What makes home businesses successful at what they are? How do they become successful? What are your “secrets”? There are many variables that contribute to the success of home businesses. Obviously (or perhaps not so obviously for some), you, as the business owner, hold the key to its success.
What if you discover what has already been shown to make you successful?
In 1970, sociologist Dr. Edward Banfield of Harvard University wrote a book entitled “The Sinister City.” This book details one of the most important discoveries (if not “the most”) about what determines the success (or not) of a person.
The goal of Dr. Banfield’s study was to find out how and why some people became financially independent over the course of their working lives.
It is interesting to note that the doctor began the study convinced that the “answer” would be found in factors such as family history, education, intelligence, influential contacts, or some other specific factor. His goal was to demonstrate what he actually already believed.
The results surprised everyone, including himself … the main reason for success in life was a particular mental attitude.
In fact, Banfield named this attitude – “long-term perspective” – and defined it by explaining that those who were benefiting from the greatest success in life and also those who were most likely to continue rising financially were the men and women who took the plunge. initiative. future in consideration with every decision they made in the present.
He found that the longer a person took into consideration (the more they could look to the future), the more likely they were to be successful in their career.
Before we go on to reveal more of what Banfield discovered, let’s bring this back to the context of successful home-based businesses.
Have you started your business with the promise of quick profits and rewards? Or did you come in with the mindset that you would do whatever it took, no matter how long? If you are wondering “What is really needed?” You will find it in a future article. Consider your answer and read on. . .
Banfield used “the family doctor” as an example. Family physicians are highly regarded in the United States because they spend many years of hard work and education before they can practice their profession. After university courses, internships, residency and practical training, a doctor may be more than 30 years old before he can earn a decent living. But then these people are considered among the most respected and successful professionals in the US Why? They have long-term prospects, an essential key to success.
Returning to the context of our “successful home businesses”. Banfield explains that you can assess how important something is today by measuring its possible future impact on your life and then making the right sacrifices.
If you decide to spend time with your wife and kids when you get home from a hard day at work, instead of having a drink or watching TV, you probably have a long-term perspective. You realize that investing time in the health and happiness of your children and your spouse is a very valuable and high priority use of time.
If you are studying harder at night to improve your skills and make yourself more valuable, you are acting with a long-term perspective. Learning something practical and useful can have a long-term effect on your personal and professional growth.
Setting priorities almost always means sacrificing present enjoyment for future enjoyment. It means trading short-term pleasure for much larger and more substantial rewards in the future.
Economists say that the “inability to delay gratification” is the main cause of financial and personal failure in life, while the discipline to do what you know is right and important in the long term (although it is usually more difficult in the short term). term) is the high road to success in all aspects of life.
Food for thought.
In today’s fast-paced world we live in, you can easily find yourself drawn to quick and short-lived solutions for your personal and professional life. My next article will explain how to tune in to the “long-term perspective attitude.”
Until then, remember that the long-term perspective has been shown to be the most accurate individual predictor of success. Take a look at what you are doing with your time. Can you make better decisions about how you are using this precious resource? As you go about your daily activities “now”, think about how they fit (or don’t) into your long-term goals for your personal life and successful home businesses.