A self-made billionaire and one of the world’s wealthiest people, business leader Warren Buffet is regarded as one of the most brilliant investors today. He has made countless financial investments and business deals, applying his knowledge and expertise in the stock market. Simply put, he knows what type of baskets to put his eggs in.
He has been the chairman and largest shareholder of Berkshire Hathaway since 1970, achieving a net worth of over $100.6 billion at 90 years old. Sounds impressive, right? But wait, there’s more. He promised to donate 99% of his wealth to charity. Now, that’s profound.
If there’s anything we can learn from Warren Buffet, it’s that being a successful business leader and investor isn’t just about accumulating wealth. It’s an arduous process of learning, growing, and being prepared to take risks. So, if you want to expand your business, you may want to take a cue from his leadership skills and strategies.
Do something you love regardless of the money
If you’re still doing it for the money, you’re not doing it right. Success comes in the form of work that brings you fulfilment, purpose, and joy. Take it from Warren – “I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Do something you would do even if you didn’t need the money.”
Patience is a virtue
As with all worthwhile investments, you need to prioritise long-term financial growth rather than easy investments that don’t really stick out for the long haul. He says, “If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.” He continues to say that productive assets such as farms, real estate, and businesses produce wealth. “All that’s required is the passage of time, an inner calm, ample diversification, and a minimisation of transactions and fees.”
The best investment you can make is in yourself
Before you succeed elsewhere, you need to invest in bettering yourself first. His piece of advice is to improve your communication skills. “If you just learn to communicate better, both in writing and in person, they increase their value by at least 50%.” He continues to say, “If you can’t communicate, it’s like winking at a girl in the dark — nothing happens. You have to be able to put forward your ideas.”
Mistakes are great teachers
It’s hard to believe that Warren Buffet has ever made a mistake in his life. But he too has made costly errors. But any successful business leader will tell you to learn from your mistakes so that you can make better decisions. Avoiding failure at all costs isn’t just realistic when running a business, and the fact of the matter is, that one shouldn’t be afraid of committing them. “That’s part of the game. You’ve just got to make sure that the right things overcome the wrong ones.”
“Risk comes from not knowing what you are doing.” For Warren, taking risks urges you to learn new skills and evolve. And the best way to learn is by taking them. While some risks may not pay off, an optimistic risk-taker will always look at failure as an opportunity to learn.
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