From a very young age, Warren Buffett had so much interest in stocks and used a lot of his time reading and thinking about investing. In fact, at 11 years of age, he invested in his father’s company. At age 13 he filed his first tax returns. His family testifies of his interest in reading about companies mostly in daily newspapers.

In 2021, he is 90 years old, has beaten prostate cancer, and is the third richest man in the world with a net worth of $100.6 billion, and controls up to 60 companies which are a part of the Berkshire Hathaway portfolio. He began investing in Berkshire Hathaway in 1962 when it was a failing textile manufacturing business that had found it hard to recover from both world wars.

Admitting later that it would be hard to revive this company as a textile business, Warren eventually invested enough into the company to become the majority shareholder, later venturing into the insurance industry and other investments that have seen this company become a holding company for five-dozen businesses ever since. As of 20th August 2018, to buy one stock in the company would cost you $313,870 – equivalent to a proper house in some high-end locations around the world.

He is nicknamed the “Oracle of Omaha,” and several times during the year thousands of shareholders of both Berkshire Hathaway. Other stocks will gather in Omaha, Nebraska, to listen to Warren speak about investments and entrepreneurship.

He has cut down a lot on those conferences and graduation talks lately and now focuses on speaking at events catered for small businesses, women, or philanthropy. He is famously frugal, and even with his high net worth has continued to live in the $31,500 home he bought in 1958. Until recently, he drove a 2006 Cadillac DTS and only did an upgrade to a $45,000 Cadillac XTS after his daughter told him the DTS is embarrassing.

Warren Buffett is a household name in the USA and indeed around the world for several reasons. His investing acumen and great entrepreneurship experience can do so much good to startups launching in 2018. This is especially the case for startups that want to create an impact and be there for the long-haul.

This is why we figured that he should feature in our current series which has so far included Anthony BourdainSteve Jobs, Jack MaElon Musk, Gary Vaynerchuk, Jeff Bezos, Simon Sinek, and Chris Sacca.

1. Patience

If there is a virtue that defines Warren Buffett more than any other, it must be patience. Investing in stocks that sometimes take decades to turn around into great investments takes so much patience for the long-term game.

When starting out, he wasn’t very patient. In fact, he recalls that at 11 years old he invested in his father’s business, buying a stock at $38 a share, then sold it after a few weeks when it was at $40 only for the stock to go rallying up to $200 per share in later months.

From this, he missed a big earning opportunity to make so much money due to his lack of patience at the time.

Equally, for startups today, it takes so much patience to build a company that is worth its weight in gold. Every year, so many entrepreneurs quit on their startups, some selling early, while others outrightly quitting if the startup doesn’t turn a profit in a few months. This mentality cannot last you so long.

Coupled with several other attributes, Warren Buffett advocates for patience in entrepreneurship which isn’t a year-long goal, but more of a lifetime goal to make your company successful.

At Pressfarm we see this impatience when dealing with startups a number of times. Public relations is not a short-term game. Rather, it takes several days, weeks, and sometimes a few months to see the PR wheel moving steadily in favour of the company that has been patient enough to build media relationships while implementing PR strategies in little spouts over time.

Do you need help executing your public relations strategy? Pressfarm’s team of account managers, expert writers and PR specialists can create world-class content and design a strategy to push it out to leading journalists in your field. With a professional press release, a few compelling guest posts and a creative media kit, you can capture media attention and inspire action among your target audience. Besides creating quality content to help you make heads turn, Pressfarm can help you develop a media outreach strategy to get this content in front of the right eyes.

As a client, you have access to our media database which helps you to connect with 1 million+ journalists across industries. Likewise, with customized media lists built by an account executive, you can connect with the best journalists in your niche. When Pressfarm builds a campaign for you, this campaign is designed to boost your online visibility by helping you feature in relevant search results across different search engines. Check out our packages and start generating publicity for your brand today.

“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.” – Warren Buffett

2. Don’t play too risky

Entrepreneurs are known for their risk-taking abilities. They are courageous and brave to take risks upon which many people do not think very highly of. This is very true for so many stories. However, even Warren agrees that being overly risky in taking up opportunities can sometimes cost you dearly.

He advocates for a well thought out risk-taking personality and does stand for people who expect mountains to grow out of molehills.

