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	Thursday, May 05, 2005

Warren Buffet's Advice to Students  ( on business) I've been following up the blog, MBA in Australia which is a great resource about a student and his experiences and expectations in getting an MBA degree.  He also gave me a great link on excerpts of Buffet's advice to students in the Tuck School of Business in Dartmouth. Here are some takes: - Who are the people you want to do business with?  Who you DON'T want to do business with?  Evidently the people you want to be with is probably someone who is honest, courageous and dependable; the person you don't want to be with are those that are egotistical and likes to take credit.  The point is that thse are ELECTIVE qualities, not anything you were born with.  You CAN  choose to be dependable or not. So ask yourself, "Who is the person I want to become?".  Because the person you want to become are also the one with qualities you are looking for other people.  You already hold the winning tickets. - A great example on how to run a business properly is probably the best legacy you can leave behind.  'If what I've done with Berkshire Hathaway - running a unique and independent company in true pursuit of shareholder value - persists and people learn from it to improve the way they invest and run their companies, that would be a fine legacy to leave.' - "Stay within your circle of competence." Clearly much of my (Mr. Buffett's) success has stemmed from my disciplined focus on investing in businesses that I understand and avoiding those that I don't. - "There's no free lunch. If you're willing to roll the dice on a business or life decision, then you should be willing to accept a wider range of outcomes, including failure." -"The meaning of life is to do everything you can to make sure the people you care about love you back." 10:53:54 AM     comment []   trackback []