September 23, 2010

Hip Hop Legend Jay-Z and Billionaire investor Warren Buffet speak with Steve Forbes to discuss their success and the road less traveled to achieve it. Business is about meeting the wants and needs of others.

There are universal truths in operation behind the most successful entrepreneurs and profitable companies. A business that has the foresight to activate philanthropic principles will ultimately grow sustainable, smarter and more profitable companies. Here are some key takeaways from the Forbes Interview.

Warren’s Truisms:

1. Get started [early].
2. Read!!! [The acquisition of knowledge is paramount].
3. Emotional stability and independent thinking are important.
4. It never bothered him if people disagreed with what he thought.
5. Stay in your ‘circle of confidence’ [i.e. areas in which you excel].
6. First rule of thumb, “Don’t lose.”
7. Warren Buffet’s mentor was a primary influence in his life.
8. Look at your venture as a business.
9. Do what you love.
10. Realize the moments of repositioning that yields opportunity– “I got turned down by Harvard.”
11. Underlying principals don’t change.
12. Learn what you are good at and what you are not good at.
13. Increase your value … no one can take that away from you.
14. Develop the habits of success.
15. We decided we would live well [i.e. it all starts with a decision].
16. Turn things over to specialists.
17. It’s very important to recognize mistakes and face up to them.
18. Follow someone else’s teachings [i.e. put yourself in the position of constant learning]

Jay-Z’s Truisms:

1. Grow your imagination.
2. Immerse yourself in your passion; love what you do.
3. Give it your all!
4. We are all faced with “fork in the road moments.”
5. Make a decision to focus.
6. Discipline yourself.
7. Don’t make emotional decisions.
8. Build your own buzz: “The genius thing that we did is that we didn’t give up.”
9. Recognize change and open yourself to it.
10. Stick to your area of expertise.
11. 1+1 =3; get rid of your ego [i.e. collaboration adds value].
12. Over deliver on the ‘experience.’
13. A sixth grade teacher’s impact – small things can change the direction of your life.
14. Lead by example.
15. Apply yourself and stay true to who you are.
16. Take control of your destiny.

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