Devoted to Managers and those that seek to improve their management skills

"You do things when the opportunities come along"

In the usual way that Buffett communicates, he understates a tremendously powerful strategy: that of waiting.

There are a lot of managers and business leaders who think if they're not doing something dramatic or involved in all sorts of activity, they aren't doing their jobs, or possibly underperforming and missing out of something. That couldn't be further from the truth in most cases.

As a matter of fact, the majority of managers are probably attempting to do far too many things, and come up with too many ideas. There is far more profit when looking for the key opportunities that present themselves, rather than entering into everything that may come your way, or you hear about through your various sources or media.

Some of you reading this may be surprised, but the very best managers are those who know when it's the right time to do nothing, rather than initiate activity for its own sake.

Many managers aren't content unless they're coming up with another activity or following the endless stream of ideas that everyone offering them up claims is the next big thing.

Unless an opportunity comes along that has a high possibility and potential for significant success in our companies, it's really best to pass on them. We may occassionally miss something, but overall we'll outperform our competitors over the long haul, and in the end, that's what counts way more than temporary boasting rights.

The underlying element to being able to do this, is self discipline. Just like we need to be willing to understand and accept the risk that comes when legitimate opportunities present themselves, so must we be willing to do the same when we decide to sit out a lot of what is presented as opportunies, but are in reality passing fads that can never sustain themselves over a long period of time.

Whatever we do, this is one of the true secrets to success that outperforms; maybe more than any other, with the exception of knowing our chosen profession intricately.

Warren Buffett has always had both, the reason Berkshire Hathaway (NYSE:BRK-A) has done what it's done over the years.

Other Buffett Resources:

Company growth

“Everybody Else is Doing it”

MSU students have special visit with billionaire Warren Buffett

WARREN BUFFETT PHILOSOPHY II

Sticking to what you know  Core businesses

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