Warren Buffett is considered one of the most successful investors of all time and is also one of the most well-known businessmen today. Executives can learn a lot from Buffett, and one of the easiest ways to do so is by reviewing some of his inspiring and impressive quotes. Buffett writes annual letters to the shareholders of his company, Berkshire Hathaway, and most of his quotes relate to investment. However, many of them can also be applied to the business world. Here are some of the best quotes from the "Oracle of Omaha" on investment and business.
**"Some people get the shade because someone planted a tree."**
This quote is significant for executives as it reminds them that taking small steps now can lead to a big difference in the future. Businesses do not develop overnight, and changes do not happen instantly; anything you do will take time to bear fruit. Thus, executives should aim to leave a long-term professional legacy that immortalizes their achievements.
**"It takes 20 years to build a good reputation and only 5 minutes to ruin it."**
Managers at every level should remember this quote as it applies to every aspect of life. Executives have a public image to maintain, and they deal with customers and employees. It is much easier to destroy a reputation that took decades to build than to create one. Unfortunately, by the time some managers learn this lesson, it may be too late for them, according to Al Khaleej newspaper.
**"It's better to hang out with people better than you."**
Regardless of the level you have reached in your career, this quote offers very important advice about choosing friends and colleagues with whom you spend most of your time. You can also apply Buffett's advice when selecting employees. Executives and managers are not friends to the employees they hire, but it is better to look for employees who exhibit the traits they seek in their friends.
**"The difference between successful and average people is that the former say no."**
With all the demands placed upon him, Buffett learned long ago that the most important commodity for everyone is time. Buffett has simply mastered the art of setting boundaries between himself and others. Anyone can apply this advice when they reach a decision-making crossroads today. We must know our core goals to simplify our lives, which means saying "no" repeatedly to unimportant things.
**"Only when the tide goes out do you discover who has been swimming naked."**
Every project goes through tough stages, regardless of the sector in which it operates. Executives succeed when they manage the company well during good and bad times. Some leaders may seem like good managers, but when a crisis strikes, they cannot do anything. To be successful, you must be adaptable and capable of handling the business and its fluctuations.
**"Set aside a prolonged time each day to sit and think."**
Executives are some of the busiest people in the world, but regardless of how busy you are, you need to allocate time for yourself to think. You cannot open yourself to new opportunities if you do not take time to reflect on how things are going and where they are heading. Leaders come up with the best ideas simply by relaxing and thinking; solutions come more easily when you take time to ponder, and you may discover answers you never considered.
**"There’s no problem when an investor realizes that he knows nothing."**
Although this quote refers to investing, it can also be applied in the business realm. Executives can consider this advice at the company level, where wise leaders surround themselves with people who complement them in terms of knowledge and experience, as they know when to turn to someone else for expertise. However, executives who think they know everything will encounter barriers to success.
**“You are looking for three general qualities in any person: intelligence, energy, and integrity.”**
This was Buffett's advice a few years ago regarding the key characteristics to look for in job candidates. Integrity is a non-negotiable criterion for Buffett. When you hire people with integrity, you do not need to ask them about their actions. Buffett stated, "If you hire people who lack integrity, you want them to be stupid and lazy."
