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10 Powerful Lessons Everyone can Learn from Warren Buffett for Business Success

10 Powerful Lessons Everyone can Learn from Warren Buffett for Business Success

With an estimated net worth of $72 Billion, Warren Buffett is one of the most successful, wealthiest businessmen and investors of all time. There is no doubt that we can all learn more than a few things about doing business and making wealth from this remarkable billionaire, whose been acquiring, starting and growing businesses for longer than many of us have been alive.

His company, Berkshire Hathaway, owns and operates some of the largest corporations in the world, including Helzberg DiamondsFlightSafety International, and NetJets. And Buffett generously shares lessons he’s learnt along the way through his extensive writings and talks, and by the way he leads his life. Here are powerful lessons we can all learn from Buffett to succeed in business and in life today.

1. Do work that you love.

Success comes when you do what you love. Warren Buffet lives by this rule and urges us all to live by it too. When you do what you love and are passionate about it, he says, you’ll never work a day in your life.

“There comes the time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Isn’t that a little like saving up sex for your old age?”

2. Don’t “thumb suck.”

Warren Buffett prides himself in making swift, well-informed decisions and acting on them just as fast. He deems any unnecessary dilly-dallying as “thumb sucking.” Do your research thoroughly, well in advance. Gather all the necessary information and act decisively. Say “No” if you have to.

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“The difference between successful people and really successful people is that really successful people say no to almost everything.”

3. Spell out the specifics of a deal beforehand.

Warren Buffett tells a story about when he was a young boy. His grandfather, Ernest, hired him and a friend to dig out the family grocery store after a blizzard. The boys spent five hours shovelling until they could barely straighten their frozen hands. Afterward, his grandfather gave the pair less than 90 cents to split. Buffett was horrified that he performed such backbreaking work only to earn pennies an hour.

Even when you are dealing with friends and relatives, have all the specifics of the deal spelt out beforehand, including your monetary benefits. Your bargaining leverage is always greatest before you begin a job—that’s when you have something to offer that the other party wants.

“I am a better investor because I am a businessman, and a better businessman because I am an investor.”

4. Assess the risk involved.

Think about the worst and best possible scenarios and promptly make the most rational, progressive decision. That’s basically the advice Buffet gave his son, Howie, when the FBI accused the younger Buffett of price-fixing in 1995. Howie quickly realized that the risks of staying in his then troubled company far outweighed any potential gains, and so he quit the next day. Assessing risks carefully helps you see where you are struggling and can guide you to make smarter decisions.

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“I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”

5. Exercise vigilance over every expense and spending.

Warren Buffett is well-known for being frugal and encouraging others to do so. He’s lived in the same house he bought when he was 28 for a mere $31,500 to date. Being frugal and conservative with your spending helps you avoid waste. And when you avoid waste, you make your money work for you and save enough to invest for the future.

“If you buy things you do not need, soon you will have to sell things you need.”

6. Limit your borrowing and what you owe others.

Warren Buffet has never borrowed excessively, even when he was starting out in business. He says, “Nothing sedates rationality like large doses of effortless money.” He has always negotiated with creditors to pay what he can, and when he is debt-free, saved his money to invest. Living on handouts, loans and credit cards will not make you rich.

“I have pledged – to you, the rating agencies and myself – to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.”

7. Reinvest your profits.

In high school, Warren Buffet and a friend bought a pinball machine and put it to work in a barbershop. With the money they earned, they bought more machines until they had eight of them in different shops. The friends later sold the venture and Mr. Buffett used his proceeds to buy stocks and the rest to start another business. By the time he was 26, he had amassed $174,000, which is equivalent to about 1.4 million in today’s value.

Look broadly for investment opportunities and reinvest like you have a single lifetime “punch card” with only 20 punches—make each one count. Even a small investment can generate great wealth if you are diligent enough to favor substance over form.

“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because, sooner or later, one will.”

8. Judge yourself by your own standards.

Don’t base your decisions, successes or even happiness on what others say or do. Buffet notes: “You don’t have to swing at everything—you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!'” Instead of following the crowd, measure yourself by your “Inner Scorecard”—your own standards and not the world’s.

 “I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs, and trying to intelligently give away that money in fields that they particularly care about.”

9. Be consistent and patient.

Warren Buffett says, “Time is the friend of the wonderful business, the enemy of the mediocre.” The long and rocky road to success holds many valuable lessons and makes victory that much sweeter. So, be patient and keep pressing on. Don’t obsess over quick results and instant gratification. Success doesn’t come overnight—not even for Warren Buffett.

“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”

10. Know when to quit.

Warren Buffet makes mistakes just like any one of us, but he learns from his mistakes and doesn’t repeat them. He recalls: “I bought a company in the mid-’90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I’ve made lots of dumb decisions. That’s part of the game.” He is, however, quick to add: “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

Know when to walk away from a loss. And remember in businesses and in people, better quality businesses are more likely to grow and compound cash flow; low quality businesses often erode.

