The story of how Warren Buffett, a young man of humble beginnings (now 89 years), rose to such height of remark and repute is (as always) an inspiration to members of the international community –especially youngsters who are not relenting in pursuing their dreams.
From his simple lifestyle and financial school of thought, we observe in Warren Buffett a man who did not succeed by chance but by absolute dedication to work, resilience and strategic preparedness for eventualities.
While growing up in Ibafo, Ogun state Nigeria, one of the first set of biographies I read that shaped my thoughts is the biography of Warren Buffett.
Wikipedia tells us that this investor, speaker, and philanthropist had been the chairman and largest shareholder of Berkshire Hathaway (an American multinational conglomerate holding company) since 1970.
And because of his brilliance and sagacity, he is, today, referred to by members of the press as Wizard, Oracle, and Sage of Omaha, his home city.
In the coming paragraphs, we will look at some life lessons we can adapt from the multibillionaire and business tycoon.
It is, however, shocking that same Warren Buffett, one time, could not confront peers as he trembles in areas of public speaking.
In this piece, care will be taken to mention how he eventually overcome this personal fright/speech disorder and become a successful business leader that the world is always electrified when he delivers speeches.
It is enough success to be enlisted among the top 100 richest men in the world. The man under discuss did not only make the highly coveted list of top 100.
As of 9th of March, 2019 Warren Buffett is ranked the third-wealthiest person in the world.
It is therefore hoped that these life lessons will inspire you and encourage you never to give up just yet. Be strong while the hard phase passes and work, rework and work-out your plans for a better story.
RULE 1: ENSURE TO INVEST WISELY
A Buffett doesn’t believe in investing in people but in virile ideas –perhaps because man is immortal while a well-thought idea can live very much longer.
It is true that the life of a man can fizzle out untimely. On the other hand, real-time ideas can last an eternity.
The question is: how wise are we investing? In a popular quote, the business leader noted that his style is to pick brilliant companies with a promising idea –so brilliant that idiots could run them without fright.
We must, therefore, at all times remember Warren Buffett when we reach a crossroad on investment. Determine what the investment is based on –human or idea. If we must play it the Warren Buffett way, we must rank ideas over men.
RULE 2: NEVER FORGET YOUR ROOTS
If the life of Warren Buffet is a big paperback book, one of the most inspiring chapters (undoubtedly) will be pages detailing his relationship with The Washington Post.
As a teenager, while in high school, little but business-minded Buffett willed himself in a job delivering papers for The Washington Post. He was merely a paper boy, buying and delivering papers across the city. We can call him a newspaper vendor.
Today, while not forgetting his root, Warren has taken the relationship to the next level –an admirable one. Today, he prides as the company’s largest shareholder.
It did not happen out of magic but by calculated expertise deployed to this end.
RULE 3: PRACTISE LIVING BELOW YOUR MEANS
This is a golden rule and if idolized, you can achieve more and grow beyond the imagination of folks. It has not only worked for Warren Buffett but has equally worked for a generation of economists and successful men.
Imagine a man whose net worth is $82.5 billion yet lives in a startlingly modest home. We read that he bought the Omaha, Nebraska, house for $31,500 in 1958 and today he calls it the best investment he ever made.
Today, it is mentioned that instead of risking bankruptcy by spending every dime he makes, Warren Buffett preferred to live a modest life while expanding his empire.
RULE 4: IF YOU MUST SPEND, SAVE FIRST
It is easy to spend but very difficult to save. This is not new. I have seen people complain of lack of fund despite earning a reasonable salary. The problem is in their financial methodology.
The world inherited a failed system where nearly everyone saves the reminder after settling bills. According to Warren Buffett, the opposite is the way forward.
A Warren cuts out a portion to be saved before anything else. This way, you spend minding your purse and only essential needs are catered for.
RULE 5: ALWAYS RESEARCH YOUR INVESTMENTS
It is part of one’s homework as an investor to research painstakingly before taking action. Life itself is business. Business is fluid. It takes up the shape of our mind. It is not being pessimistic to pay attention to details.
In fact, it tells a lot about our focus, ambition and set goals. While Warren Buffett is particular about us carefully researching deals, he also encourages the world to generously invest following their research.
According to him, an investor shouldn’t be afraid to invest generously in a stock that has proved to be a strong one.
Rule 5 says: ALWAYS research your investment and not “research your investment.” This means that an old research is an old research.
