Inspirational Biz Tips from Warren Buffett

A series of Business Tips from Warren BuffettWarren Buffett

Warren Edward Buffett born August 30, 1930 is an American business magnate, investor, and philanthropist. He is considered by some to be one of the most successful investors in the world, and as of March 2017 is the second wealthiest person in the United States, and the fourth wealthiest in the world, with a total net worth of $73.3 billion.

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
~ Warren Buffett

As hard as it is at times, it is often easier to dump the whole idea/product/direction rather than keep trying to fix what is wrong.

I have a hard time with this concept at times, because I am not a quitter — which is good — but then I don’t easily quit when I should.

I remember dealing with customers and vendors who had such high demands that they were making my life miserable.  Rather than ‘changing the vessel’, I kept trying to patch the relationship.  And as you know, some relationships are just not worth patching.

So join me in affirming that we stop beating a bad idea or situation to death and learn to just let it go and put our energies in more productive places!

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Price is what you pay. Value is what you get.
~ Warren Buffett

Price and value are not the same thing — nor will they amount to the same when you get to the cash register!

When pricing your products, it is extremely important that you distinguished between the two and factor in value when you place a price on your products.

If you have taken my “How to Price your Products eCourse“, I suggest that you sharpen your pencil and figure out your actually costs per unit for your products.  From there, I suggest a simple formula to figure a wholesale and retail price.

But the pricing game does not end there!  Your product’s value may be much higher (or possibly, lower) than the pricing you may think is appropriate.

If your item has great value, you can increase your pricing.  And, of course, that works on the other end as well — alerting you to go back to square one to see where or if you can cut costs.

Remember, value is always more important than pricing.  Any marketer will agree!

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Warren Buffett SpeaksIt’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.
~ Warren Buffett

Remember when your mother told you to watch who you hang out with — that your choice of friends will influence what you think or do?  Well, mom was right!

We are social creatures and gravitate towards those who think like we do.  But how about if we make friends with people who have already succeeded in areas we struggle with?  Do you think these friends would have a positive influence on us?

This is one of the reasons why I instantly make friends with successful and/or spiritual people that I come in contact with.  I want to learn their secrets and apply to my life what they have learned.

Isn’t that what Warren is suggesting?  Go find some success friends and meet with them regularly.  You would be surprised what a great influence they have towards your future success!

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