“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”

*all quotes are from billionaire Warren Buffett

Featured photo credit: Fortune Live Media via flickr.com

More by this author

David K. William

David is a publisher and entrepreneur who tries to help professionals grow their business and careers, and gives advice for entrepreneurs.

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Last Updated on June 17, 2019

40 Top Productivity Apps for iPhone (2019 Updated)

40 Top Productivity Apps for iPhone (2019 Updated)

Over the years here at Lifehack, we’ve discussed plenty of apps that you can use to improve your overall productivity.

There are certain ones that many of our contributors and editors (past and present) have adopted over the long-term — there are always the stalwarts that stick around. But there are also new apps that crop up every day, adding more and more depth to the app category.

Some of the apps are incredibly plain and simple, while others are more robust and offer more features than you can shake a stick at. And everyone has the one they prefer.

It’s been our job (and still is our job) to keep abreast of all of the productivity-type apps out there. As a result — and as a bit of a refresher — we’ve put together a list of 40 best productivity apps for iPhone (all categorized based on their functions) to provide you with an all-in-one resource for you.

For Getting Things Done

1. OmniFocus

This app is, while pricey, considered to be one of the (if not the) most robust and full-featured productivity apps on the market.

Download it here.

    2. Forest

    Train yourself to put your phone down and stay focused on the task at hand by playing with this planting game. It’s fun and will help you achieve more.

    Download it here.

      3. Things

      Another robust choice, this app is a favorite amongst “productivityists”.[1]

      Download it here.

        4. 30/30

        Recently covered here at Lifehack

        , 30/30 is a newcomer to the game that incorporates lists and timing of tasks into an elegant and easy-to-use interface.

        Download it here.

          5. Any.Do

          A beautiful-looking app that is both easy on the eyes and your wallet.

          Download it here.

            6. PocketLife Calendar

            This calendar app is specifically designed to be stylish and super easy-to-use. You can organize your life easily with different modern features.

            Download it here.

              7. Asana

              We’ve covered Asana here at Lifehack

              , and it is being actively developed by a strong team committed to making collaborative task management a more efficient and effective experience.

              Download it here.

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                8. ToDoist

                This app keeps track of everything – from simple errands to your most important projects – so you can get it all done and enjoy more peace of mind along the way.

                Download it here.

                  9. FlowTasks

                  From the folks at MetaLab, Flow is a gorgeous collaborative task management app that is easy-to-use and incredibly functional.

                  Download it here.

                    10. Calendars 5

                    This calendar app focuses on events that help you to keep track of upcoming events and tasks easily. It has everything you need to organize, track and complete your to-dos.

                    Download it here.

                      11. Clear – Tasks, Reminders & To-Do Lists

                      A fun and innovative list-making app that relies on swiping and pinching to make things happen. Clear created a lot of buzz when it launched, and might be the perfect to-do list gateway app for many.

                      Download it here.

                        12. Due

                        A robust reminders app that lets you store and maintain reminders of all types. It’s replaced Reminders for me when it comes to the basics, and it’s worth a look if you want to keep the mundane stuff out of your head and cluttering your mind.

                        Download it here.

                          13. Checkmark 2

                          I use this app

                          for location-based reminders (such as groceries I need to get or single items I need to pick up from various locations). Checkmark is simple to use and a valuable addition to my productivity arsenal.

                          Download it here.

                            14. TeuxDeux

                            Created by Tina Roth Eisenberg and Fictive Kin — Teux Deux is simple and incredibly stellar in terms of design. If you like lists (including the popular “Someday Bucket”) and want to associate dates with tasks, then Teux Deux will be right up your alley.

                            Download it here.

                              15. Wunderlist 

                              Another incredibly popular choice is Wunderlist. Part of 6Wunderkinder’s software family, it sports a gorgeous design and is incredibly functional. We’ve talked about the app a couple of times here at Lifehack, so check those posts out here.

                              Download it here.

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                                16. Nirvana

                                For the GTD enthusiasts, there’s Nirvana. Straight from the source: “Nirvana frees your mind to focus on actually getting things done. If you’ve had enough of generic to-do lists, it’s time for Nirvana.”

                                Download it here.

                                  17. Priorities

                                  An elegant-looking task management app that has received decent reviews,[2] this could be the one for you if you’re not a fan of OmniFocus or Things — especially if you need (or want) to share tasks with others.

                                  Download it here.

                                    For Building Habits

                                    18. Productive

                                    With this app, you can plan your habits with an easy-to-use interface, schedule habits for any time of the day, set smart reminders for each time of the day and stay on track with useful feedback. This app is perfect for anyone who wants to build a habit that sticks.

                                    Download it here.

                                      19. Habitica: Gamified Taskmanager

                                      You can complete tasks and build habits in a more fun way with this app. Input your Habits, your Daily goals, and your To-Do list, and then create a custom avatar. Check off tasks to level up your avatar and unlock features such as armor, pets, skills, and even quests.

