Warren Buffett's 13 advice to youth!@!
Warren Edward Buffett, American 'business magnate', entrepreneur, and social activist. Buffett is considered one of the most successful entrepreneurs in the world.
One of the richest people in the world, he was named as the most influential person by Time magazine in 2012.
Buffett has given some famous advice to young entrepreneurs and investors, based on what he has learned from being successful in life.
Here are some of them:
1. Do what you love to do.
Your choice should be given top priority. “Wherever the field is profitable, I must invest there!” Before thinking that "whatever field I like to work on, that's right for me." This thought should be brought to mind.
“In the world of business, the people who are most successful are those who are doing what they love.”
“Not doing what we love in the name of greed is very poor management of our lives.”
2. Don't invest in a business you don't understand.
Because Buffett doesn't know much about tech businesses, he never invests in them, no matter how profitable the business is.
So he asked others to be careful about it. Before investing in a business, he asks the investor to have a complete understanding of it. That is, how it profits, how much profit it can generate in the future, etc.
“Never invest in a business you cannot understand.”
“Risk comes from not knowing what you’re doing.”
3. You have to do a lot less to be successful unless you do a lot of things wrong.
To be a successful entrepreneur one has to work very carefully and avoid mistakes as much as possible. Because a small mistake often leads to a big failure.
“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”
4. Mix with the right people.
Always associate with people who are more successful and efficient than you. By doing this, those qualities germinate in oneself and motivation to succeed is found.
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”
5. Lessons should be learned from the past.
The future is always uncertain in the business world. So instead of imagining what will happen in the future, analyzing the past, learning from it, and applying that learning will make the future better.
“In the business world, the rear view mirror is always clearer than the windshield.”
But this does not mean that the past always determines the future. The opposite is also normal.
“If past history was all that is needed to play the game of money, the richest people would be librarians.”
6. Have confidence in yourself.
I just dreamed big, but I didn't try to fulfill that thinking and always regret "I won't get it", it won't happen if I do that. Those are just waste of time, Instead of those just think about "I want to be", or "I will be".
“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
7. Take advantage of the opportunity.
Opportunities don't always come so whenever they come in your life makes full use of those by doing 100%.
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
8. You have to improve yourself.
Improving yourself, and increasing your skills is an asset that no one can ever take away and from which profits are guaranteed.
“Generally speaking, investing in yourself is the best thing you can do. Anything that improves your own talents; nobody can tax it or take it away from you. They can run up huge deficits and the dollar can become worth far less. You can have all kinds of things happen. But if you’ve got talent yourself, and you’ve maximized your talent, you’ve got a tremendous asset that can return ten-fold.
9. Learn to reject.
In the business world, no proposal is good or bad. Its all depends on how its gonna benefit you to grow up in your life. If a proposal sounds good but not gonna benefit you … then you have to say 'no'. There is no point of politeness or sociability.
“The difference between successful people and really successful people is that really successful people say no to almost everything.”
“You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.”
10. One can never be completely destitute.
This advice is the most discussed in 2016. Money is important along with all other strategies for entrepreneurship. Therefore, if one loses all his financial resources while undertaking the venture, it will be difficult to recover, let alone profit.
“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.”
It should be noted that Buffett himself has lost his money in many investments but due to his skill and strategy, he has been able to mitigate those losses.
11. 'Debt' should be ignored as much as possible.
In his personal life, Buffett has taken very little loan to build his business. High debt increases the liability of the business which may lead to bankruptcy later.
“I’ve seen more people fail because of liquor and leverage- leverage being borrowed money!”
“You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.”
12. Always keep cash on hand.
Opportunity comes and goes. Many times, due to a lack of money, many great opportunities are missed. So, always keep enough money saved. By doing this, many risks can be avoided as well as opportunities are taken advantage of.
“Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent,”
13. You should repay the Society.
Different objects of the society and different classes of people can transform a common man into a successful entrepreneur. So after being successful, one should fulfill the duty toward society.
“If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%,”
Overall, Warren Buffett's success as a businessman and investor is the result of a combination of his unique personal qualities, investment philosophy, and business strategy. His approach emphasizes long-term thinking, a focus on fundamental value, and a commitment to integrity and ethical behavior.
These pieces of advice from Buffett, who went into business with 100 dollars and earned 73 billion dollars, are completely given from his practical experience.
Who knows! If you keep these tips in mind, maybe one day your advice will create a stir in the world.
I'm hopeful these quotes and ideas definitely helps you in a positive way in life. Wish you all a great day and all the best for your future projects.
Thanks & Regards
Preetam
Recent Comments
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Not only he earned big also evolve himself well as he becomes a sensation. But the the thing I like most his charity works.👫
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Excellent post Pretaam! Warren Buffet's commitment to integrity, his ethical behavior, and a focus on fundamental value with emphasis on his analytical thinking is what brought him his enormous success!
This is truly inspiring insight! Thank you!
Cheers.
Maria🌹
You're welcome Maria 🌹I always believe if powerful people's in this world done something for uplifting others then only we create a parallel economy without any hatred.