Warren Buffett is a US businessman. He knows very well about the investment strategy. He was interested in business since the age of seven. In the childhood, chewing gum, Coca-Cola bottles, and even selling house magazines have been sold. And today? US magazine Forbes has made the list of the richest people in the world in 2017, where Warren Buffett’s position is second. This former student of the Columbia Business School of America has always given advice to students and young entrepreneurs. The 10 selected ones from the suggestions given by him were highlighted today-
1. Be patient in the bad times
Warren Buffett has always advised being patient with bad times. He has received this lesson from his life. Many times he has to face the economic crisis. In the year 1993, he bought a company named Dexter Suez with about $43 million. Warren Buffett did not lose patience even though he lost $350 million from the company in the year 2007. Warren said, “Two formula for success. The first formula is Never acceptance of losing anyway. Second Formula: The first formula can never be forgotten.’
2. Keep the goal fixed
Warren Buffett thinks that what to do should be paid whole attention. Do not lose your business intentions by thrilling business ventures. Must be alert all the time. He said, ‘Do not invest in a business that you do not understand properly.’ Your goal, where your attention will be integrated, you should choose that direction as a business field.
3. Invest in yourself
Your success depends on personal skills. So Warren Buffett said, “Firstly, invest in your skills. As your skill grows, your business will be as creative. “He has always said that it is important to give time to yourself. His statement, ‘I think sometimes I am silent. Many people say it is vain. But I like to think about the problem of business and investment.
4. Choose the right company
‘Spend time with people who are better than you. The behave of your partners is better than you, and it affects you’. In business, this is the main source of Warren Buffett. He thinks that honesty of a man is a very valuable thing. It is not right to expect this quality among all. Therefore, keep those people around you, those who are honest in business. Those you can trust. Warren Buffett has been working with them for a long time, with whom he has a good understanding.
5. Many will have to read
This billionaire businessman has a great reputation as a reader. 80 percent of the leisure time he spent by reading books. Business Adventures, The Essence of Warren Buffett and The Intelligent Investor-young entrepreneurs advised them to read these books. In an interview with HBO, she said that he still spent five to six hours of the day by reading books. He said, ‘read at least 500 pages per day. Knowledge is like “Compound Interest”. As much as you read, the more you grow’.
6. Work for society
As you get from the society, you are also responsible for working for society. Warren Buffett said, “A tree has been planted many years ago, so today one is getting shadow from that tree.”
7. Think about past and future
Warren Buffett says the business is important to both past and future. He thinks that if we can not see the future clearly, we can see our past clearly in business. That will help us decide the future. Again he said, ‘If the past history was the most important thing in the game of earning money, librarians would have been the richest man in the world.’
8. Who is your ‘hero’?
Who are you following, it is very important. Who would you like to be? Think very carefully about this question. Warren Buffett said- tell me, who is the “hero” in your eyes, I will tell you what your future is. That means, who you consider as the ideal, that will determine your future.
9. Must have faith
‘My father believed in me. I also believe in myself.’ Warren Buffett wrote in the introduction of ‘The Great Minds of Investigation’ book. His claim, he was always confident in him. He never thought of failing. He worked and get success what he loves to do. His commentary, “How much money is being earned or how much profit is more important than the calculation is whether the belief in itself is absolute.”
10. Learn from the mistakes
Warren Buffett has achieved 100 percent success in his life. He made mistakes. He even made big mistakes in business life. But he learned from the mistakes. Warren Buffett advised the students of the university to learn from the mistakes of their lives. He thinks his mistakes should also be told to his children. They do not make the same mistakes.
– SpoilCoconut Desk. Share the article on your social profiles.