One of my passions is studying successful entrepreneurs. I love to learn how they think and what actions they have taken to get to the top of their game.
I got to wondering, what does it take to be more like Warren Buffett? What does he do that makes him so great? So I started researching him. And, guess what? He does an awful lot of things that you can do too. Easily.
Here are a four keys to Warren Buffett’s success that you can implement starting today:
Mr. Buffett is known as one of the world’s greatest value investors. To put it simply, he invests in companies based on their future earning power.
What is your future earning power?
In five years, what will your company be earning or what will you be bringing home?
Are you investing now in making that future happen? Are putting money into becoming that future earner or are you just hoping it will happen?
Mr. Buffett is known widely for his 12 tenets of investing. These are his guiding principles for decision-making. He never deviates from his ideals and that focus has paid off for him handsomely.
Do you have a list of your tenets or values for decision-making in your business?
What guiding principles do you live by and run your business with?
Do all of your co-workers and employees know them as well?
While Mr. Buffett’s philosophies are written down and well-thought out, his processes are adaptable to changing markets and business climates. Regardless of whether the economy is going up or down, his investments steadily grow because of his careful planning.
Have you written down your processes for making money over the long-term?
Is your plan adaptable to good markets and bad?
Can you make a profit in all business environments with your plans?
Circle of Competence
One of the most striking features of Mr. Buffett’s investments is his reluctance to invest in technology stocks. He has a strict policy of only investing in industries that he understands deeply. While he is arguably giving up potential profits in the tech industry, he is doing so well in industries in his circle of competence, it doesn’t matter.
Do you know your circle of competence?
Do you only operate in areas that you can dominate?
Are you good at staying out of things that aren’t your superpower?
Take moment to answer the questions above. If you are unsure of the answers or you need more help with them, check out our one-page strategy for growth.
Laura Posey is Chief Instigator at Simple Success Plans. Her driving mission is to show entrepreneurs how to double their business while taking more time out of the company to make a difference in the world. She is an avid traveler and is always looking to connect with readers around the world.
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