Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net worth of over $103 billion as of August 2022, making him the world’s seventh-wealthiest person.
Buffett has made his billions through making smart investments in the world of stocks and shares, essentially making him the smartest investor to ever walk the planet.
Here are six successful business lessons from Warren Buffett:
Spend Your Money Wisely
The first of Warren Buffett’s success lessons is to spend your money wisely. Try not to waste your money on the things that you don’t need, and spend it wisely on the stuff that you do need. Also make sure you save so that you can invest in yourself later on when you’re ready to.
Warren Buffett said “If you buy things you don’t need, you will soon sell things you need.”
Be Careful When It Comes To Borrowing
If you’re someone who takes out loans quite a lot and maxes out your credit card, then you’re not going to become rich are you. You’re going to end up with debts that are ever increasing and it’ll start snowballing if you’re not careful.
Warren Buffett has never borrowed a large amount of money, and he suggests to those with outstanding loans that once they’ve repaid and are free of debt, they should begin saving what they can to be able to invest later.
Don’t Be Afraid To Be Different
The truth is that most people will copy others that have already become successful in their business.
I don’t blame them, I do it too more often than I should, but it’s not always a great way to go. If you’re forever copying others, you’re never able to give anybody your own personality and image, your own ideas and visions especially in your business.
In business reinvestment is always a great key to consistent growth, but especially when it comes to something such as stock trading.
After all, if you make money in the stock market and spend the profit, you’re only going to have the same amount to invest next time. And that’s not going to help you with quick growth at all.
This was something that Warren Buffett learned fairly quickly. One of his first ventures was purchasing a pinball machine with a friend and putting it in a local barber shop.
He didn’t go out and spend his share of the profits from this machine on stuff he didn’t need. He went out and purchased more machines to place in other shops, Then when this venture ended, he again reinvested the profits into the stock market, which served him very well in the future from doing so.
Persistence Is Key
Persistence is the key to mastering any skill, you know that. You’ve just go to keep pushing until you get through the barriers to success.
In 1983, the Nebraska Furniture Mart was purchased by Warren Buffett, mainly because the way that Rose Blumkin, the founder of the mart, did business appealed quite well to him. Rose was an amazing negotiator and she used to completely undersell the big shots as part of her business strategy. The Furniture Mart didn’t start out as a large store. Over time it grew from just a small pawnshop into North America’s biggest furniture store.
The reason this furniture mart became so successful and was able to beat its competitors was because Rose had the persistence and determination to turn it into what it eventually became.
Think About Things In The Long Term
When it comes to business, stocks and shares in particular, investing in the long term will most likely be able to reap more benefits than hoping to make a quick buck.
It’s the same with bank interests. The longer you’re prepared to tie your money up for, the larger percentage of interest you will get.
Warren Buffett says “No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”