Great Lessons From The Apprentice 6

My wife and I watched the Episode 3 of The Apprentice Season 6. There were great lessons that we learned. This episode taught some vital lessons about quitting, product development, marketing and etc.

Donald Trump divided the Arrow team into two groups: one team led by Aaron and another led by Michelle. Each team created a themed tour for Starline, a company that gives tours of Hollywood on double-decker buses. The team that got the best after-tour rating from customers would win. Aaron's team delivered a much better tour and achieved an 82% approval rating from their tour-takers. Michelle's team got an approval rating of only 58% and suffered a bruising loss.

Situation

James suggested having the Laker Girls sign up tourists for his team's tour. He hit on a strategy that gave his team an early lead.

Lesson

Be inspired and inspiring. When you have a compelling idea that your gut tells you is right, have the courage to sell it.

Situation

James boarded a Starline tour bus and asked tourists what they liked, and didn't like, about the tour they were taking, he engaged in some brilliant, grass-roots market research and learned how to win. Because Michelle and her team never talked to a single customer, they dished up a ho-hum experience to their customers.

Lesson

Talk to your customers! They will tell you what they want. But first, you have to ask.

Situation

This was the best of all. Michelle quitted instead of waiting to be fired. She was being proactive. But by being a quitter!

Lesson

Stay in the game. That's what Mr. Trump was telling her when he said, "You will not be proud . . . never, ever quit." How can you ever succeed in your career if you walk away when things get tough?

Delay of Gratification

An acquaintance asked me a question, "Why am I not living luxuriously when I can afford it?" It's not that I dislike driving Mercedes Benz or BMW. I would love to own one of my own. It's not that I hate the idea of staying in a posh apartment or condominium facing the sea. My wife and I would love to own one.

My answer would be "Delay of gratification." I realized that most people tend to shower themselves with excellent gifts when they receive decent amount of money from a salary increase, prize money, inheritance and etc. They couldn't resist the temptation of lavishing on luxurious items.

Deferred gratification or delayed gratification is the ability to wait in order to obtain something that one wants. This ability is usually considered to be a personality trait which is important for life success. Daniel Goleman has suggested that it is an important component of emotional intelligence. People who lack this trait are said to need instant gratification and may suffer from poor impulse control.

Robert Kiyosaki, in his teaching stressed the difference between buying an asset and a liability. Asset puts money into our pocket. Liability takes money out of our pocket. As simple as that. So I would rather buy more assets that will put more passive income into my pocket. In doing so, I will build long term passive income to fund what I desire to buy in the future.

So the next time you are having the slightest idea of buying an expensive gift to pamper yourself, think carefully. Do you need it so urgently or can you just turn back and tell yourself "Delay of Gratification." Delay is not a denial.