Warren Buffett's 10 Rules of success

1. Find your passion

자신이 열정적으로 할 수 있는 것을 찾아라.

2. Hire well

당신의 직원(사람이) 당신의 가장 큰 자산이다. 진실성, 지능 그리고 에너지 이 세가지를 봐라.

3. Don’t care what others think

다른이들의 생각과 의견을 생각하는 것을 포기하면 진정한 당신을 찾게 될 것이다. 

“Care about what other people think and you will always be their prisoner.” – Lao Tzu. 

4. Read, read, read

읽고 읽고 또 읽어라

5. Have a margin of safety

The majority of investors will encounter various stumbling blocks and bad luck over their investing lifetime; a margin of safety will provide them with some protection in terms of preservation of capital when the going gets tough.

6. Have a competitive advantage

“Capitalism is all about somebody coming in and trying to take the castle. Now what you need is a castle that has durable competitive advantage” – Warren Buffet

A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices.

7. Schedule for your personality

Warren Buffet doesn’t like meetings, but he is building his businesses around his personality, doing it the way he prefers and enjoys. So find your productive mode, find your pace, find the sweet spot. You will be most productive once you find what works best for you.

8. Always be competing

The biggest business killer – complacency. Once you get that feeling of self-satisfaction, that’s when it gets dangerous, that’s when your competitors will run you over. So always strive for growth, always be on the move, otherwise your competition is going to outcompete you!

9. Model success

You can’t do it on your own, get that out of your head. There is one thing that successful people have in common; mentors. Having a mentor is said to be one of the most important keys to success. I believe this is especially true early on but is imperative at any point in your career.

10. Give unconditional love

In his profile for The Great Minds of Investing, Mr. Buffett speaks candidly about the most important reason for his success: the love and support he received from his father, Howard Buffett, a U.S. Congressman whom he revered. “My dad believed in me,” Mr. Buffett explains. “What I basically got from my father is unconditional love. Unconditional love is huge in this world … Whatever I did, he was all for it. It didn’t matter how much money I made or anything like that. It was just, ‘Do your best in whatever you take on.’ ”