Warren Buffett is with out a doubt one of the most successful investors of the 20th century. This businessman extraordinaire has amassed a vast wealth that he has used primarily for philanthropic work making him not only one of the most influential businessman of our times but also one of the most inspiring.
Aside of his passion for philanthropy, Buffett is also hugely devoted to inspiring the next generation of entrepreneurs, believing that children are never too young to be taught the fundamentals about money and finances.
“When a kid at 8, 9, or 10 years old learns the basics of how finance works and how to behave in a business relationship, he or she can apply those lessons throughout their lives,” says Buffett. “Practicing those good habits over a lifetime can have huge beneficial consequences, not just for business, but for a person’s happiness and even how their families develop.”
This passion for educating the next generation of businessman inspired Buffett to partner with Amy and Andy Heyward to create the Secret Millionaires Club (SMC). In both the SMC series as well as the book, Buffett shares his business philosophy with the aim of helping to teach kids good financial habits early and help them to be our futures next brilliant businessmen.
So what advice does Buffett’s book off er aspiring young entrepreneurs that want to become the next Mark Zuckerberg?
Here is a snapshot of text taken from Buffetts book How to Start Your Very First Business in which he offers some very wise advice:
Don’t be afraid to speak up and ask for what you want. Identify people who can help you and then make the strongest case you can about why they should lend a hand.
Do your best to anticipate your customers’ needs. Buffett says, “If your service is outstanding, you’ll always stand out.” So listen to your customers.
Start a startup business. There’s no substitute for getting out there and trying things. But if you have a big idea, you may need to start small to raise the money you need for a more costly business. If landscaping is your dream business, you may need to weed a few small gardens first.
If you don’t know all the skills you need to succeed in your field, that’s ok. You just need to be willing to figure them out.
Starting a business isn’t easy. There are going to be bad days, rejected pitches and unexpected hiccups along the way. Adapt and come up with creative solutions to the problems you encounter.
Be honest and fair. Being a person of integrity is invaluable in business and in life.
Give back. Creating a successful business isn’t just about making money. It is about contributing to the world around you. Be creative, think about what is important to you, to your community, or to the world, and you’ll find a way to contribute.
Enlist a mentor. A mentor may be able to walk you through a process that is new to you; Sometimes just knowing that someone else has gone through what you are going through can make all the difference to your outlook.
“Do not save what is left after spending, spend what is left after saving.” Buffett believes that one of the most beneficial lessons a kid can learn is that saving is a habit. If you make saving a habit early on it will be ingrained in you for life, which can help you avoid countless unpleasant situations later on.
Warren Buffett is the pinnacle of success and his advice to the next generation will hopefully motivate and inspire young aspiring entrepreneurs to pursue their dreams and create some extraordinary businesses.