3 Warren Buffett Quotes Your Business Should Live By

Warren Buffett helped me build my business -- even
before I decided to try my hand in entrepreneurship.
Several years before I founded my own company, a
colleague gifted me Warren Buffett’s biography. His
ideology and approach to communication and
management continue to influence me to this day.
While it’s universally recognized that Buffett has
exceptional investment acumen, his fearlessness and
willingness to go against traditional business norms
have inspired me to build an organization that does the
same.
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Here are three Buffett quotes your business should live
by:
1. “There seems to be some perverse
human characteristic that likes to make
easy things difficult.”
Warren Buffett’s laser focus on his areas of competence
has been essential to his success. As he says: “I’m no
genius, but I’m smart in spots, and I stay around those
spots.”
It’s very common, especially amongst accomplished
executives, to achieve a level of success then branch
out into other areas in an effort to expand their
businesses. Though Buffett has made his fortune in
investing in several industries, he’s remained focus on
the areas he knows best. Put simply, he’s an expert in
identifying the most basic opportunities that show long-
term potential and executing on them flawlessly.
The best business owners are great at determining their
area of competence and focusing on how they can
capitalize on that competitive advantage, rather than
trying to do everything and solve unnecessarily complex
problems.
2. “What’s nice about investing is you don’t
have to swing at every pitch.”
Despite many misconceptions, Buffett rarely invests but
and when he does, he is in it for the long haul. He’s
always invested in companies that have a strong brand
and a personality with the right leaders driving them
forward.
Related: To Achieve Your Best Results, Put on Blinders
If you want your business to succeed, think like Buffett:
big and long term. Invest in your brand, hone in on what
you’d like to accomplish and stick with it.
3. “Be greedy when others are fearful, and
be fearful when others are greedy.”
This quote describes Buffett’s strategy to a tee -- an
aggressive market player when others deem an
investment unworthy. Think back to the salad oil
scandal of 1963 when Anthony “Tino” De Angelis, a
savvy conman from New Jersey, discovered a way to
exploit an American Express program that gave business
loans based on collateralized inventory. Through an
elaborate system of deception, De Angelis was able to
obtain loans on an oil inventory greater that the total
national holdings combined. While everyone stood clear
of AMEX stock, Buffett did the opposite. He visited local
businesses and observed business owners continue to
accept American Express Travelers Cheques and
consumers continue to use them. Contrary to virtually
every investment expert at the time, Buffett purchased
more stock and established a 5 percent stake in the
company. It reportedly cost him $20 million at the
time but now 50 years later, it was obviously incredible
foresight.
Whether you aspire to run a multinational company or
your local mom-and-pop store, this is an important
lesson to apply. Innovate and solve a problem rather
than following suit with the rest of the industry.
Apply these ideas to your company’s operations and
you’re bound to see a substantial improvement. More
importantly, you’ll feel liberated by your ability to
confidently make sound choices -- especially when
you’re going against the grain and doing what’s best for
your business.
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