Warren Buffett’s 4 Best Tips for Running a Business

Close-up of Warren Buffett.

Image Credit: The Motley Fool

Business wisdom from the Oracle of Omaha.

Important points

  • Warren Buffett is often called the most successful investor in the world.
  • Any business advice from him is worth taking seriously.
  • Buffett says that by taking the time to think, hiring the right people, and believing in yourself, you can put yourself on the path to building your own thriving business.

Few people know more about running a successful business than Warren Buffett. As the CEO and largest shareholder of Berkshire Hathaway, he has a net worth of nearly $96 billion and is often considered the world’s most successful investor. So what’s his secret? Here are Buffett’s top tips for running a successful business.

Tip 1: Hire the right people

One of the most important things you can do as a business owner is surround yourself with great people. But it’s not enough to just hire talented people – they must have integrity. According to Buffett, “You generally look for three things in a person: intelligence, energy, and integrity. And if they don’t have the last, you don’t even care about the first two.”

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Hiring trustworthy employees is key to the success of any organization. They’ll do the right thing when no one is looking, and you can give them the freedom to do their jobs without managing them in detail. You cannot have a high-performing team without trust and integrity.

Tip 2: Take time to think and reflect

In today’s rush, we tend to rush things. That can be a recipe for disaster. “I insist that almost every day a lot of time is spent just sitting and thinking. This is very unusual in American business. I read and think. So I read and think more and make fewer impulse decisions than most people in business. I do it because I like that kind of life.”

This quote shows the importance of taking the time to think about your business decisions. Impulse decisions can often lead to regretted decisions later on. By taking the time to think things through, you increase the chances of making informed decisions that will benefit your business in the long run.

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Tip 3: Don’t take expensive shortcuts

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about it, you’ll do things differently.” This quote is a reminder that your company’s reputation is its most valuable asset. Building a good reputation takes a long time, but can be destroyed quickly if you’re not careful. That’s why it’s so important to always act with integrity and treat your customers well.

Tip 4: Believe in yourself!

“I always knew I was going to be rich. I don’t think I ever doubted that for a minute.” This quote underscores the importance of trust in running a successful business. If you don’t believe in yourself and your ability to succeed, it will be difficult to convince others to invest in your business. Believe in yourself and your vision for your business, and others will follow.

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Any business advice from billionaire investor Buffett is worth taking seriously. After all, he is one of the most successful businessmen in history. These are just some of the many great pieces of advice Buffett has offered over the years for running a successful business. By following his advice, you can set out on your journey to building a thriving business of your own.

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