Warren Buffet is one of the most successful investors of the 20th and 21th Century. The Forbes 400 ranks him as the second most wealthy man in the world with a net worth of $58 billion. He is known for his eccentric habits and modest lifestyle. Here are some of his tips for success:
Follow your passion
Ask yourself the question “What can I do that other people cannot?” This question is a good starting point for any business owner to ask because it will forces people to think about his or her unique skills. People tend to be good at what they enjoy doing.
Do not dwell in the past
Learn from mistakes but do live in the past. Buffet insists that employees at Berkshire Hathaway always look to the future. He does not want people to be mired in history because it takes time away from figuring out the best path for the future. This is equally true for good and bad decisions. Focusing on past poor decisions can cloud reasoning for the future. Focusing on glorious victories can make people arrogant about decision making for the future.
Invest in learning skills
Warren Buffet believes that one of best ways to succeed is to invest in yourself. Skills are important because it is impossible for anybody to take away what you have learned. Buffet does not believe that means everybody should go to college. Important skills can be technical, like learning to be a machinist or an electrician. One important skill in which people can investment is communication. Buffet suggests studying the lessons inside Dale Carnegie’s book How to Win Friends and Influence People to increase their ability to communicate. Below is the audio version of the book on YouTube.
Stick with what you know
Buffet refuses to invest in companies that he does not understand. For this reason he thinks that diversification is overrated. A company can be successful without doing too many things. Make sure you know what you do not know.
Do not worry what other people think about your business idea. If your idea goes with conventional wisdom then there is a good chance that it will be hard to make a profit doing something that is already being done. Have the emotional stability and confidence to not get too high or low on any given idea.
Warren Buffet has been called the “Oracle of Omaha” for a reason. His business advice is eagerly sought. His words are particularly useful for entrepreneurs launching and developing their companies.
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