June 30, 2012

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3. “Can you really explain to a fish what it’s like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.”

Any small business owner can attest to this fact – “Experience and execution trumps theory any day.” Taking small measurable steps each day will set you up for long-term success.

As you grow your business, take definitive action … learn what works and what doesn’t. Repeat more of what works, benchmark your learnings and improve upon past successes.

4. “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”

As entrepreneurs, we benefit from acknowledging our strengths and being honest about our weaknesses. Once this is accomplished, seek to develop mutually beneficial partnerships. The goal of your joint ventures and strategic partnerships should be to add value to another company and simultaneously eliminate your own weaknesses. No man is an island.

5. “Risk comes from not knowing what you’re doing.”

What’s the quickest way to eliminate risk? Increase your knowledge. If something appears risky, a major factor of our perception is backed by our limited knowledge. Find ways to become more knowledgeable about the areas you struggle with in business. The more you know … the less risky your next plan seems.

What other lessons can entrepreneurs learn from Warren Buffett? Let me know in the comments section below.

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Photo Credit: Reuters

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