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Warren Buffett Video Teaching You How To Be A Business Hero

I found this terrific video (below) in which Buffett teaches students how to become the business hero they want to be (the video is pretty crappy quality but fantastic content!).

I wrote down the basics of the exercise (it starts around Minute 2 of the above video)

As Buffett explains, you don’t have to be a student to benefit from this exercise, but the earlier in life you do it the better!

Ok, grab a piece of paper…this won’t take long:

1) Pick a fellow student/colleague who you’d┬álike to own 10% of for the rest of their lifetime

Question: Is it the person with the:

  • Highest IQ (probably not)
  • Highest grades (probably not)

Buffett thinks you’ll probably end up looking for qualitative factors such as:

  • Honesty
  • Leadership
  • Generous
  • Gave credit to
  • Temperament

Write down the qualities of that person you want to own 10% of on the left-hand side of a piece of paper.

and then, to continue the exercise, you then:

2) Pick a person who you would like to “sell short” based on their performance for life.

This would probably not be the person with the lowest IQ or lowest grades — more likely, Buffett says, this person has turned you off with such qualities as:

  • Egotism
  • Dishonesty
  • They cut corners

Write down the qualities of this person you want to “sell short’ on the right-hand side of your sheet of paper.

Buffett suggests that if you focus on emulating the qualities on the left-hand side and avoiding the qualities on the right-hand side, you’ll eventually become the person that you want to own 10% of.

But even better than owning 10% of that person, you’ll own 100% of that person…because it’s yourself!

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