Warren Buffet or Oracle of Omaha is an American investor, businessman and philanthropist. World over he is famous for his value investing principles and has ranked number two on the famous Forbe’s list for 15 continuous years. Despite having so much wealth he is famous for his frugal living and donating for charities. Even for his children he once said “I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.” He has inspired a whole generation of investors and enterpreneurs with his philosophy of life and work ethics. We have listed here a few Golden rules as given by Warren Buffet
1. Find your passion
You need to find something you like, something you are passionate about and earlier you find it, better it will be. You will find that you are gifted in doing the work you are passionate about. Buffet says he started investing starting at the age of 11 when he sold coke bottles and with the profit he bought his first shares. It came so naturally to him even at such young age because he loved investing. It was never a job for him rather a fun.
2. Hire People with Integrity
If you are in business you naturally have to depend on a formidable team to get the job done. So hiring well become one of the most important component of your work. You don’t want to hire somebody who is lazy but one who has a spark of energy and takes initiative, one who has drive. Buffet advises to hire some body with integrity, intelligence and energy, but he says the first quality is indispensable, if somebody doesn’t have integrity then don’t go ahead, such people will never be an asset to the company.
3. Find Your Sweet Spot
Don’t bother if people disagree with your way of working. Everybody has their own circle of competence and one doesn’t need to be good at various things rather they need to be fully aware of their strong points and then to stay around that sweet spots. To be successful you need to be real good at one thing and that will be more than enough.
4. Read a Lot
Develop a habit of reading books because the knowledge that you get from the books will be more valuable than any thing else. Books are able to mold our mind in some most unimaginable ways. Reading a good book and learning from it may save many years for you in what you plan to do.
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5. Keep a Margin of Safety
Stay well below limits, people usually in haste of doing things, take unreasonable chances and many time loose a lot. This is true about all things in life but more so in the matter of money. People invest recklessly and to gain a little they put a lot on stake. Buffet advises here not to test the depth of water with both feet inside it.
6. Have a Competitive Advantage
In a very competitive environment we are living today, others come to take advantage and offer better deals. They will be able to take away your business if you are not fully alert and don’t offer any competitive advantage. At the same time love your way to be productive, everyone has his own way to work and you will be able to give maximum productivity if you be your own and remain original rather than imitating somebody else.
7. Study Failure
Competition is everywhere and there will be time when you fail but don’t be afraid rather Embrace Discomfort for Growth . Study failure and find ways to overcome it. Have no complacency and be restless. Always be on move and try to figure out what new value you could offer your customers and don’t simply rest on your laurels.
8. Have Role Models
One very important way to grow is to have role models. A role model can offer so much value to you if you study them. What your role models might have learnt over years, you can get to know those things by simply following them.
9. Give unconditional Love
Power of unconditional love is unbound. Whatever you do, do it with love towards others. Be a better human.
Beside being a super successful investor, Buffet has also been a good writer. He has written several articles and has many scholarships to his name. Buffet has time and again advised that the best thing they could do is to develop good habits. And as per him kindness, generosity,modesty and good humor remain the most important qualities in people.