When it comes to running a business, only a few people are aware of doing it successfully. The reason? Growing businesses go through a lot of challenges–where each problem demands a unique solution–and some people know how to work around them.
In this post, we bring you some of the best business-running tips from Warren Buffett, who is considered one of the most successful investors in the world. He is also the CEO and largest shareholder of Berkshire Hathaway and has a net worth of approximately $96 billion.
Tip #1. Pay Attention to Who You Hire
As a business owner, your first task is to keep great people close to you. It means you should always hire the right people who aren’t just talented but have integrity. Warren Buffett says, “You’re looking for three things, generally, in a person: intelligence, energy, and integrity. And if they don’t have the last one, don’t even bother with the first two.”
Try to hire trustworthy people for your organization. They will most likely do the right thing even when not checked upon.
Tip #2. Think and Reflect More Often
Business owners often tend to make the mistake of rushing while making decisions. However, impulse decisions can only lead to disaster. So, make sure to take time and think things through.
As Buffett says, “I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”
Tip #3. Avoid Taking Shortcuts That Are Costly
Warren Buffett says, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” So, always keep in mind that you’ll have to protect the reputation of your business. Not being careful can destroy the reputation. Therefore, you must act with integrity and always treat your customers in a good way.
Tip #4. Believe You Can!
Confidence is highly essential to run a business successfully. So, if you don’t believe you can succeed in your business, it would be hard to convince others to do so. That’s why you must believe in yourself and your company’s vision. As for the others, they will likely follow your suit.
Final Words
The above were only a few great pieces of advice from Warren Buffet. However, you can also consider business advice from other investors. After all, advice from any billionaire investor will be worth taking seriously. By following their advice and footsteps, you will more likely put yourself on the path to success.
