Lesson from Warren Buffet
Warren Edward Buffett - He is most known for being one of the world's most successful investors. He is an American business magnate, philanthropist. His whole life is the inspiration for every human being.
These are some of the lessons, need to learn from THE WARREN BUFFET
Start Own Business Now
Do not wait for the best time to start your own business. The perfect time to start is now. Warren started selling gums, Coca-Cola, and weekly newspapers as a child. He also started investing in stock market at age 11 after visiting the New York Stock exchange at age 10.
Thrive to be Different
Always try out your own method/idea of doing things.
Do not always imitate others.
Do not make business decisions based on what every other person is saying or doing.
Reinvest Your Profits
For your business to grow, you need to continually reinvest your profits. Most entrepreneurs are always tempted to spend their first business profits. This is not a good idea if you wish to grow better than you where. Warren knew about this early enough.
Be sincere in all your business dealings. Integrity gives you and your business a good name.
Be Swift in Taking Business Decisions
When people offer him a business or an investment, he says, “I won’t talk unless they bring me a price.” He gives them an answer on the spot.
Know the Terms of the Business
If you are doing work, know your pay; if you are combining to startup a business, know your ownership percentage/shareholding. Warren Buffett learned this lesson the hard way as a kid when his grandfather Warren Buffett was horrified that he performed such backbreaking work only to earn pennies an hour. Always nail down the specifics of a deal in advance even with your friends and relatives.
Don’t Always Borrow
His advice: Negotiate with creditors to pay what you can. Then, when you’re debt-free, work on saving some money that you can use to invest.
Be determined to achieve your defined goal. Do not allow the success of your competitors and your slow move affect your confidence. If you are diligent and committed, you will become a strong competitor in no time. Warren Buffett acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Blumkin, did business.
Do Not Overlook Small Expenses
Some entrepreneurs will label this as being stingy with oneself but Warren Buffet admires friends that do everything within their means to check extra expenses. Buffett love investing in businesses run by managers who are obsessed with the tiniest costs.
Be Definite about what success is
Warren Buffett does not measure success by dollars. “I know people who have a lot of money,” he says, and they get testimonial dinners and hospital wings named after them. But the truth is that nobody in the world loves them. When you get to my age, you’ll measure your success in life by how many of the people you want to have loved you, actually do love you. That’s the ultimate test of how you’ve lived your life.”