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Hi. Today from the noisy Hollywood. Today we will talk about the delayed gratification in business and what does it have to do with Star Wars.
See you in the next part.
[Music]
Delayed gratification in business. What does it mean and what does it have to do with Start Wars?
Let's start with the term of delayed gratification.
You have certainly heard of the Marschmallow Test.
Marschmallow test was an experiment that was conducted, I guess, in Stanford University in the 1950s / 1960s.
And what they did is they gave children one piece of marschmallow.
And the kids were given the choice to eat that marschmallow immedietaly or to wait 15 minutes in order to get another marschmallow.
If they were able to delay their gratification for 15 minutes, they were given another marschmallow and then they could eat 2 marschmallows.
And some percentage of kids managed to do that and other kids didn't manage to do that.
But the interesting part of the experiment came later.
Because at the time of experiment the kids were 5 years old.
And 10 years later and 15 years later other groups of researchers made the second part of the experiment.
Just analyzing the same people, the same kids that then became teenagers or even adults.
They analyzed their performence at school and also in some intelligence tests or ability tests.
And what they found out is that the kids that were able to delay their gratification scored much higher in these aptitude and SAT tests.
And also in the intelligence tests.
But what they actually haven't and couldn't research is how this gratification applies to business.
It is widely claimed in the literature that the delayed gratification leads you to success.
There are many sources / claims saying that if you delay your gratification, you will be more successful.
It may be like that but it hasn't actually been proven scientifically.
There were no research proving that if you delay your gratification, you will be more successful in life.
You may be more successful as an employee or more successful in school, but generally success in life, I think is something else than success as an employee
Or success in school. It could well be that this delayed gratification actually leads to a perfect citizen, to a perfect cog in somebody else's machine.
But how does it apply to business? How does it work out in business?
And here in this video I want to risk the statement that this delayed gratification actually leads to great success in business.
And not by accident I'm talking about this from Hollywood.
Because I want to tell you the story or the reason why George Lucas became the wealthiest film producer in Hollywood and in the world.
When you take the rich list of all the celebrities, the actors or people in entertainment business
You will find that the richest person in that industry is George Lucas with 5.5 billion dollars.
And how come he became so wealthy and so rich?
If you don't know who George Lucas is, I will tell you!
George Lucas is the man behind Star Wars. In the 1970s he created production company Lucasfilm.
And he produced a movie called American Graffiti. For that movie he got $150,000 deal from some of the top film studios here in Hollywood.
And this movie became quite successful. I don't know the statistics but it was a very good movie.
And then he was pitching another movie that he was dreaming about for a long time. It was a movie about space, about some space adventures, and so on...
It turned out it is a Star Wars movie. When he found a film studio that wanted to produce that, he was offered a deal of $500,000 for his work.
Of course, the budget of the movie was much higher, but for his work or for the work of the company he was offered the deal of $500,000.
It was big money at that time. It was in the beginning of 70s (I think '71 or '74).
So, in today's dollars it would be probably around 5 million / several million dollars.
And you would never guess what he did with that offer.
He actually declined that offer. George Lucas said "No, I don't want to take $500,000 for that. I want you to pay me only $150,000.
But I want you to grant me the merchandise rights for the movie and also, if there is any sequel, I will have the rights for the sequels.
So, he delayed his gratification. He didn't want to take the big money, the big paycheck first. He wanted to wait and play the long-term game.
I think it was 21st Century Pictures who was the film company behind the Star Wars movie and they accepted it.
They said "Ok, it's a great deal. We have to pay only $150,000".
And you would think this was a bad deal for George Lucas.
But what happened in the future is the first movie grossed in the box office 220 million dollars in the first 6 months.
And 2.5 billion dollars over the next many years.
And what did George Lucas do? He built a merchandise company, a toy company and he sold toys for 12 billion dollars until now.
And today every year he sells around 3 billion dollars in toys.
But that's not all. The sequels braught around 4 billion dollars in the theaters, 4 billion dollars on DVDs and VHS cassettes, 2 billion dollars in books
And almost 2 billion dollars in licensing. Everything was produced by his company Lucasfilm.
And he managed to sell this company do Disney for 4 billion dollars. This was partly a stock swap, partly cash. But it's not all!
During the production of Start Wars the 1st part, he set up a company called Industrial Lights and Magic.
It was a special effects company that made a special effects for Star Wars and this company made later special effects for many movies like
Harry Potter, Jurassic Park, Back to the Future.
And George Lucas sold that company to Steve Jobs. It was, so to say, the basis to create Pixar.
And some years later Pixar was sold to Disney for 7.3 billion dollars. So, this is the value George Lucas created through this special deal.
Some time ago he sold his Lucasfilm also do Disney for 4 billion dollars.
Altogether as of the time I'm making this video the network of George Lucas is 5.5 billion dollars. This is amazing.
This is the richest person in the film industry. The richest person here in Hollywood.
And this is everything the effect of delayed gratification.
Because you know how many sequels he was able to produce to this Star Wars saga.
And he was able to delay his gratification.
He was able to give up $350,000 on additional fees for this one movie in order to scoop several billion dollars in the long run.
So, this is the power of delayed gratification in business.
And I can tell you this is how great people in business, the great and most successful entrepreneurs, how the self-made billionaires think and act.
I hope you liked this video. If yes, give me a thumb up, subscribe below and don't forget to hit the bell button.
I invite you to comment. What is your opinion? What is your perspective? What are your thougths about this topic?
Share this video with your loved ones, with your friends. They will thank you for that.
I talk here a lot about self-made billionaires. I talk about how the most successful entrepreneurs in the world think and act.
And how to do impossible things in your life.
I also talk a little bit about cryptocurrencies, about my experiences with investments in cryptocurrencies.
So, if you're interested in that area I invite you to watch my other videos. That's it from Hollywood today. I wish you a fantastic day!
Let's do something extraordinary today!
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