We cannot use the findings of old times to measure for current situations. Let old metrics be old and new metrics be deployed for the new things.
RULE 6: HONE YOUR SPEAKING SKILLS
Time and time, we have seen how very-poor-speakers demystify odds, transform into an admirable voice later on. This is how we define true growth.
In the story of Warren Buffett, we read how Warren struggled with public speaking. In the early days of his career, Buffett was scared of public speaking.
Understanding how this will affect his career, Warren Buffett did the needful. He didn’t call it his weakness so as to his mind off. Instead, he registered to be taught and trained.
Today, that enrolment made the difference. Not just public speaking, whatever the weakness is, we should face it, work on it and tell the story later. Since then, Warren Buffet’s advice has not changed: young entrepreneurs must not belittle what good communication can do to drive success.
We have discovered that winning the war of speech fright is a case of readiness and determination. The success stories around are enough testimony. We have seen very poor speakers become great and engaging folks after consultancy and devotion to practice.
Load video below for tips on overcoming stage fright. It’s our free gift embedded in this post.
ALSO: read medical measures to avoid childhood cancer. CONTINUE WITH WARREN BUFFETT BELOW
RULE 7: YOU MUST PROTECT YOUR REPUTATION
How people regard you is important to your growth. It’s an aspect of your life that cannot be bought. You establish a good reputation by virtue of your actions and inactions as enshrined in the content of your personality.
This builds significantly on your integrity, transparency, ideology, code of conducts and other personal core values that might slightly be different from person to person. In market parlance, we can call it brand. Hence, your brand tells us so much about your reputation.
In fact, your brand is how the world perceives you. If you sell your reputation for material things, you jettison your image/brand. It suffices to remember that money comes and goes but damage to a person’s reputation is irreversible.
Buffett, in his life principle, hammers on the importance of protecting the reputation of both yourself and your business. The irony is: you need “forever” to build your reputation but only a minute to dent it.
RULE 8: KEEP GOOD COMPANY AND DO GOOD
In chapter 55, verse 60 of the glorious Qur’an, there is an immortal question which I suggest mortals should attempt to answer: is the reward for good anything other than good? This one question often gets to me. It leaves me pondering.
One excellent virtue of keeping good company or doing good deeds is assured compensation. No matter how late it comes, one thing is certain –the reward for good is good, and often time raised to the power of “X” where “X” can be 2,3…1000000 or even more.
It is true that parents, worldwide, frequently warn their children against keeping bad peers. Of course, you are judged by the company they keep. Therefore, it is only wise to stay selective on friends.
The philosophy of Warren Buffett is that a goal-driven chap must fellow in the midst of folks who are better off. According to him, this way, one gets inspired to be better. It is safe to ask at this juncture, who are your friends?
RULE 9: CUT DOWN ON MEETINGS
I have seen a lot of people (executives and non-executives alike) fail here. They do not only fail, but the said meetings also fail as well. When the resolutions made at meetings are not carried out or adhered to, we can conclude on the obvious –FAILURE.
For Warren Buffet, instead of regular meetings, he is famous for sending letters each year to each of his companies.
In the letter, he highlights resolutions for the year and compliments successes made during the previous year. It is written about him as a manager who avoids bogging his companies down with long meetings and unnecessary phone calls, instead, letting his workers spend their time doing their jobs.
Cutting down on general meetings and opting for private consultation is the new speed in the corporate world.
RULE 10: DON’T GIVE UP SO CHEAP
Do you know that when Warren Buffett decided to purchased Berkshire Hathaway, it was a failing textile firm –specializing in lining for men’s suits? The world saw a falling company but Buffett saw something else.
He actually saw promise. It only took him sacrifice and goodwill to revive the company. Today, because one man did not give up, Berkshire Hathaway is a multinational conglomerate.
So, if you are about turning back, the silent voice of Warren Buffett in this post is saying NO. You only need to consult someone, pour out your thoughts and re-strategize.
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From investing wisely …to researching investments …to saving first before spending …to honing one’s public speaking skills; Warren Buffett –the American business magnate and philanthropist has demonstrated to the world that life can make much more meaning if one threads the road to success with caution and veracity.
Always remember Warren Buffett was once a paperboy. If Warren could land it big as a billionaire, you too can!
Full Name: Warren Edward Buffett
D.O.B.: 30th August, 1930
Place of Birth: Omaha Nebraska, US.
Occupation: Investor, Business Magnate, and Speaker
Net Worth: $82.5 billion (March 2019)