Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is one of the richest men on earth with an estimated wealth of $73.5 billion. Below are seven lessons young people can learn from the business mogul.
No matter how young you may be, the right time to start a business of your own is now. Warren Buffet was 17 when he started his hedge fund. He sure faced difficulties in convincing people to partner with him. He recalled recently that in one of his first presentations, after giving a sales presentation to a potential investor, he was asked; “what would your father think about this?” He also stated that though he was 17 he looked like a 12-year-old at the time and was very poor are public speaking. He started anyway. Now is the right time to start your business, regardless of the limitations you think you have.
It is very surprising to see the number of individuals who make themselves clones and also tailor their businesses to be like others. However, Warren Buffet was unique in the kind of business he created and the lifestyle he lived. He picked up stocks when they were down, and left the stock market when all the stock prices were skyrocketing, and that saved him from the bust. Be unique in your business practice and product offering. Stay on your mission and uniqueness, and instead of becoming another person or another company, become better at who you are.
Live as Simple as you can:
Our generation is one that is born for the fast life and everyone loves to get high. However, the highhandedness of our lifestyle has brought us more burnout and failure than success. Warren Buffet, though of the baby boomer generation, lives with a lot of simplicity. He still lives in the $38,000 house he bought in 1958 and still drives his old car. Yet Bill Gates said of him, “He is a very lively and interesting guy”. So you can live a simple life and still be happy. Happiness does not come from owning fast cars and beachside houses, it comes from within. So live a simple life and protect your success from bad habits.
Keep your Integrity:
Whatever you want to do, consider its long-term implications; how is it going to affect my image, in the long run, both as an entrepreneur and as an individual? Like the bible said, “a good name is better than riches…” a single act of negligence can spoil your reputation no matter how long you have taken to build it. Speak the truth as often as you can, and deal rightly with others.
Master your craft:
One of the biggest reasons young people fail in business today is because they like to do too many things at the same time. In other words, we have become jacks of all trades. One reason Warren Buffet became so successful is that he made himself a master of his own trade, which was picking stocks that everyone trampled upon.
Relationships are energy sapping and time consuming. If you are not married yet, I would advise you to probe your current relationship to see if it is high end or not. If it is high end, please quit. A supportive spouse is the ultimate. Warren Buffet’s wife was obviously a very supportive spouse, she kept the family together all those years when Buffet was always travelling particularly during the early times of his career.
Buy Things on Purpose:
One of the biggest challenges young people face is buying into trends and popular culture. This can be detrimental to anyone’s career as an entrepreneur, because, if you buy what you don’t need now, you will soon begin to sell what you need.
In summary, Warren Buffet’s story teaches young entrepreneurs to be real to themselves, spend less than they earn and buy what they need, and by all means, get married to a supportive spouse.