“Look at the business you run as if it were the only asset of your family, one that must be operated for the next 50 years and can never be sold."
This is one of the few things Warren Buffett tells managers of companies he purchases. One thing I would add to it, would be to include this way of looking at things if you're running a division or unit of a company also.
If any person wanting to advance in business leadership or management would take on this attitude, over a period of time, nothing could stop you from advancing.
On the other hand, if you don't run it that way, not only will your chances of advancing be lowered, but if you decide to strike out on your own, you'll never successfully run the business like you could.
Why? A lot of people with the desire to run their own businesses, or a large division within a company, don't understand that the further up you go, or more independent you want to become, more personal responsibility comes with it.
If you can't run someone else's business, or run a business like it's your own, you certainly won't be able to advance and run something where very few people will be watching over you or giving you input from above. At that time it's your baby.
And if you haven't changed its diapers, fed it and watched over it while it's grown, you won't be able to do it now either.
There are a large number of people that want to advance in leadership within a company, who aren't willing to do a thing to make it happen. One of the most common things I here from people saying they're ready for leadership, is they'll take responsibility only if they're given a position that includes responsibility. If that's you, you're going to struggle.
If a person really is business leadership material, you'll lead whether you have a title that goes with it or not; it'll be part of who you are. If you're a business leader, you'll always work and act like it regardless of the circumstances. That's why when we look to promote from within, we must look for those that are already leading. To do otherwise is devastating to a business and to those we attempt to push into those positions.
If we're willing to work with the attitude Warren Buffett suggests, of running a business like your whole family was at stake, and must make it successful for the next 50 years, much of the right attitudes and strategies will emerge from simply looking and acting on things from that perspective.
Run anything like it's yours, and you'll be a powerful, effective business leader. It'll be impossible to hide your success. Be patient and you'll get to where you want to go.
Other Buffett Resources:
Warren Buffett: The trouble with being a legend
Warren Buffett: 'I told you so'
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