There's no free lunch.
"With most things in life, those who work harder and think more clearly are ultimately rewarded. 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."
There are still many people who wrongly believe they can get something for nothing; it's one of the major things that keeps people from success in whatever they attempt.
The one thing about entering into management or business leadership is you are never guaranteed an outcome even when you work hard or think clearly. What that does is increase the chances of success, not guarantee it.
Now I'm a firm believer if anybody continues on with what they're doing, while remaining clearly focused, eventually they'll reach their destination.
When Buffett talks about accepting a "wider range of outcomes," he's talking about at any one moment. In the short term is where anything can happen. Over the long-term, success will come if we adapt and learn as we go.
What he says is we will ultimately be rewarded if we think clearly and work hard; not necessarily right away.
That's why we can't allow the endless number of challenges that can daily come to us - which some will result in failure - keep us from keeping on with our purpose and dreams.
As he says, "There's no free lunch," it's never going to just drop out of the sky and land in your lap, it must come about by your design.
Buffett created Berkshire Hathaway (BRK-A) in just that way and attitude.
Other Buffett Resources:
Warren Buffett: The trouble with being a legend
Warren Buffett: 'I told you so'
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