Warren Buffet has been admired longer than most of us have been alive. He is one of the most revered and successful people on the planet. His fan following is attributed to his simplicity, business acumen and amazing life philosophy. He is a true legend who serves as the chairman and CEO of Berkshire Hathaway. His advice and opinion have been highly soughted by people all around the world.
Warren Buffet has been one of the richest persons on the planet for several decades now. He is currently the third richest person in the world with an estimated worth of over $85 billion. Buffet is a philanthropist, he has pledged 99% of his wealth to philanthropic causes. He has been donating most of his money via Bill and Melinda Gates Foundation. Here we look at the 11 Rules for Success that Warren Buffett follows, learn them, implement them and make them your own:
1. Choose Simplicity over Complexity
The most successful people are able to cut through the complexity and make things really simple. Warren Buffett attributes his success to simple principles he has followed. Whether it is his investment philosophy or life, Buffett chooses simplicity over complexity.
He has been able to build his business by eliminating the complexity to create a simple and consistent framework that has guided him to unrivalled heights. He says, “I’m not interested in cars and my goal is not to make people envious. Don’t confuse the cost of living with the standard of living.”
2. Strong reputation is its own Reward
This quote from Warren Buffett sums it all about reputation. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Great reputation attracts great opportunities. People want to associate and work with professionals who have high integrity, trust worthiness and character.
3. Do what you love and stick to it
Success is never achieved overnight. It requires toil and hardwork to refine and polish your skills. The top people spend countless hours working on their craft to improve themselves. Complaining is not the solution. You have to spend your time doing things you love.
The passion and love for what you do will make you stand out from others. Greatness is never forced upon people. As Warren Buffett mentions, “We enjoy the process far more than the proceeds.”
4. Set aside time for reading, learning and thinking
Most of the successful people are great learners. They are always trying to absorb knowledge to improve themselves. Warren Buffett himself reads for more than 5 hours every day. It helps him to continually refine his learning and thinking.
Successful people find time to read and learn new things. Many of these people like Bill Gates, Oprah Winfrey, & Jeff Bezos have hectic work lives, despite that they set aside atleast an hour every day for learning. They spend atleast five hours every week for deliberately improving themselves.
5. Associate with people who have high standards
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.& Warren Buffett.
Our behavior is influenced by the people with whom we associate. When you hang out with people who are better than you, it makes you better. When you are given a choice to work with someone who sets high standards and expects excellence, it will help you raise your standards too. We become what we repeatedly do. Mediocre work makes people mediocre.
6. Say No to remain Focused.
Success needs consistent efforts and focus. You can’t be successful if you want to do everything. We all have limited time and unlimited distractions. It is important to focus on the things that you want to achieve and give yourself fully to it.
As Warren Buffett puts it, “The difference between successful people and really successful people is that really successful people say no to almost everything.” The world’s best achievers are those who have the willpower to be focused on their goals and consistently strive in one direction.
7. Be grateful and Never forget where you started
The successful people have a sense of gratitude and humility about them. They know power, fame and riches are short lived. They are transient. They never forget where they started from and what made them successful.
Warren Buffet lives in the same house he bought in 1958 and drives his own car. It’s important for young people to realise that just because everyone else is doing something doesn’t mean, you also have to do it. Be grateful and humble, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” Says Warren Buffett.
8. Excellence demands Patience
You cannot win in the long term by doing ordinary work. Whatever you do, needs to stand out. It needs to have quality and excellence written all over it. You can’t get other people interested in your work, unless you’re doing excellent work day in and day out.
Successful people are prepared for the long term. They invest their energies and efforts to build things that are valuable. They are prepared to grind and struggle until they get things right Instant gratification is always harmful in the long run. Successful people are always focused on the long term. When they do something, they want to create lasting and sustainable success.
9. Be willing to be different
Successful people aren’t afraid to be different. They put in efforts to build their own success story. Warren Buffett started building his business in Omaha, not Wall Street. He refused to be in a crowded place.
He chose to build his career by working hard and wasn’t perturbed by others opinion about him. If you do what everyone else is doing, there is a fair chance you will be average. The successful people are able to judge, set and follow their own standards.
10. Be Prepared & Get Things Done
Successful people are well prepared. They put in efforts to thoroughly understand things they are doing. They minimise risk of failures by being well prepared to tackle the challenges. As Buffett once remarked, “Risk comes from not knowing what you’re doing.”
Successful people never make excuses. They are resourceful; they solve problems and find ways to get things done.
