Warren Buffett's 4 Best Tips for Running a Business

Business wisdom from the Oracle of Omaha. 

Few people know more about running a successful business than Warren Buffett. As the CEO and largest shareholder of Berkshire Hathaway, he has a net worth of close to $96 billion and is often considered the most successful investor in the world. So, what's his secret? Here are Buffett's best tips for running a successful business. 

Tip 1: Hire the right people

One of the most important things you can do as a business owner is surround yourself with great people. But it's not enough just to hire talented employees -- they need to have integrity. According to Buffett, "You're looking for three things, generally, in a person: intelligence, energy, and integrity. And if they don't have the last one, don't even bother with the first two." 

Hiring trustworthy people is key to the success of any organization. They will do the right thing when no one is looking and you can give them the freedom to do their jobs without micromanaging them. Without trust and integrity, you can't have a high-performance team.

Tip 2: Take time to think and reflect

In today's hustle and bustle, we tend to rush into things. That can be a recipe for disaster. "I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life."

This quote speaks to the importance of taking time to think about your business decisions. Impulse decisions can often lead to regretted choices further down the road. By taking the time to think things through, you increase the chances of making sound decisions that will benefit your business in the long run.

Tip 3: Don't take costly shortcuts

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." This quote is a reminder that your business's reputation is its most valuable asset. It takes a long time to build up a good reputation, but it can be destroyed quickly if you're not careful. This is why it's so important to always act with integrity and treat your customers well. 

Tip 4: Believe in yourself!

"I always knew I was going to be rich. I don't think I ever doubted it for a minute." This quote highlights the importance of confidence in running a successful business. If you don't believe in yourself and your ability to achieve success, it will be difficult to convince others to invest in your business. Believe in yourself and your vision for your company, and others will follow suit. 

Any business advice from billionaire investor Buffett is worth taking seriously. After all, he's one of the most successful businessmen in history. These are just a few of the many great pieces of advice that Buffett has shared over the years on running a successful business. By following his advice, you can put yourself on the path to building a thriving company of your own.