Business

Warren Buffett revealed what is the mistake that can ruin your life in just 5 minutes

One of the people to listen to the most when it comes to business and economic advice is Warren Buffett, one of the richest men in the world and founder of Berkshire Hathaway: he did not make his fortune by mere luck, but is a person who knows how to read market movements and, based on them, knows how to handle his money.

However, on many occasions the teachings of the Omaha oracle transcend the financial or business plane and are transformed, it could be said, into life lessons. The 91-year-old billionaire has one of the stronger reputations in your field and his advice is worth listening to and applying.

THE KEY PHRASE OF WARREN BUFFETT

The header phrase of Buffett, to which he attributes much of his success, says: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you will do things differently.”.

In this line, added: “If you lose money for the company, be understanding. If you lose a shred of reputation for the company, be ruthless.”. According to him, if one has this philosophy in mind, things will work out better and one will learn to move with caution.

According to what the executive coach explains Marcel schwantes in your column to INC, it is because of this philosophy that Buffett follows that “Most of the Berkshire Hathaway companies have an exceptional reputation”.

THE IMPORTANCE OF REPUTATION

For the investor, the reputation it is “an invaluable asset that must be protected every day” And it works as one of the greatest ways to measure success, yet it is fragile and can be lost in a matter of minutes.

In this line, in order to avoid staining and ruining the reputation, the basis for maintaining a reputation is “not risking your integrity,” he says. Buffett: you always have to stay true to yourself and act according to your own values ​​and principles.

In this context, the entrepreneur also clarified that leaders consider the integrity of the candidates above the distinctive traits for the positions. He said: “We look for three things when we hire people. We look for intelligence, we look for initiative or energy and we look for integrity. And if you don’t have the latter, the first two will kill you, because if you’re going to get someone without integrity, you want to be lazy and foolish.” .

The logic behind this way of acting, according to Buffett, the thing is it is better to trust people who act with character and integrity because you will not have to worry about their actions and behaviors.

About this, Schwantes said: “A culture of integrity and honesty sets itself apart from the rest and is the core and essence of any great company”. The greatest competitive advantage has its foundations and bases in integrity.

By way of conclusion to his column in INC, the business coach advised readers: “Be considerate and respectful of how your decisions affect others and take every opportunity to add value to those you serve.”.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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