                                      Download it here.

                                        20. Streaks

                                        This app follows the model of the popular “don’t break the chain method” in that you use the app to track how you are donig in the pursuit of your goal. Great for goal-setting — and an easy and elegant interface to boot.

                                        Download it here.

                                          21. Remember The Milk

                                          Another popular to-do list app, Remember The Milk has a huge following. It has plenty to offer, including the ability to share tasks with others.

                                          Download it here.

                                            22. Day One Journal

                                            When it comes to journaling, nothing really beats Day One. Its latest update added a slew of features that will make you want to start making journaling a habit.

                                            Download it here.

                                              For Files Organization

                                              23. Evernote

                                              Touted as the world’s most widely-used productivity app, Evernote an be used simply as a notetaking app or can be customized to be your GTD app of choice — among other things.

                                              Download it here.

                                                24. Pocket

                                                You can save an article, video or link you want to read or watch later to Pocket from anywhere including your computer, Safari, email, and your favorite apps like Facebook, Twitter, Flipboard, and Feedly.

                                                Download it here.

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                                                  25. Sync.Me

                                                  This app identifies unknown phone calls, warns you from annoying spam calls, and adds a caller picture to your contacts from Facebook, Twitter and Google+.

                                                  Download it here.

                                                    26. Droplr

                                                    One of the most popular file-sharing apps out there today. Straight from the source: “Stay productive on the go. Droplr for iPhone keeps you in sync and makes sharing on the iPhone natural.”

                                                    Download it here.

                                                      27. Dropbox

                                                      Before iCloud, there was Dropbox. And there still is Dropbox, which is still widely used by both Mac and PC users all over the globe. It’s like having a flash drive in your iPhone. A must-have.

                                                      Download it here.

                                                        28. iDolly 

                                                        In conjunction with Dolly Drive and DollySync, iDolly allows you to edit and share your documents from your iPhone.

                                                        Since all your changes sync automatically to all your devices, the current version of a document will always be accessible because Dolly Sync keeps everything in sync. Very handy.

                                                        Download it here.

                                                          29. Soulver

                                                          It may seem odd that a calculator app shows up on this list, but this is no ordinary calendar app. Ben Brooks over at The Brooks review describes Soulver as follows: “It is what calculators would have been if they were invented at the same time computers were, instead of what we have with most calculator apps.” [3]

                                                          Download it here.

                                                            For Working Smarter

                                                            30. Captio

                                                            A simple capture tool. Straight from the developers: “It’s simple. Open Captio and start typing. When you’re done, hit Send. The note is immediately delivered to your email inbox.”

                                                            Download it here.

                                                              31. Drafts

                                                              A tremendous capture tool that allows for simple capture, followed by sending items to various applications such as OmniFocus, Things and more.

                                                              Download it here.

                                                                32. NoteShelf 2

                                                                This is a perfect note-taking app for you. You can take beautiful handwritten notes, type, annotate PDFs, record audio & create lists. You can organize them into categories or groups.

                                                                Download it here.

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                                                                  33. Doodle

                                                                  This app links directly with the Doodle service, which is one that allows you to plan and organize meetings far more efficiently and effectively. Lifehack contributor Steve Dotto has written about Doodle more in-depth here.

                                                                  Download it here.

                                                                    34. TextExpander (Legacy)

                                                                    I have saved countless hours of time with TextExpander, and despite its inability to be as robust on iOS as it is on the Mac, it is still a worthy app to have in your arsenal.

                                                                    Download it here.

                                                                      35. Launch Center Pro

                                                                      A quick launcher for the iPhone that doesn’t just launch an app…with some of them it can do much more. This app saves you time by launching complex actions in a single tap.

                                                                      Download it here.

                                                                        36. GoodReader

                                                                        This may seem to be an odd one to make this list, but here are plenty of reasons why it is here with this article.

                                                                        Download it here.

                                                                          37. LogMeIn

                                                                          Want to be able to control your Mac from wherever you are? Then get this app.

                                                                          Download it here.

                                                                            For Improving Security

                                                                            38. 1Password

                                                                            There is simply no better password manager out there. I’ve even put together a 1Password Emergency Kit worth looking at here.

                                                                            Download it here.

                                                                              39. LastPass Password Manager

                                                                              You can store passwords and logins, create online shopping profiles, generate strong passwords, track personal information in photo and audio notes.

                                                                              All you have to do is remember your LastPass master password, and LastPass autofills web browser and app logins for you.

                                                                              Download it here.

                                                                                40. Truecallers

                                                                                Identify and block spammers, search for unknown numbers and call friends easily with this app. With a community-based spam list from over 250 million users, you’ll need this app.

                                                                                Download it here.

                                                                                  There are plenty of other options out there (and we’ve heard from readers in the past as to what they enjoyed using), but these 40 are among the best.

                                                                                  More Great Apps Recommendations

                                                                                  Reference

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