Buffet Wisdom
Published on August 10, 2017
Published on Wealthy Affiliate — a platform for building real online businesses with modern training and AI.
Warren Buffet was on TV last night.
And here’s what the billionaire had to say about becoming wealthy:
1, Become an entrepreneur. (No, he didn’t say to save 10% of every teeny-tiny paycheck and put it into stocks twice monthly times 45 years!)
2, The research is clear: being your own boss is where it’s at; however, starting a biz is the easy part. Especially online.
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3, Nearly 80% of small businesses (and I’d bet even more internet businesses) go “belly up” inside of 18 months. Ouch!
4, To make sure you’re not one of ‘em… and to give yourself the best shot at making the MOST moola… keep the following in mind:
4a, A great business has high returns on capital, plus costs very little to grow.
4b, The “holy grail” is when you’ve got a competitive advantage and there’s obstacles that make it tough for new competitors to flood the market.
4c, You’ll be unstoppable if you’ve also got “pricing power.” Meaning, you can raise prices without losing all your clients.
4d, If what you’re selling is in demand, and you’re not easily replaced, and the govt. doesn’t regulate what you charge. You can scale faster and easier!
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