Tag Archives: business

Warren Buffet: How a Sixteen Year Old Turned $5,000 into almost $1B

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Almost everyone has at some point heard of the famous figure Warren Buffet. However did you know that Warren’s success didn’t just start as an investor. Mr. Buffet actually began making strides towards his massive fortune in his high school years.

In high school he was making more than a lot of his teachers by running a pinball machine business and delivering papers. At the age of sixteen he had amassed five grand. $5,000 at his age would be the equivalent of around $60,000 today! He was just sixteen.

While most of us can’t redo our high school years, childhood or even college experience, we can chose to adapt many of the principles that Warren did in his younger years and implement them long term.

There are three things that we can use from Warren’s life to make changes today:

  1. Win Friends and Influence People

Warren implemented (not just read) this book. Simply reading it and taking daily action to change behavior and habits can go a long way in making your life a more successful one.

2. Understand the time value of money

Warren, even in his teen years, didn’t squander his cash on toys, games or nice clothes. He understood that a dollar today could be worth $30, $100 or (in his case) $1000 in the future.

3. Be entrepreneurial

This doesn’t mean you need to start a company or quit your day job. Just like Warren, you can figure out creative ways to make side money. If Warren Buffet at the ages of 13, 14 and 15 could figure out how to make side money, then you, as an adult can figure out how to do the same.

Conclusion:

Warren Buffet is extraordinarily rich. I can’t tell you that you’ll be as rich as him. I can’t even guarantee that you’ll have $1M. But I can guarantee that you’ll grow as a person and become richer then you are now if you implement these three steps.

Try them, you may find that they actually work.

Pursue a “Normal” Career or Become an Entrepreneur?

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With the rise of social media marketing, the technological advancements with commerce, and the general business sentiment in the U.S. rising, many young people(as well as older people) are finding entrepreneurship as an increasingly appealing life choice. I would say as with most trends, there is both bad and good aspects.

On one hand entrepreneurship is what America is built on. From Ford Motor Co. to Apple Computers, companies that are able to provide what customers want will always succeed. However, there is a new mentality emerging that entrepreneurship is “fun” or that simply by starting a company you are instantly successful.

By very definition only 1% can become the 1%, which is why thousands of businesses fail each year. Starting a business can be exciting, rewarding, and profitable, but it probably won’t be “fun” in the conventional understanding of the word.

When starting a business ask yourself, “why am I starting this business?” This question helps you understand yourself. And then ask, “Is there need for my product or service?” This helps you understand the customer. And lastly ask, “What’s the best (most efficient, effective, and customer-centered) way of bringing my products and services to my market? This question will help you understand your action steps.

After asking those questions you’ll have an idea as to where your mind is at, where the customers’ minds are at, and where your next actions should be. While answering these questions thoroughly might not be easy, it will be highly beneficial to any rising entrepreneur.

Action steps: Ask yourself, “Why am I starting this business?”