Born in Omaha, Nebraska, Warren Buffett is, at 92, one of the world’s leading investors whose fortune amounts to $117.4 billion, making him the fifth richest man in the world.
The American is a benchmark for all investors to whom he has left multiple lessons such as the importance of diversifying. And it is that, as president and CEO of Berkshire Hathaway, he has built a successful career with the acquisition of companies such as Duracell or Geico, as well as being a shareholder of other companies such as Apple, Coca Cola or American Express.
But the “Oracle of Omaha” is not only a source of inspiration for investors, his career has great lessons in terms of entrepreneurship that can be used by all those who seek to have their own business.
Warren Buffett Lessons for Entrepreneurs
From a very young age, Buffett stood out for his investment acumen and his entrepreneurial vision, which he perfected over time. Among the most relevant learning that every business person can apply, are:
Age does not have to be an impediment to undertake
From the age of six, the American began his journey through business selling soda cans, that was just the beginning of a series of ventures such as the installation of pinball machines, the sale of sweets or the distribution of newspapers, which paid off and for At the age of 16, he had achieved a “small” fortune of $53,000.
Be patient and learn from your mistakes
When he was 11 years old, Warren Buffett bought his first shares in the Cities Service Company for $38 per share. The price subsequently plummeted to 27 dollars and when they reached 40 dollars, he sold his shares with a profit margin, however, they were later valued at 200 dollars, which taught the young investor a great lesson to be patient because the results they can be even better if you wait long enough.
preparation is essential
His interest in the stock market was an incentive to read about investments, which contributed to improve his knowledge about it. Later, despite already having successful businesses, he continued his preparation at institutions such as the University of Nebraska and Columbia Business School, which gave him tools and important contacts that contributed to his success.
Choosing the perfect ally
Selecting the ideal partner is not an easy task, but it is not impossible either, as demonstrated by the relationship between Warren Buffett and Charlie Munger, who have collaborated since the late 70’s. Sharing a world view and similar investment skills were key to the success of this partnership.
Undertaking, like investing, is not easy, there are multiple factors outside of your control that affect the results to be obtained, however, there are certain actions that can help make the path easier to travel. Warren Buffett’s career and experiences are a clear example that you can take note of.
Daniela Ramos Communicologist and mom. With 10 years of experience, I have been able to tell stories related to business, personal finance, work culture, entrepreneurship and technology.