An Entrepreneur, a philanthropist, a billionaire and an extra ordinary genius investor, Warren Buffett is the fourth richest man in the world and the second richest man in the United States after Bill Gates.
Warren Buffett began investing at the ripe young age of 11 and by the age of 13 he was into his own business as a paper-boy, selling his own horse racing tip sheets. Nowadays, Buffett is the Chairman and CEO of Berkshire Hathaway, a multinational Corporation with a net worth of $162 Billion in revenues, as of 2012. But the better part of him, apart from his money and businesses, is his ethics and moral values. He is truly a philanthropist who has vowed to give away his entire wealth of $58.5 Billion to Charity.
Here are the top 12 Empowering Lessons from Business Magnate Warren Buffett.
1. Value Your Reputation
It takes 20 years to build a reputation and five minutes to ruin it. If you thing about that, you’ll do things differently. ~ Warren Buffett
Value your own self and your company’s reputation the most. As he says, it may take plenty of time to build a reputation but only a single deed to lose it in a puff. So build your reputation and never do anything that could compromise it.
2. Work For a Better Future
Someone’s sitting under the shade today because someone planted a tree a long time ago. ~ Warren Buffett
If you aspire for a better future, then you must sow the seeds accordingly. What you enjoy now is the result of your previous efforts. You have to put all your sweat in what you do and make the most now, to lead a better future.
3. Bring Value
Price is what you pay. Value is what you get. ~ Warren Buffett
You value any brand because of its services, it’s the same thing which is applicable to you when you provide your own service. Your brand’s value is determined by the service you offer.
4. Be Around Better Company
It’s better to hang out with people better than you. Pick out associates whose behaviour is better than yours and you’ll drift in that direction. ~ Warren Buffett
If you want to be successful than you must be surround yourself with successful people, you tend to become that with whom you spend your time most. So choose wisely the people you spend your time with.
5. Patience Is The Key
NO matter how great the talents or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant. ~ Warren Buffett
Apart from the talent and all the persistent efforts you make, what matters the most is patience. You need to have patience to achieve success in any endeavour you take.
6. Take Calculated Risks
Risk comes from not knowing what you’re doing. ~ Warren Buffett
You must take risk but it should be a calculated risk. Calculated risks are the risks which you take after considering a lot and you know exactly what you’re doing. It is better to take calculated risks rather than running from facing risks.
7. Do What You Love
There comes the time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Isn’t that a little like saving up sex for your old age? ~ Warren Buffett
Simply, do what you love. Most of the people are just ruining their lives by living on other’s interest. Follow your passion; find that job in which you find leisure. The day when you don’t feel your work as a job anymore that is the day you’ll taste the satisfaction of a success.
8. Know Your Competition
In the business world, the rear-view mirror is always clearer than the windshield. ~Warren Buffett
Knowing your competition is always better than knowing yourself. To keep a track on your competition is a must for any business. Successful businessmen always see how their competitors have performed in the past and measure where they may need to head in the future if they want to take edge over others.
9. One Step At A Time
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over. ~ Warren Buffett
No one is really an overnight success; you’ve got to take baby steps towards your success. Always take small and sustained leaps to your end goal and aim for efficiency by knocking each talent down 1 at a time.
10. Learn To Say “No”
The difference between successful people and really successful people is that really successful people say no to almost everything. ~ Warren Buffett
You have to pick the your ventures carefully and start saying “no” to the nuisance ideas around you, by doing this you would definitely become a winner. Too many eggs in the basket can burden the load.
11. Honesty Is A Rare Policy
Honesty is a very expensive gift, don’t expect it from cheap people. ~ Warren Buffett
Don’t expect everyone around you to be straight forward with you. Stay close to those who are loyal, honest and true. Keep safe people around you.
12. Take Control
You’ve gotta keep control of your time and you can’t unless you say no. You can’t let people set your agenda in life. ~ Warren Buffett
You are the master of your life and you should never give the steering wheel of life to any other. You must take control and sail your self, don’t get carried away by the tides. Time is your most valuable asset, so use your time very wisely.