Warren Buffett is the chairman and CEO of Berkshire Hathaway. Warren Buffett is known to be one the most inspiring billionaire of this time. Time Magazine has given Warren Buffett credits for being one of the most known influential people in the world. Warren Buffett is a prominent investor and a philanthropist of the 20th Century. Warren during his life span suggested and worked on various theories of success. In his multiple interviews he has highlighted few most common suggestions which may be considered for being success. Warren Buffett defined success as a term that has multiple definitions and it changes person to person. It is important to set goals in life and consider a threshold which may be defined as success for that goal.
Warren Buffett has raised few convincing points to gain success. Team of Happypotamas has analyzed carefully and pointed 10 most repeated suggestions made by Warren Buffett as rules to gain success. Following are the 10 rules of success prescribed by the most influential person on 20th centuary, Warren Buffett:
- Success Rule# 1 – Don’t Care What Others Say: It is really important to trust the facts instead of ignoring it and believing on what others perceive. You need to start listening to your self instead of others. Believe in your knowledge, research and facts instead of believing on the experiences, stories or fears of others.
- Success Rule # 2 – Read, Read and Read: Reading is one of the most beautiful habits making it a step towards success. It helps an individual learn and relax at the same time. Start learning new experiences through reading books.
- Success Rule # 3 Define Safety Margin: You need to draw a margin of safety. Individuals needs to take calculated risks and should define thresholds of safety to stay save.
- Success Rule # 4 – Define Competitive Advantage: When you define what you want to do it is important that you differentiate your goals from being general. For e.g. if your goal is to start a barber shop, your services can be copied easily by anyone. It is recommended to make sure your store provides something unique which no one can copy and that would define competitive advantage for your store.
- Success Rule # 5 – Groom your Personality: Invest your time on yourself as well. It is obvious to have a busy schedule when you are determined with your goals but it is highly recommended to free time for yourself where you could just sit idly and do something which you would love to do.
- Success Rule # 6 – Learn from Failures: Failures are steps towards success, never get demotivated from it. Try to learn from those failures and start being grateful for the learning gained through those failures.
- Success Rule # 7 – Find your idle: Try to find an idle in your life. Someone who you can be inspired by you. An idle can be anyone, someone from your family, religious circle, friends or maybe your teacher. An idle should be someone who could stop you from doing something which is not morally correct and who you could follow to gain insights about moral values.
- Success Rule # 8 – Give Unconditional Love: The father of Warren Buffett gave him an advise to provide unconditional love. There is no power like the power an unconditional love perceives.
- Success Rule # 9 – Find a Competitive Team: When you aim to built something you need to make sure the team you hire is full of integrity and holds passion for the work they are hired for.
- Success Rule # 10 – Be convinced on what you want to do: The projects which you aim to achieve should be first convincing for you and then go and try to convince the outsiders. If your project do not convince you that means your projects may require alot of more work on it.