“I don’t look to jump over seven-foot bars: I look around for one-foot bars that I can step over.” – Warren Buffett

This can be carried over to startups. Rather than being overly ambitious and taking huge risks, take little risks which the startup can survive if the risks were not to pay off. For instance, if you want to take one huge risk, can you start to do that by breaking this down into small risks or steps that can slowly get you to cumulatively cover the whole risk?

3. Change the things you can change; let the rest be

Even with his investing acumen, he believes that some things can be unchangeable by a mere entrepreneur. There are things we cannot change in every vertical of life, in every field. Depending on your capacity, if you see something you cannot change, let it be. If you see things you can change, change them for the better.

“The most important thing to do if you find yourself in a hole is to stop digging.” – Warren Buffett

Several times, startups find themselves in holes and situations that are tight. When this happens, stop digging and start to rectify the course of the ship. Entrepreneurship can be a good kind of challenging, but sometimes you will find yourself in situations where you can do nothing, or you can only change direction. Do the wise thing and let the direction change to be something you can control.

4. You only have to be right a few times

As an entrepreneur, Warren’s whole life has relied upon making the right bets and calls when it comes to identifying what businesses to buy, which ones to let go, which ones to invest in and which ones will pay off big in the long-run.

So many of these decisions have, fortunately, gone right for Buffett. He has made a few bad decisions along the way since taking over Berkshire Hathaway. However, the bad decisions weren’t enough to affect the health of the company. This is his advice to entrepreneurs:

“You only have to do a very few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett

All startup founders make mistakes, but these are not as important if you don’t make too many. As well, the rights have to be really right, and significant enough to push your company to the right direction.

A good mix of right and wrong in business has never been detrimental. The founders will only get better at making the right calls.

5. Think long-term

The mindset of Warren Buffett was never based on the short-term. If it were so, he would never have bought a failing textile business. He went on to turn it into the multi-billion business it is today. Additionally, a short-term mind would never have bought up-to 60 companies, most of them struggling to survive, and gone on to influence them into becoming highly profitable businesses decades later.

Warren has often said that the goal should be to build a brand, position your mindset for the long-haul. Go big on reputation in several years to build a business that stands the test of time.

Startups at times believe that they will exit after a few couples of years and go away rich. In reality, this only happens for a few startups around the world. What’s more, most of them have groundbreaking ideas – it is not the same for millions of new companies every year. For such companies, doing things that could affect long-term goals negatively with a short-term mindset could ruin the business fast.

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett

Change your mindset to see the long-term goals, and slowly build towards achieving those goals. It will take several years sometimes, but that is okay. You might even make some good billions while at it.

6. Hire Women

Women have not been given chances to build themselves and enhance their careers for a long time in the past. This is now changing as the world moves to empower the girl-child and women to bring equality into workplaces and communities. Warren Buffett noticed this problem about 15 years ago and has since then been trying to achieve equality at Berkshire Hathaway.

While it didn’t strike him before then that there were grievous discrepancies between expectations and compensation for women at the workplace. Since that realization, he has hired 6 female CEOs who run important companies. He hired more in the younger crew of directors where for every 5 directors 3 are now women.

For startups, he has insisted on various talks in the past that founders have to hire as many women as they hire men. Provide equal compensation for the same amount of work. Achieving equality at our workplaces is important for significant progress. If America does not give chances to women as well, then the whole nation will be working with one hand tied at the back, and no true potential can ever truly be achieved.

7. Let your customers be happy

One of the most significant philosophies that Warren has cultivated in the Berkshire Hathaway team is the importance of not only providing valuable service to the customer but also making their day.

From product price to marketing, none of these matters if the customers are never really delighted. Loyalty is brewed out of this special part of customer service. It is not enough to provide a good service or product if the customer service is not top-notch.

“If you’ve been treated well and honestly, if you’ve been delighted by the person you’re doing business with, you’re going to return to that person,” – Warren Buffett

Startups often struggle with customer service. This eventually affects retention rates, leading instead to high churn rates. While it can be hard to point out the specific moments when a customer was dissatisfied, empowering the customer service channel can do so much to reduce the churn rate. Doing this can also help you find out if customers are having a problem with the service.

On the other hand, if the churn rates are not scary, or the customers don’t have an issue with the platform, how can startups improve the customer experience? The point is to go the extra mile that makes the customer want to return.

