As one of the world’s most successful entrepreneurs, Warren Buffett knows what’s important to him and why it matters when you’re running a business. His story is quite unique and many people believe his great success has come from the level-headed approach he takes to both business and life.
Here are 5 important lessons you can learn from the incredibly talented Warren Buffet.
It’s Never Too Late To Start Building Your Future
At 85 years old, Warren Buffet’s net worth currently stands at 64.7 billion dollars. Just before his 50th Birthday, it was a drastically smaller 67 million and at the age of 15, a mere 6 thousand. This dramatic increase didn’t just happen because he got a lucky break. Warren actively made a change to way he invested his money.
For years, Buffet invested in companies based solely on their value, until one day he lost millions and rather than giving up, learned his lesson and started doing things differently. This dramatic change and the success that followed are proof that it’s never too late to change the way we work and create a better future for ourselves.
The Ability To Communicate Is Incredibly Important
When he was younger, Warren Buffett admits he was terrified of speaking in public. Realising this would be an incredible hindrance, he took steps to change this by enrolling in a renowned public speaking course. Today, he still emphasises how important it is to be able to communicate clearly and effectively.
Whilst public speaking lessons might not be in everyone’s budget, there are plenty of free, online tutorials that can help you to become a better speaker so you can inspire clients and customers.
Living Below Your Means Is A Good Idea
Despite his wealth, Buffett lives in an incredibly modest house. He has never forgotten his roots and doesn’t spend thousands of pounds on unnecessary things. Whilst it’s okay to treat yourself if you’re doing well, it is important not to spend to your limit or you could risk bankrupting yourself.
Of course, we make money to spend it but it still pays to be careful. As an entrepreneur, you never really know what’s around the corner, so make sure you’ve always got something stashed away for a rainy day.
Resist Jumping On Fads Or Trends
Whilst many social media sites and apps are doing well at the moment, Buffett avoids investing in trends like this for long periods of time. He’s very aware of the fleeting popularity of many trends and instead, focuses his time on more solid ideas that people can make use both now and in the future.
When trying to grow your company, avoid using and pushing fads that you don’t really believe in. Instead, build an idea that has a solid, long lasting foundation that people can get behind.
Enjoy What You Do And Don’t Compromise
Buffett has often commented on people’s willingness to jump from one job they hate to another, simply for the monetary benefits. He believes that life is too short to do things you hate and that it is entirely possible to do what you love and make money from it, even if it takes longer than you would like.
Entrepreneurs start businesses because they have a genuine interest in the idea or product they are trying to sell. If you find yourself hating your job, then change it and make it work for you. You’re never going to succeed if you’re trying to nurture something you have little or no faith in.
The lesson from Buffet? Don’t be afraid to do what you love because eventually you’ll reap the rewards.