For the years leading up to 1998, all I ever heard was how easy it was to make money…
But during the summer of 1998, Warren Buffett looked me in the eyes and said the world was about to awaken to a harsh reality – when people replace time-tested business building strategies for “speed and greed.”
Then the crash of 2000… terrorist attack in 2001… Enron… Worldcom… Housing Crisis… Bernie Madoff… concerns over the national debt… wars… record amount of bankruptcies…
Warren was right.
And of course, I could go on – but I won’t.
But let’s go back to Warren Buffett for a second – a man I’ve learned to admire for what he’s created for himself, and how he’s amassed a fortune worth billions.
You see, most people think of Warren Buffett as a stock market investor.
He is not.
He’s an investor of businesses.
He buys, grows, and eventually sells businesses. Public companies or private companies. Large companies or seemingly smaller companies.
He’s got a knack for recognizing value and knowing how to grow businesses.
He has an adaptable skill for growth, applicable based on proven principles that have existed for hundreds of years across various economic situations.
Someone once said:
“If some authoritative power distributed all the money in the world equally among all the people in the world, within ten years’ time, 97% of all the money would be under the control of 3% of the people.”
I believe Warren would bounce back as one of the top 3%.
You see, it’s easy to be afraid if you don’t have an adaptable skill.
Just like this one entrepreneur, who spoke with me the other day and said:
“If I don’t find a way to grow my business, I don’t know what I’d do – all I’ve ever known is the office products industry.”
This is the difference between entrepreneurs who work IN their business instead of working ON their business.
By working IN your business, your success is tied to narrow skillsets or expertise – it just takes a small change to suffocate your financial situation and leave you stranded on an island… where the only way off is to start-over and learn a new skill.
But by working ON your business, you’re developing an adaptable skillset for growing, managing, marketing, and expanding your business that can be taken across virtually any industry.
Do you think Warren Buffett is an expert at insurance, furniture, candy, ice cream, jewelry, or any of the other numerous businesses he owns?
Nope.
Sure, he understands them enough to know if the business is moving in the right direction – but he’s strictly an expert at growing businesses.
And while there are several ways to grow a business, it was Peter Druker who said:
“Marketing and innovation produce results; all the rest are costs.”
In your corner,
Charlie
P.S. To learn proven, world-class marketing strategies for how to grow any business, join the Predictable Profits Insiders’ Club.