If you want to make your customers happy, you should start by making the employees happy. After all, they interact with customers every single day. Warren insists that you cannot achieve customer delight if employees are not happy with how they are treated. Treating your employees better will help you to get the best out of them. This will ultimately, delight the customers.

8. Focus on your area of expertise

Young Buffet began investing in stocks really early on. He would think a lot and read in the same measure. Most of his investment bets have paid off, that is why he consistently ranks high on the list of billionaires, beaten only by Bill Gates and Jeff Bezos.

This is what he is good at it. Predicting outcomes of businesses and stocks from informed points of views. He doesn’t go out there and try to do marketing, sales, programming, etc. He has focused on his one speciality and ended up being right 60 times.

Startup founders need to do what Warren calls “mining your area of expertise”. Find something that you do really well, focus on that and hire someone to do what you cannot.

Understandably, it can be really difficult to hire someone at the beginning to help out with other facets of your business or entrepreneurship venture. However, as time passes it is good to know where you are holding the company back. Attempting to be a marketer when you are not good at it could delay the growth of your startup because you are achieving less there. Wanting to be the content writer for your company could delay the uptake of your company’s content if you just aren’t that good of a writer. Trying to do coding for your startup might jeopardize the product making it pass for something very shoddy because you are not that great a software engineer.

Find your point of magic, stick to it and make it work. Delegate as much as you can to someone else who is good at what you struggle with.

9. Read 500 pages a day

At one time, Warren Buffett was asked what he does to become smarter. He said he reads 500 pages per day. He compared reading to compound interest. Every day you get new knowledge that builds onto previously gained knowledge. Eventually, you sound smart, look smart and speak smart. Even more, your decisions become smarter.

He admitted that he spends a lot of time at work reading journals, reports, and financial statements. At home, he reads newspapers and books. The cumulative benefit is that he is always one of the smartest in the room.

“I do more reading and thinking, and make less impulse decisions than most people in business.” – Warren Buffett

10. Better the world a step further

In the last few years, Warren has donated over $30 billion to charity. This is mostly to the Bill and Melinda Gates Foundation. Together with Bill Gates, they founded The Giving Pledge – an organization that brings together several high net worth people to give towards philanthropic causes. Many other billionaires have joined the program, including Facebook’s Mark Zuckerberg and his wife Priscilla Chan.

Warren Buffett has promised to give away to charitable causes around the world. In fact, he made a pledge to give a majority of his wealth to the Bill and Melinda Gates Foundation.

For startups, you can touch the world in one way or another. Even as a small company, donating a small percentage of your profits to the betterment of the world and people and animals that live in it is worth it. However, it doesn’t just have to be philanthropy.

It could be that your business is so groundbreaking it makes the world a better place just by being around and running. It could be addressing world challenges like global warming, environmental sustainability, hunger, famine, drought, floods, cybersecurity, and earthquakes. Whatever you do, touch the world and move it towards being a little better for the next person.

11. Have fun at work

This is really simple, but you will be surprised that billions of people around the world are doing jobs they hate just to be able to survive. Warren doesn’t think you can get to 87 years doing that.

You have to enjoy and love your job for you to be able to do it on a daily basis for many years. Even when things are not looking great, if you are having fun at work that is all that matters.

“Find your passion, find the job that you would hold if you didn’t need to have a job. So that every day is fun,” Warren Buffett

Entrepreneurs who go out to launch startups and businesses catering towards various verticals must find something they love to do. This way, the fun they get to have at work will keep them running during the tough days. It is all about thinking about your job and saying that you are really enjoying doing it.

12. Be transparent

For most companies worldwide, when the CEO gets sick they would rather hide that from shareholders and customers. Not Berkshire Hathaway. For this conglomerate, transparency is important.

Early in April 2012, Warren was diagnosed with stage 1 prostate cancer. He wrote a letter to the shareholders and employees accepting and admitting this to them. He indicated that the doctor had said the cancer was not life-threatening.

Later in September 2012, he announced that he had completed his 44th and last radiation. He was cancer-free. His announcement could’ve brought the company’s stocks down but he did not flinch.

Startup founders and entrepreneurs have to learn that transparency is not a weakness. If anything, it makes your customers and employees trust you more. They can learn from this to make their businesses more transparent.

