Warren Buffet is one of the most successful investors of the world with an inspirational story to all entrepreneurs out there along with venture capitalists. He is the CEO of Berkshire Hathaway with a net worth of over US$85.6 billion as of now. Despite his success, he stays humble and approachable. Let us have a look at his life and lessons that has made Buffet what he is today:
- Don’t forget your roots: Buffet was doing a job of delivering papers for The Washington Post while at high school. In the gradual course of his life, he never forgot this job but rather extended this early career of his into a lifelong journey with this newspaper company. Later he took his own made company to the heights of being the largest shareholder of The Washington Post.
- Save first and then spend second: Most people save the rest amount of their salary after a month-long of expenses in various sectors. However, this doesn’t have any restricted or demarcated limit. Buffet, as a result, suggests that one should always make a certain margin value or limit his expenses and fix an amount of money as savings each month to make a habit and spend the rest amount.
- Wisely invest in everything: Buffet was always of the thought that one should not invest people or employees behind any new business or ideas but rather invest the idea or thought of its execution to newer heights. He always chooses companies that are very magnificent and wonderful so that any common man with no business knowledge or base can run it and one day become the sole owner or mastermind behind it, after years of experience and patience.
- Stay below your actual means: Although Buffest owns a luxurious life, earning billions every year, he lives ordinary life much to our astonishment. He owns a modest home bought in the Omaha named Nebraska House for this purpose, for around $31,500 in 1958 claiming it to be the best investment he ever made. He never risked his money into bankruptcy but choose to stay and live in a generalized way and reap its rewards later.
- Hold onto your speaking skills: Buffet was always terrified of public speaking in his early life but later he realized its necessity to achieve his goals and destination. He then enrolled himself in a renowned course taught by Dale Carnegie and at resent day he always tells his young and budding entrepreneurs that the secret behind well communication and reach, lies in the fact of better speaking, openness and frankness that we show towards others without any hesitation in mind.
- Research your investments: According to Buffet, one must carefully research his stocks before putting them into the market for investment. Only after thorough research, as an investor should not be in any doubt to invest generously in a stock provided he is a mentally strong one.
- Keeping good company: It is always a mandatory routine of parents to safeguard their kids from taking to unknown people or strangers and it is said that we are judged by the company we make or keep. Buffet advises professionals to be with people more who are better than they say they are. By doing so, it creates more inspiration to be better with modesty.
- Safeguarding your reputation: Damage to one’s reputation is always permanent no matter how much money he owns or makes per day. Buffet says that this damage is irreversible so he emphasizes more on protecting his reputation as good mankind and also safeguards his image as a better entrepreneur and businessman anyway.
Reduce too much of meetings: Buffet always sends letters to his companies instead of meeting them personally on regular terms. This letter holds his views and outlines his motive of sending them precisely for the year. He always celebrates the past year successes and avoids harassing his companies for menial meetings and discussions with unnecessary phone calls to save time.
Never give up and always enjoy what you do: This is very important any day. Success isn’t assured all the time but one should keep working and keep his spirit active. Berkshire was initially a failing textile firm specializing in men’s suits. However, he saw promising new changes in patterns of its growth and through his leadership, the company gradually turned to a multinational conglomerate. Life is too short and we should spend time in work to enjoy it rather than making money and focusing on career all the time. Buffet also strongly opposes the fact of making successive changes in job patterns to advance one’s career.
Thus, he is a true motivational figure portraying the concept of true accomplishment of success through a proper vision and correct ideologies.