10 Business Lessons from Warren Buffett: Practical Steps From the Investment Guru

Warren Buffett is an 84 year old American Business Magnate, Investor and Philanthropist. He is one of the richest persons on earth with an estimated wealth of $74.4 billion as at 9th December 2014.

He is the most successful investor of the 20th Century and one of the greatest entrepreneurs of our time. Warren Buffett is the chairman, CEO and largest shareholder of Berkshire Hathaway.

I will be sharing some business lessons entrepreneurs can learn from this great investment tycoon.

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Warren Buffett

Business Lessons from Warren Buffett

1. You Should Start your Own Business Now

Do not wait for the best time to start your own business. The perfect time to start is now. Warren started selling gums, Coca-Cola and weekly news papers as a child. He also started investing in stock market at age 11 after visiting the New York Stock exchange at age 10. You easily get rich in business if you know when you are wrong. Warren started his Hedge Fund at age 17. It is good you start early, make all the mistakes early and correct yourself early. Tomorrow is not the best time, NOW is.

2. Thrive to be Different

Always try out your own method/idea of doing things. Do not always imitate others. Do not make business decisions based on what every other person is saying or doing. When Warren Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball. He worked in Omaha, not Wall Street, and he refused to tell his parents where he was putting their money. People predicted that he’d fail, but when he closed his partnership 14 years later, it was worth more than $100 million.

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3. Reinvest Your Profits

For your business to grow, you need to continually reinvest your profits. Most entrepreneurs are always tempted to spend their first business profits. This is not a good idea if you wish to grow better than you where. Warren knew about this early enough. In high school, he and a pal bought a pinball machine to put in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. When the venture was sold, Warren Buffett used the proceeds to buy stocks and to start another small business.

4. Integrity Matters

Whatever decision one take in business has its implications. If you sell bad ideas to make gains, you lose friends and future business contacts. For one to be very successful in business, one must consider what happens after today (sealing business/transaction). Be sincere in all your business dealings. Integrity gives you and your business good name.

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    Francis Nwokike

    Francis is a Passionate Social Entrepreneur. Love discussing new trends in Business and Marketing. A Startup consultant. A good listener. Love to help that your business grow.

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