Success Story Of The Biggest Investor Of 20th Century
This man’s success story will inspire and motivate you to pick up yourselves and work endlessly towards your dream without getting tired and frustrated. He is the most successful investor of 20th Century. He is one of the most influential people according to Time Magazine.
He is Warren Buffet, CEO of Berkshire Hathaway. This business tycoon has a worth net of over $85.6 Billions as of December,2020. Let’s see what are his rules to success.
1. Find your passion
I know you must think working for something you’re passionate about doesn’t really happen in real life. You got bills to pay, a family to feed. Most of us usually settle with whatever job we get or even worse study something we don’t want to but do because it’s high paying.
That is when we loose our dream. Getting your dream to reality isn’t an easy job. That road is going to be tricky and full of obstacles. But that doesn’t mean you should give up. The more you work hard for it, the better it’s going to feel when you achieve it.
You may not find your passion right away. Sometimes it takes years of working in a job to find what we love. But once you do, don’t run away from it. Never run away from it. The idea is in your beautiful head already, you just need to draw it out in reality.
2. Hire Well
You have to look at these 3 skills before you hire someone:
These 3 skills make a perfect employee. You need him/her to be smart and intelligent so that he can learn quickly and with ease.
Integrity is really important to build trust. If there’s no trust, you won’t be able to give them responsibilities.
And lastly, the person has to be energetic so that the task is completed within a stipulated time.
Finding an employee with all the three qualities is itself a task and seems almost impossible. If you’re not able to find that person, maybe you’re looking in the wrong direction.
3. Don’t Listen To Others
In the path to your dream ,there will be a lot of people who would discourage you and tell you that this isn’t worth it. That there are thousands of other people who are better than you. But if you believe in your business plan, it’ll definitely be successful.
BUT, Don’t listen to them. If Mark Zuckerberg had listened to these ‘people’, he wouldn’t have built an empire on social media. So believe in yourself, be consistent and keep working on your dream. If you have the courage to believe in your dream, you certainly have the potential.
If someone says you’re wrong, don’t fight or argue with them. Go back and check your facts. That’s how you’ll learn. If you know you’re right, you probably are. There’s no need to prove anything to the others. Your success will speak on it’s own.
Be in your ‘Circle of Competence‘. According to Warren, your circle of competence incorporates the areas or subjects you know best. Be in that zone. You have to know the boundaries of that area. If you try to cross that boundary, that’s when you’ll start facing obstacles.
4. Read a lot
Never stop reading. The success story of every billionaire says that the person reads a lot. They never stop reading or rather learning. You don’t need a college degree or a course to learn about things. Everything is already available either on the internet or in the books. It depends on you if you want to learn or not.
Warren Buffet still reads 5-6 hours daily, even after being so successful. So there’s no end to learning. You just have to make time. Start with reading one hour day, choose a biography or a book on your subject. Anything. But read. And never stop.
5. Be Competitive
By this, he means that be competitive with yourself. Learn from your failures. Don’t crib over what made your business bad. Accept it and make the needed corrections.
Also, he says it’s good to have a competitive advantage. That would make you unique in your own way. If you a competitive advantage and then if people start copying you, you’d still be the inventor of the original idea. And remember, originality never fails.
If you have something unique and something which is missing in the world and solving a problem, you have a million dollar idea. A service or a product is only successful when it’s helping others and not yourself. People will definitely buy something which they don’t have and badly need. That would create a whole different level of competition but you’ll be the one winning it.
6. Be a good Investor
Whether you’re in a job or you have your own business, invest in something productive. Warren’s success story is completely based on being a good investor.
If you just earn and store the money in the bank, it’s not going to do any good. With every year, it’s value is decreasing. Cash is never a good investment. A good business is an investment which will help you make more money from the investment you made.
Don’t just buy gold and hope for it’s prices to go up one day. A good investment is the one where you buy an asset and use it to produce even more money.
That’s how Warren Buffet’s success story was builtNow he has a business which is operating on it’s own. And that’s the best kind of business. All he does is put in a capital. The key to starting a successful business is that one day, your business would make money even when you’re sleeping. And when that day would come, know that you’ve achieved your dream.