While Warren Buffett’s expert insight will always resonate in the hearts and minds of entrepreneurs and business people around the world. Even the highest and mightiest has got to step down and pass the torch on to the next generation. With the business world waiting in anticipation, Buffett has named his successor once he is no longer the CEO of Berkshire Hathaway. In front of millions of people who tuned into the annual meeting Buffett named Greg Abel the head of Berkshire Hathaway’s non-insurance business, as the next CEO as of May 3rd, 2021. Abel has long considered one of the two men likely to follow in Buffett’s footsteps, along with Ajit Jain, who heads Berkshire’s insurance business.

Greg Abel began his career working as a chartered accountant with PricewaterhouseCoopers in the San Francisco office. In 1992 he joined geothermal electricity producer CalEnergy and acquired MidAmerican Energy in 1999. That same year, Berkshire Hathaway acquired a controlling interest, and Abel became CEO of MidAmerican in 2008. Six years later, the company was renamed Berkshire Hathaway Energy. Abel was named vice chairman for non-insurance operation and appointed to Berkshire’s board of directors. His lengthy experience in the company is a big part of the reason he has been confirmed as the future successor CEO of Berkshire Hathaway.

Along with Buffett’s announcement of his successor, he also talks about the future of investing and the current landscape of the industry. With a combination of uncertainty and opportunity currently on the stock market horizon. Let us look at some insights and advice presented by one of the investing world’s all-time greats that he implemented himself and hopes to impart to future generations.

1) Stock-picking is more complex than it may seem

During the annual meeting on May 1st, 2021, he warned all attendees against investing in individual stocks because it can difficult for an average person to do so effectively. He advises new entrants to the stock market to consider it just a bit before they start making multiple trades a day to profit from what they think is an easy game.

To illustrate the difficulty of achieving success when stock-picking, Buffett shared a list of 20 stocks with the largest market capitalization as of March 2021. This list included Apple, Saudi Aramco, Microsoft, Amazon, and Facebook. He then asked the audience which of those stocks would remain in 30 years. He then shared the top 20 companies by market cap in 1989, including Japanese firms, Exxon, GE, Merck, and IBM, which no longer remain in the top 20 today.

The idea behind this was to show people that the world can change in very dramatic ways. What seemed relevant in 1989 has been rendered relatively obsolete in 2021. As Buffet states:

“I would guess that very few of you would have said zero. I don’t think it will be, but it’s a reminder of what extraordinary things can happen. We were just as sure of ourselves, and Wall Street was, in 1989, as we are today. But the world can change in very, very dramatic ways. After all, there is a lot more to picking stocks than figuring out what’s going to be a wonderful industry in the future.” – Warren Buffett

2) Great argument for index funds

Given the difficulty of stock-picking, Buffett instead suggested investing in a low-cost index fund. In the meeting, he recommended the S&P 500 index fund, which holds 500 of the largest companies in the U.S and has done so for a long time. To get his point across, he highlighted that many automobile companies entered the auto business in the early 1900s because it had a great future. However, in 2009, there were only three left, two of which went bankrupt. He stated that index funds are a great alternative because even if an individual has a diversified group of equities, they can hold over a long period. That understanding is why Buffett instructed the trustee to invest 90% of his money into index funds in charge of his estate.

3) Don’t treat the stock market like a casino

Finally, in the past year, Buffett discussed the greatest increase in the “number of gamblers” trying to get into the stock market. While he commented that there was nothing wrong with gambling in the stock market because individuals will have better odds than if they played the state lottery, the results still aren’t what you would expect.

He provided an example and expressed concern with trading app Robinhood by saying that the company was part of the “casino group” that had joined the stock market in the last year and a half. While he states that there is nothing illegal or immoral about the concept, he also says that it is not advisable to build a society around people. Regardless of his concern, he still tells the audience that American corporations have become an excellent place for people to put their money and save. Nevertheless, they do “also make terrific gambling chips.”


As Buffett has mentioned, investing is still great, but people need to be aware of the stocks they are planning to invest in and the other options to gain residual income. To invest as wisely as Warren Buffett, one of the obvious steps is to buy Berkshire Hathaway stocks. After all, the company has invested more in buying its shares than any other stock or asset over a year reporting period.

However, whatever stocks you plan to invest in, the critical thing to remember is to truly do the research to see whether it will be worth the while.

From one of the biggest investors in the world, all these tips are golden. In fact, these are aspects of running a business that have helped Warren to thrive as an entrepreneur for years on end. Startups need to borrow from these to build better companies focusing on long-term goals and branding.