Warren Buffett, one the most influential role models for success. He inspires us to dive deeper into the world of personal development. Having a net worth of more than $84 billion, he superbly prioritize things, stay focused and maximize productivity in order to reach his personal and business goals as well.
No doubt Warren Buffett is one of the richest person on the earth but he is also a very inspirational and wise person. He is the ideal for every success aspirant, regardless of the industry and occupation. Warren’s Buffetts ideologies will be helpful for you to become much more focussed, productive and successful person whether you’re a student, artist, writer or entrepreneur.
Let’s go through these Top 10 Rules of Warren Buffett for Success.
1. Find your passion
Like many people, if you are intrusted in different things and want to achieve success in different thing. It would be so frustrating for you when people advise you, “Just follow your passion”. But you would definitely love to follow if you are aware of it.
May be you work hard persistently with commitment. But you are what you’re doing, nothing can stop you. But before becoming unstoppable, you need a firm start.
If you feel stuck, start with the Right Perspective and discern between a Hobby and a Profitable Passion.
2. Invest in yourself
When Buffet was younger, good speaking skills were required in order to convince investors to invest in his partnerships. He invested in himself by taking classes on public speaking, developing skills, getting guidance from professionals, getting exercise, or simply sleeping enough.
Simply the best investment you can make is in you. Invest in yourself by taking care of yourself and self-improvement will always pay off. Learn new things, try to get them deeper by reading books by experts, blogs like mine and many paid courses.
3. Match Your Ambition with Your Actions
Action is required to accomplish any goal in your life. Being honest match the goals and ambitions of your life to the actions you are implementing right now.
Your today’s actions decide your tomorrow’s achievements. If you want to achieve something, be courageous and go outside of your comfort zone and take massive action to reach your ambitions and goals.
Many people doesn’t take the massive action to accomplish the goals that they have set.
Many a people say desires to be rich, to be a successful entrepreneur or to quit their 9-to-5 jobs. But the reality is that they aren’t implementing appropriate actions for the ambitions they’re having.
Warren Buffett says that you must have to set your goals and should step out of your comfort zone if you want to be a multi-millionaire. If you’re not doing so then your actions don’t match your ambitions.
4. You Become Whom You are Surrounded With
Hardly there is anyone with no goals, aims and aspirations. We all desire success – in life, in business, in finances and in relationships. But only few people can achieve those things.
The answer lies within you.
Surrounding influences perspective – perspective influences quality of standard – quality of standard influences quantity of achievements.
According to the Warren Buffett you must get yourself out from the negative people who underestimate you, discourages you and bring you down. You must have to raise your standards for your inner circle and surroundings. Surround yourself with people who-
- elevate you
- encourage you
- already successful
- lend you knowledge
- help you to grow up
- outside your comfort zone
5. Hire Wisely
Warren Buffett states that your employees are the direct representation of your brand. If you are owning a local business, the perspective of your community for your business has created by the people who work there. Hire the eligible as well as responsible candidate to work with. Being kind and supportive to your employees. Thus, a mutual respect is created that encourages your employees to do their best. It’ll portrait a positive image of your company in the eyes of your clients and locality.
- Be absolute and impersonal while hiring the employees.
- Hire employees who have the same goals and vision for your company as you have.
- Yelling, threatening, misbehaving and aggressive behaviour are inappropriate and won’t not be tolerated by anyone of your employees.
- Be humble, show some gratitude and say thank you to your employees. It is a small gesture that will help you to get to the long way.
6. Eliminate the Non-Essentials
Sometimes we create a huge and bulky list of tasks to be completed in order to achieve success in short period of time. And we get messed up being busy in the relentless pursuit of fame and fortune. Sometimes we miss the important aspects of life.
There are so many activities and pursuits in life that are just not that important to achieve the goals and a happy living. But unconsciously we are doing. Warren Buffett says to eliminate such not helping things to fulfil our true purpose in life.
- Retail with no exclusive delivery or curb side pick-ups
- Entertainment and recreation facilities
- Concert venues
- Private Clubs
7. Be In Love with the Process
Almost everything we do is measured by the instant results in this ambitious society. That’s why we have to work hard and stay consistent, to reach some expected level of our success. Everything that we do should produce some result and results are important because it provides an insight to measure the efforts we are implementing and can improve them as well.
But according to Warren Buffett falling in love with the process is more important than just calculating the results. By doing this you can easily tackle the obstacles and difficulties coming in your path to success. It might absurd you at first, but once you apply it your routine, you’ll see the results.
Practicing regularly with lot of unsuccessful attempts needs a lot of patience when there’s nobody to cheer you on. Only your love with the process may keep you doing.
8. Have a margin for safety
If you are owing a business or acquiring a partnership, margin of safety is the extent by which actual or projected sales exceed the break-even sales, in accounting.
The margin of safety ratio equals the difference between budgeted sales and break-even sales divided by budget the sales.
In accounting, the margin of safety is a measure of business risk. It represents the percentage by which a company’s sales drops before it starts incurring losses. Which means higher the margin of safety, the more the company can withstand fluctuations in the sales.
If the drop-in sales is greater than margin of safety, it will cause net loss for the period.
9. Complexity is the Enemy, Simplicity is Your Friend
“The business schools reward difficult complex behaviour more than simple behaviour, but simple behaviour is more effective.” — Warren Buffett
According to Warren Buffett, whether we’re investing in stocks, building a business or relationship with a loved one, we humans tend to overcomplicate everything that we get into.
Buffet says almost everything in life becomes better when you keep it as simple as possible.
Let’s have an example, Your businesses would become more profitable and less stressful when you start to focus on just a few revenue-generating activities instead of trying to do hundreds at a time.
Warren Buffett says that his university grades improved significantly when he learned how to prioritize his studying instead of trying to learn every single thing from a book.
10. Don’t care what others will think
Most of the people care what other people would think about them if they perform some activity to some extent. You mustn’t be a People Pleaser otherwise you can never take your responsibilities to the longer.
You need to be internally validated. You don’t need outside approval to feel happy. Super successful people don’t worry what their critic would say good or bad because they know how to find confidence and security inside not externally.
There is no one who can hold you back when it comes to your imagination and creativity. Also, only you know what inspires you and what makes you stand firm to your determination.
Write down your goals so that you may become more aware of what you want in life and with your business than it won’t matter what someone else think of you. You should stand firm with your work and direction, since you know the path to success.
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