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| Warren Buffett, chairman of Berkshire Hathaway Inc |
Warren Buffett: 5
Practical Principles of Success: A must Read piece.
Warren
Buffett is no doubt one of the few business icons who can deliver the gift of
wisdom and truth when we need it most. And those truths, when you really stop
and consider them, are always spot-on.
In her biography of Buffett, “The Snowball: Warren Buffett and the Business of Life,”
author Alice Schroeder writes about a time when Buffett gave a presentation at
The University of Georgia. The students asked him about his definition of
success.
When you’re nearing your end of life,
your only measure of success should be the number of “people you want to have
love you actually do love you,” he answered.
“I know people who have a lot of
money, and they get testimonial dinners and they get hospital wings named after
them. But the truth is that nobody in the world loves them,” said Buffett.
“If you get to my
age in life and nobody thinks well of you, I don’t care how big your bank
account is, your life is a disaster.”
That’s right, a self-made billionaire
says that the amount you are loved — not your wealth or accomplishments — is
the ultimate measure of success in life.
To give and
receive
Love is one of the most powerful
emotions a human being can feel, and yet, we still live in an individualistic
society of keeping up with the Joneses: We forge ahead with our business
ventures and strategically plan our career paths in hopes of finding fame and
fortune. We feel we’ve finally arrived at the top when we’re able to vacation
twice a year to exotic islands and drop a European luxury car (or two) in the
garage. We dream about having all of these things, love be damned.
“The problem with love is that it’s
not for sale,” Buffett told the students. “The only way to get love is to be
lovable. It’s very irritating if you have a lot of money. You’d like to think
you could write a check: I’ll buy a million dollars worth of love. But it
doesn’t work that way. The more you give love away, the more you get.”
So how can we follow Buffett’s
principle of success in a way where we can truly leave behind a legacy? The
path of putting love into motion is a daring and courageous one, but here are a
few ways to do it:
1. Be selfless
and don’t expect anything in return
The laws of love are reciprocal. When
we choose to love someone unconditionally by encouraging and believing in them,
love comes back in full force through respect, admiration, trust, and loyalty.
If you get to my age in life and nobody thinks
well of you, I don’t care how big your bank account is, your life is a
disaster.
Warren Buffett- Chairman And CEO, Berkshire
Hathaway
What’s more, when we receive those
things, we become more self-compassionate. A 2011 study
conducted by the University of California found that self-compassion
can increase motivation, willpower, and the ability to recover from failure. Another
study, published in 2007 in the Journal of Research in Personality, concluded that people
who have self-compassion are more likely to be happy, optimistic, and show
personal initiative.
2. Be empathetic
Empathy is one of the most common traits
of likable (or, as Buffett prefers to say, “lovable”) people. True empathy
occurs when you’re able to step into someone else’s shoes and see their
perspective.
Empathy also plays a major role in a
person’s potential to influence others. In a DDI study of more than 15,000 leaders across 20
industries, researchers found that the ability to listen and respond with
empathy was the most critical driver of a team’s overall performance.
3. Make work
enjoyable and fun
When you enjoy work, you enjoy life.
In Carol J. Loomis’ biography of Buffett, “Tap Dancing to Work: Warren Buffett on Practically Everything,”
she mentions a quote from Buffett: “I love every day. I mean, I tap dance in
here and work with nothing but people I like. There is no job in the world that
is more fun than running Berkshire, and I count myself lucky to be where I am.”
The evidence here is clear: In
positive and uplifting cultures where people share the same values, beliefs, and
norms, you’ll find a high-performing group of people who attract folks of the
same kind.
4. Treat others
the way they want to be treated
As children, we’re often taught the
Golden Rule: “Treat others as you want to be treated.” But the Platinum Rule
takes it to a new level: “Treat others how they want to be
treated.”
When we follow the Platinum Rule, we
can be more certain that we’re respecting what they want, instead of projecting
our own values and preferences. That doesn’t mean we should ignore the Golden
Rule altogether, but we should realize its limitations given that every person
and every situation is different.
5. Follow your
passion
If you want to have your dream career,
you must follow your passion. It’s that simple. Many of us take our cushy
paychecks and job security for granted, even though we might hate our jobs and
would rather be doing something else — something we actually love.
As humans, doing what we love is a
major contributor to true happiness in life. So if you don’t know your passion, it’s time to figure that out.