Warren Buffett and Secrets of Management - 19
We're continuing on with Warren Buffett's responses to those who have asked about the secrets to Rose Blumkin and her family, in reference to their tremendous success in the furniture business they owned.
The second insight offered by Buffett was:
2. Define with extraordinary realism their area of special competence and act decisively on all matters within it.
What's he saying? Each member of the team knew their strengths and weaknesses. They looked at them completely realistically. what they were good at, they ran with.
Because they kept their focus within their specialty, they wouldn't hesitate to act with decisiveness within their discipline. Buffett says that they within their unique strengths, they acted on anything and everything.
They were experts in each area they represented. This eliminated the need for permission within limits. The point is that their expertise, and reality in knowing it, gave them tremendous advantage over their competitors. This wasn't an ego thing, it was identification of what really was.
This let them move quickly in complete confidence that excellence brings. The results of that excellence is legendary in business circles.
To me it is the "realism" factor that made a huge difference. Many people in business ownership or leadership have very different views of what really is, and what they think is. Not having that in proper prospective will cause huge problems in any business.
Other Rose Blumkin Sources:
Warren Buffett and the incredible Rose Blumkin
Rose Blumkin: A study of Capitalist Success
Sponsored link: The outsourcing every manager requires - Tampa Locksmith
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