The ability to control impulses, or more specifically control the desire to act on them, is an important factor in personality and socialization. Deferred gratification, also known as impulse control is an example of this, concerning impulses primarily relating to things that a person wants or desires.
Often, one is faced with small immediate rewards versus larger delayed rewards. Individuals who choose to wait for more substantial delayed rewards are typically seen as less impulsive.
Impulsivity has two main characteristics: rapid, unplanned reactions and reduced concern for the consequences of actions. Poor impulse control can have all sorts of adverse effects on life. For example, being unable to control your anger can lead to problems at school and with family and friends.
You can, however, learn to control your impulses better with practice. For example, learning social skills such as sharing, taking turns, and letting others talk is not only polite; it's an exercise in impulse control. Starting this type of impulse control training early helps build this brain function and instills good habits.