I don’t do hero worship. I DO watch winners and losers to see what they do differently and what they do in common. At the end of this article I provide links to three videos. The first is a slick, well edited Fortune video of Buffett and Bill Gates. The second is less well edited, but has a surprisingly frank discussion of love, of all things, that I think you’ll get value out of. The third is an NPR segment about a business that has ceased operations. I found three compelling lessons in these videos, two recent considerations of life and success by one of the most successful investors in history and a cautionary tale about a firm which survived for a century and a half before ending operations.
In the first Buffett video, he discusses the importance of using a scheduling paradigm that fits your personal style. I have found this to be true. It is easy to get sucked into thinking constant busyness and activity is good. I have found to truly serve well, I need a clear head for the perspective, focus and creativity to see strategic solutions to problems that require something beyond the direct approach. To achieve that state, I need more unstructured downtime than at first seemed reasonable. But I have become comfortable with that realization over time. It isn’t the same for everyone of course. As the interview with Gates and Buffet shows, Bill has a much more frenetic schedule than Warren does.
The second insight is from Buffet’s reference to the importance of love and selecting a good mate. I suspect my readers are of an age where they have given this consideration and formed their own answer but I think considering issues of life partners and the support and stability provided by a good partnership are worth considering again from time-to-time. My wife and I did a purposeful realignment of our relationship for the better eleven years in, redesigning how we shared responsibilities and focus and it has a profound impact for the better.
A third insight comes from an interest I share with Buffett; the study of successful and failed businesses. I collect stories about companies that have made it through the treacherous early years only to disappear from the marketplace at a ripe old age. I have a one-pound sample of cotton from the last bail of cotton sold by the S.M. Whitney Company which closed after 150 years of continuous operation. I think it can be instructive to examine how firms like Sears, the Amazon before the internet, and the S.M. Whitney Company come to and end. Mostly what I see is a lack of self-challenge and imagination. The third link is one of these stories.
Call To Action
As we enter the new year, take some quality time to nurture your perspective, focus and creativity. Then, as a creative exercise, turn the clock forward as far as your imagination can take you and consider what made your organization successful and they pitfalls you’ve overcome. Finally, decide what action you need to take today to ensure your long-term success.
Here are the links to the videos:
1. The Fortune Video with Gates and Buffett;
2. Most Honest Advice video from daily motivation; and
3. The S.M. Whitney Company Story.
I hope you found something to apply to your business in this MBR. Let me know either way.
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