Leadership

7 insights from legendary investor Warren Buffett

Berkshire Hathaway CEO Warren Buffett is regularly hailed as having one of the world's best business minds. As the globe's second-richest person, with a net worth of $75.6 billion, Buffett can offer some sage advice on making money and being a business leader.

Over the years the man who famously made today's equivalent of over $50,000 as a teenager has uttered some pretty prophetic statements. Here are seven of the most fascinating:

1. "It is not necessary to do extraordinary things to get extraordinary results."

Buffett suggests that the best successes in the workplace can come from those who are consistent. Flashy ideas and grandiose plans only take you so far. In the end, the results speak for themselves.

2. "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."

Here, Buffett says that anyone's reputation can quickly take a hit and to always act with integrity. Otherwise, a whole career can be ruined easily no matter the effort over the years.

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3. "The difference between successful people and really successful people is that really successful people say no to almost everything."

It's important to focus on tasks at hand and not get too bogged down in various projects. Otherwise, it's easier to end up doing nothing well at all.

4. "Risk comes from not knowing what you're doing."

An investor should always do his or her homework before making decisions. It's a strong piece of advice that ties in nicely with the next quote.

5. "Never invest in a business you cannot understand."

Again, Buffett makes it clear that people should only invest their money in companies and industries that they know about. From a man with such a high net worth, it's probably wise to take that advice to heart. In fact, it even works for Bill Gates.

6. "Chains of habits are too light to be felt until they are too heavy to be broken."

The 86-year-old understands how habits can end up harming a business leader. He warns against getting too comfortable and suggests, instead, that those in charge remain open to change.

It's a topic Buffett has broached before when comparing investing to baseball.

7. "You only have to do a very few things right in your life so long as you don't do too many things wrong."

If you don't fail too much, you can be professionally successful with a few wins to your name. This is how best to achieve goals in business for years to come.

It's obvious Buffett has some chops as a public speaker. Here are some other tips that the so-called "Oracle of Omaha" takes to heart when addressing a crowd.

See also:
Warren Buffett simplifies investing with a baseball analogy
4 public speaking lessons from the class that changed Warren Buffett's life
This is the key takeaway from the business classic Bill Gates and Warren Buffett say you need to read