Leadership

Lessons From Warren Buffet for Entrepreneurs

Warren Buffet, he is one of the most famous face in business that entrepreneurs like to follow. Given his success and extremely simple life style Warren Buffet is one person that entrepreneurs are in awe with. More so reading about these famous personalities who started small, had the same big dreams and worked to make it materialise is an inspiration for all the budding entrepreneurs who hold the same dreams as this great figure. Let us look at some of the characteristics that make him successful as a business man and one of the favourite face of the business world.

1. Early Entrepreneur:
Warren Buffet showed his first signs of creating a great business future at the age of 11 years old. Unlike other children of his age, Buffet bought stocks at the age of 11. In 1942, he purchased shares of Cities Service Preferred for a 38 dollars a piece. It is true that he had some entrepreneurial skills inborn in him. But the important part is that he had the confidence in the skills that he had. The fact that he was so young did not stop him from going after what he wanted.

2. First Income at Age 16:
Warren Buffet was not someone who was plain lucky. He worked hard to reach where he is now. At the age of 16 years when his family moved to Omaha Nebraska, Warren Buffet delivered the Washington Post every morning. He brought in 175 dollars a month which was something that was more than what teachers brought at that time. It is not easy to stick to a routine and do jobs while other children your age are having fun. Warren Buffet focused on what he wanted without distractions getting in his way.
Apart from this he also did jobs like selling used golf balls and collector stamps and also buffing cars. All this hard work led him to amass an amount of almost $53000 at the age of 16 years. Needless to say he deserved every penny that he earned.

3. Facing Failure:
Warren Buffet’s life tells us that people’s opinion on one’s ability does not matter. It does not matter also if experts in the field are the ones who are giving this opinion.
Warren Buffet was not admitted into Harvard Business School. This did not stop him from going after his dreams. He knew that someone else’s opinion did not matter. What mattered was the faith that he had in his dreams.
His father-in-law had also told him that he was sure to fail because he did not have faith in Warren Buffet’s plans. He expressed his opinion on his face. Many entrepreneurs might want to give up when faced with rejections and failures. The opinion of people do create chaos in a person’s mind. But as Warren Buffet’s life stands proof, one needs to have more faith in what one can accomplish rather than have self-doubt.

4. Humble Home:
A person as rich as Warren Buffet seems like he would live in a mansion with everything expensive about it? Well, he does not. When it comes to showing off his wealth Warren Buffet keeps a low profile. He still lives in the same home that he bought in 1958 for $31,500. It is a simple five bathroom house with a 2.5 bathroom. This thing has always fascinated people all over the world. It really does add a little bit of warmth towards Warren Buffet. It is the great thoughts and simplicity that make a great man. Maybe it is his comfort zone or maybe he simply does not allow his status define the way he leads his personal life.

5. Charity:
It is a surprising fact that people pay in millions to be able to have lunch with Warren Buffet. The maximum bid went up to $3.4 million. Looking at the scenario Warren Buffet started a fundraiser in 2000 auctioning off a charity lunch with him on eBay. The bid went up to more than $3.4 million in 2012 and 2016.
Many people would naturally want to profit out of the huge sum of money that keep flowing one’s way. But Warren Buffet chose to send the money to a San Francisco based anti-poverty charity named GLIDE. The charity has raised a total of $20 million.
The modesty and low profile that the whole affair keeps really makes Warren Buffet awe inspiring in this age of publicity hungry people. The winner of the bid remains anonymous and he/she can invite seven friends to lunch with Buffet at a place called Smith and Wollensky steakhouse that is in New York City.

6. Reading:
Warren Buffet spends almost 80% of his day reading. He starts off with the newspaper and goes on to read other important things in a day. Warren Buffet has also said that one must read around 500 pages per day. That is how knowledge works and that it builds up like compound interest.

7. Philanthropist:
Warren Buffet is a philanthropist. He has been giving away his stock at Berkshire Hathaway to five foundations. He has also received the Presidential Medal of Freedom because of his donations to charitable foundations.

It is not only skills but character that make a successful businessman. There are many things that an entrepreneur can learn from him. From a newspaper delivery boy to a millionaire the journey is full of lessons. He was not born into wealth. He had worked persistently to reach where he is now. Warren Buffet’s life shows that persistence and faith in oneself is key to success. His work delivering newspaper at the age of 16 years shows that hard work cannot be compromised if one wants to taste success. His humble way of life shows that when one has money, it is not necessary to live a lavish life, but it is important to live a meaningful life. His major contributions to charitable organisations show that there is joy and fulfilment in giving.

About the author

SPI Group

An integrated platform created to serve entrepreneurs and service providers. SPI engages with over 100,000 Entrepreneurs & Senior decision makers through a unique combination of cutting edge business magazines, high profile B2B summits and conferences, strategic alliances with Govt, business associations and government bodies. SPI also leverages the power of digital marketing and social media.

Leave a Comment