“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”
Many times in the course of our management careers, we have all sorts of little things that come up that we don't handle that great. Other than being an irritant and learning small lessons from these circumstances, they're really not that big of a deal; as long as we learn, adjust and go on.
But when Buffett talks about not doing too many things wrong, he means big mistakes that could potentially bring down an entire division or company. These can and do happen.
What's important in this is the value of understanding the key areas that we must be unwilling to compromise on. Usually huge mistakes are made when we get tempted to stray from our core objectives or values, thinking that a huge opportunity has been presented to us.
Like I remember one man saying, "Once in a lifetime deals come around every day." I've found this to be true. The point is that there are numerous opportunities available at any one time, anywhere. The discipline to say no is a far better tool than just about anything else I know of.
The reason why managers make the mistake of entering into these types of opportunities is because they want the satisfaction of showing their peers the successful deal they made. In other words, they want some boasting rights.
This is pretty simple to resist when we run everything through our core purpose and values. If it doesn't fit within those parameters, a "no" is all we need to do or say.
It is in sifting things like this that we then find those few right things we do that truly will add lasting value to our companies.
Any leader that will follow this principle will for the most part stay out of the kind of trouble that can ruin them and the company. And those that adhere to it will have great success over the long haul.
Like Buffett says, "You only have to do a few things right."
Other Buffett Sources:
10 Secrets Hidden in Warren Buffett's Wallet
The Warren Buffett You Don't Know
Warren Buffet-Strategic Planning
Some practical advice from investment guru Warren Buffett
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