and fixed costs) or even a loss to get customers in the front door. Many retail stores do so on Black Friday after Thanksgiving (55 inch TV’s! Only $399! One per Customer!).  At a high level, many banks have “wealth management services” that they offer initial no cost high level consultations in order to entice High ($10M or more of investable assets) or Ultra High ($30M+) net worth individuals to do business with them.

What do you mean when you say “let the other guy eat the marshmallow”?

Google “Don’t Eat the Marshmallow”! Among other things (books, articles) you will find hilarious videos of kids trying to resist temptation! Basically, it means “Don’t give up what you want most for what you want now!” Or put another way, do you have the ability to Delay Gratification” for sufficient future reward? Most don’t! Most whenever they get an extra buck or pay raise instantly spend it, always allowing their standard of living (borrowing?) to rise to or above their income with nary a dime saved for a rainy day. The marshmallow test is to leave a 4 or 5 year old kid in a room alone with a marshmallow for 5 minutes after telling them that they can have TWO marshmallows if they can resist the temptation to eat the one in front of them for 5 minutes. Some can, some can’t. Studies show that the kids who have the ability to delay gratification go on to do much better in life.

As always, I share what I most want/need to learn. – Nathan S. Collier

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A BLOG ON PERSONAL LEADERSHIP BY THE FOUNDER OF THE COLLIER COMPANIES
LARGEST PRIVATE PROVIDER OF STUDENT HOUSING