“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Buffett's comment makes me think of the incredible pressure to do things to make yourself look good or cover up our mistakes. Both of these can destroy our reputations in a few minutes, as Buffett says.
There is one major thing that can be done to combat those human tendencies to make these types of poor decisions: think long-term rather than short-term!
If you go look through the numerous horrid decisions that business leaders make, the vast majority are connected to trying to do something either in the short-
term, or not thinking of the long-term consequences.
I can't think of any better check we can put upon ourselves than that.
Why do something in the short-term that can potentially destroy your career or damage your business or the business you work for?
I'm talking in the context of ethics here alone, not decision-making that may be based upon faulty information. That's a different issue.
Shortcuts for short-term gains that are unethical are never worth the potential cost to our reputations.
Buffett has mentioned before if the actions you're taking end up on the front page of a newspaper, or on the nightly news, would you feel ok about it? That's about a good a question to ask as any to base decisions upon.
We need to be vigilant over short-term pressures that could result in the destruction of our reputation. Nothing can replace our reputations. We need to guard them jealously.
Other Buffett Resources:
Warren Buffett: The trouble with being a legend
Warren Buffett: 'I told you so'
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