Warren Buffett’s 10 Ways to Get Rich

1. Reinvest your profits

2. Be willing to be different

3. Never suck your thumb.

4. Spell out the deal before you start.

5. Watch small expenses.

6. Limit what you borrow.

7. Be persistent.

8. Know when to quit.

9. Assess the risks.

10. Know what success really means.

 

Simple Rules to Start a Business.

1) You should solve certain problem of certain group of people.

Expecting your product could solve your problem is not a good idea, get somebody to test your product or join and understand the group of people that require the product that you’re going to create.

2) Prior to the product launch you should test the market demand.

You don’t expect the market to love your product before you do some survey or let the people around you to comment.

3) You should have the ability to get it up and running as quickly as possible.

You won’t be able to create the next Ipod or Microsoft Window at the beginning, why not starts with something simple that you’re good enough and within your ability?

4) You should be able to outsource some of the work.

If you do everything in your business, you won’t have time to focus on important things such as improving your public network or products.

5) You should never buy anything that isn’t required until you’re making profit.

Put back every single profit into the business, buy wisely and remember ask youself some questions before buying unnecessary things. Will your business corrupt without this tomorrow? Only spend on things which will gives profit to your business.

6) You should be able to automate and scale the business.

For daily routine task, you may want to think of ways to automate it. Computers can be very good tools.

7) You should be continuously setting up higher goals for your business.

Multiply your goals once everytime your previous goal reaching 80% achievements. Imagine if you are multiplying monthly sales by 2 every month and you achieve 80% of every goals.

Continuous educate yourself

Without learning, you won’t be able to stay competitive and innovative. Take every chance to learn and develop yourself!

Good Luck!