Do you want to become a successful businessperson? If so then you should consider successful entrepreneurs stories including the one of Warren Buffett. Here are some of his secrets to business success:
1. Limit borrowing
Buffet shares that he never has borrowed a large amount of money. That includes money for a mortgage or to invest. This approach is one reason he’s included in successful entrepreneurs stories today.
Buffett has received many letters from people who believed they could manage their borrowing. However, they later had tons of debt. Buffet’s advice is to negotiate with your creditors so you can pay what you can. Then when you’re free of debt you should save some of the extra money you have for investments.
2. Evaluate risk
In 1995 the FBI accused the employer of Buffett’s son Howie of price-fixing. Buffett told Howie to imagine the best and worst-case scenarios if he didn’t quit the company.
Howie then realized that it was too much of a risk staying with the company. He quit his job the following day.
The lesson is that asking yourself about the possible results of taking a certain action is important. It can help you to make the best choice.
3. Monitor small expenses
This is one of the keys to Buffet being included today in successful entrepreneurs stories. He often invests in companies managed by people who are strict about even small costs. He had respect for a friend who painted only the side of his office building that was facing the road.
The lesson is that watching every expense can help to boost your profits. It can also help to provide you with a bigger paycheck.
4. Know when it’s time to quit
Buffett learned this lesson when he was a teen. After losing a race at the racetrack he bet on one more race in order to get his money back. He lost another bet and lost almost all his money. The money was about a week’s worth of income. Buffett also learned that people shouldn’t let anxiety trick them into trying again. It’s a lesson that helped him be listed in successful entrepreneurs stories.
5. Keep at it
Buffett also learned that dedication and innovation can help investors to compete against bigger companies. In 1983 Buffett purchased Nebraska Furniture Mart. The reason was he liked the way the founder managed his company.
The Russian immigrant had built the furniture mart from an old pawnshop. The business was the biggest furniture shop in North America. The owner was able to undersell big companies and was very good at making negotiations. Buffet liked the spirit of the owner and his similar approach is a reason he’s included in successful entrepreneurs stories today.
6. Know the meaning of success
Buffet doesn’t define success by earnings or profits. A decade ago he promised to give almost all his money to charities, and mostly to Bill Gates’ foundation.
Buffett shares that he’s learned that access is based on how many people you want to love you in fact love you. That explains why he’s included in successful entrepreneurs stories.