Among businessmen, Warren Buffet is a legend. This Berkshire Hathaway’s CEO has all the attributes to be regarded as “the most businessman of the twentieth century”. Want to know how?
Follow these Buffet’s seven tips to run your business at maximum performance:
1. Deal with the Risk
In Buffet’s opinion, risk is not inevitable. “Risk roots from your ignorance,” he said. In business, you can choose to be either a ‘gambler’ who puts everything at stake or a careful businessman who always looks to minimize the risk, and the second type is what Buffet prefers the most.
2. Reputation is everything
To Buffet, reputation is everything for a businessman. “Sometimes it needs 20 years to build a good reputation, but only takes five minutes to completely break it down. Notice this every time, then you will do only positive things for your business to excel,” Buffet gave an advice.
3. Be friend with excellent people
The way to associate with others is also crucial. Go with wrong people, plan to be failed. “Go with people better than yourself. Choose excellent business partners as well, because being with great individuals will give you countless inspiration to be as wonderful as them.”
4. Move on
“In business, rearview mirror would be much clearer than the front window,” Buffet presupposed. In fact, millions of businessmen got trapped in the past that they can’t move on. Buffet suggested that past is there for us to learn from it, not to mourn for it.
5. Mistake, no matter how silly it is, is human
“During my career as a businessmen, I’ve done too many stupid mistakes. But that’s just normal. I, once, bought a company for $400 million in mid 90s, but it went bankrupt immediately.”
According to him, businessmen are there to make mistakes. As long as you can learn from them, they will take you to a higher level.
6. Know when to stop
This is also fundamental for businessmen to do, so that they may avoid wasting their time, money, and energy on less fruitful businesses and focus on much more potential projects. “If you are on a leaked boat, sometimes it’s better to just jump to another one than trying to patch the leak,” he emphasized.
7. Live a duly life
Buffet said that businessmen can sleep on stacks of gold if they want, but he prefers to live a humble and duly life. He still lives at his old house, which he bought in 1958, and his concept of good meal is a piece of hamburger and cherry coke from a fast food stall.