This article was last updated on July 22, 2015
He was the single most successful investor of the 20th century. Time magazine named him one of the most influential people in the world. He’s worth over $70 billion. He’s Warren Buffett and..
Here are The Top 10 Warren Buffett Rules For Success
1. Find your passion
You are lucky in life when you find it and you can’t guarantee you are going to find it on your first job, but once you find it, your life will change. Take the job you would take if you were independently wealthy, you are going to do well at it.
See also: 3 Practicals Ways to Find Your Passion
2. Hire well
It’s no secret that hiring is one of the biggest challenges of managing and growing a creative team. Remember that your people are your greatest asset. Look for people with 3 qualities – integrity, intelligence and energy.
3. Don’t care what others think
“Care about what other people think and you will always be their prisoner.” – Lao Tzu. It’s normal to want to be liked and accepted. However, this leads to people worrying too much about what others are thinking about them. This kind of excessive worrying can have a negative effect on your life. Do not let it prevent you from living your life to the fullest potential. Once you give up caring about other people’s opinion and thoughts, you will discover the real you, and that freedom will be like taking a breath for the first time.
4. Read, read, read
If you‘re one of countless people who don’t make a habit of reading regularly, you are missing out countless opportunities daily: The more you read the smarter you get. I remember reading last month that if you read one book a month on the same topic for 2 years, you will become part of the top 5 % experts in that topic, and that’s the real power of reading. Here are some of the books that Warren Buffett recommends – “Business Adventures: Twelve Classic Tales from the World of Wall Street” by John Brooks, “The Essays of Warren Buffett” by Warren Buffett, “The Intelligent Investor” by Benjamin Graham
Source: Business financial post
5. Have a margin of safety
The majority of investors will encounter various stumbling blocks and bad luck over their investing lifetime; a margin of safety will provide them with some protection in terms of preservation of capital when the going gets tough.
6. Have a competitive advantage
“Capitalism is all about somebody coming in and trying to take the castle. Now what you need is a castle that has durable competitive advantage” – Warren Buffet
A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices.
7. Schedule for your personality
Warren Buffet doesn’t like meetings, but he is building his businesses around his personality, doing it the way he prefers and enjoys. So find your productive mode, find your pace, find the sweet spot. You will be most productive once you find what works best for you.
8. Always be competing
The biggest business killer – complacency. Once you get that feeling of self-satisfaction, that’s when it gets dangerous, that’s when your competitors will run you over. So always strive for growth, always be on the move, otherwise your competition is going to outcompete you!
9. Model success
You can’t do it on your own, get that out of your head. There is one thing that successful people have in common; mentors. Having a mentor is said to be one of the most important keys to success. I believe this is especially true early on but is imperative at any point in your career.
See also: 5 Reasons Why You Should Get a Mentor
10. Give unconditional love
In his profile for The Great Minds of Investing, Mr. Buffett speaks candidly about the most important reason for his success: the love and support he received from his father, Howard Buffett, a U.S. Congressman whom he revered. “My dad believed in me,” Mr. Buffett explains. “What I basically got from my father is unconditional love. Unconditional love is huge in this world … Whatever I did, he was all for it. It didn’t matter how much money I made or anything like that. It was just, ‘Do your best in whatever you take on.’ ”
Thanks for reading & watching. I would love to know what you think about Warren Buffet as an entrepreneur, please let me know your thoughts in the comments below and you can also check out The Top 10 Steve Job’s Rules For Success.