Warren Buffett is unarguably one of the most successful investor and businessman in the world. And, a source of inspiration for the entrepreneurs and startups. Here are 6 sutra that I learned from his illustrated successful life.
A Penny Saved is A Penny Earned
Buffett recommends that, before spending a penny you should take care of your saving. In simple worlds if you are earning 10 bucks a month, you should first make a plan to save at least 3 to 5 bucks and invest the same in recurring income plan. Post saving, think about spending the rest of money buying a luxury which you can afford.
Invest in Ideas
Warren is known for his wise investments throughout the life and this is what made him what he is today. He believes that you should invest in great ideas because if an idea is good and has potential, any “xyz” can work on it and make it a success. Here, idea (and not the people) matters most.
Look At The Sky But Keep Your Foot Firm on the Ground
However successful you are, but the day you forget your roots you loose the ground and fall. When Warren Buffett’s company became the largest shareholder of The Washington Post, not many people knew that Buffett once served as delivery boy of the same newspaper. He did not forget his past and he did not forget to maintain the relations and take it to the new height.
Be With the Good People
Your company defines your personality and you get judged by the company you keep. Always try to mingle with the people who know the things better than you and keep learning.
Learn the Skills You Are Afraid of
So, what is that scares you most? Standing in front of your seniors to speak about your ideas? Public speaking? English?
Do what scares you most and don’t stop even if you taste the failure in first few attempts. Buffett was himself afraid of public speaking but he knew that to taste the success, he has to master the skills required for his business and he did just that.
Reputation > Money
Money is important, but it is not everything. Reputation is. Any given day, I would prefer to protect reputation of self and my company first and than to earn money.