Startup stories in association with oh look. in. With an estimated fortune of $74 billion dollars. Warren Buffett is one of the richest man in the entire world. Way back in 196two. He began buying stock in Berkshire Hathaway at a share cost of just seven and a half dollars. Today Warren Buffett is the chairman and CEO of Berkshire Hathaway. The company which today has an overall assets of $604 billion dollars. But apart from his exponential investing success. Buffet is famous for his humorous insights, colourful commentary and intelligent advice. He credits his astonishing success to several key strategies. Here are some of Warren Buffett’s money making secrets and how they could significantly work for you.
Number one, find your passion. You are lucky in life when you find it. But none can guarantee that you will find it on your first job. But once you find it, your life is going to change remarkably. Warren Buffett suggest everyone to take that kind of a job that we would take if you were independently wealthy. As that’s how one can do exceedingly well at it. Number two, hire the right people. It’s no secret that hiring is one of the biggest challenges of managing and growing a creative team.
Remember that your people are your greatest asset. Look for people with equalities that is integrity, intelligence and a lot of energy. Number three, don’t care what others think. It’s normal to want to be liked and accepted. However, this leads to people worrying too much about what others are thinking about them. Hence, this kind of excessive worrying can have a negative effect on your life. Warren Buffett strongly believes in the idea of living your life to the fullest potential.
Once you give up caring about other people’s opinions and you will discover the real you and that freedom will be taking a breath for the first time. Number four, read as much as you can. If you are one of those countless people who don’t make a habit of reading regularly. You are missing out on countless opportunities everyday. The more you read, the smarter you get. Warren says that if you read one book a month on the same topic for 2 years, you will become part of the top 5% experts in that topic.
And that’s the real power of reading. Here are some books that Warren Buffett recommends. Number 5, have a margin of safety. Majority of the investors will encounter various stumbling blocks and bad luck over their investing lifetime. A margin of safety will provide them with some protection in terms of preservation of capital when the going gets tough. Number six, have a competitive advantage. A competitive advantage is an advantage over competitors gained by offering consumers greater value. Either by means of lower prices or by providing greater benefits and service that justifies higher prices.
Number keep a schedule to build your personality. Warren Buffett doesn’t like meetings but he is building his business around his personality. Doing it the way he prefers and enjoys. So find your productive mode. Find your pace and find a sweet spot. You will be most productive once you find what works best for you. Number eight, always compete with yourself. The biggest business killer is complacency. Once you get the feeling of self satisfaction, that’s when it gets dangerous.
That is when your competitors will run you over. So Warren says one should always strive for growth and always be on the move. Else your competition is going to outcompete you in no time. Number nine, listen to your mentors. You can’t run a successful business all by yourself. There is one thing that successful people have in common. Mentors, having a mentor is said to be one of the most important keys to success.Warren that this is especially true early on but is imperative at any point in your career. And number ten, give unconditional love. Mister Buffett once candidly spoke about the most important reasons for his success. Warren said that the love and support he received from his father Howard Buffett had played the most pivotal part in his life. Warren said that his father gave him unconditional love. Whatever he did.
His father always supported him and never question him for anything. For his father it did not matter how much money Warren made or anything. As he just advised him on one thing that is giving his best in whatever work he does. So people these were the top 10 secrets to wealth and life by Warren Buffet. For more growth tips and startup secrets. Do visit our website startup stories.