Warren Buffett’s Management Secrets
3: Find the Right Manager for the Job: You should hire the right manager, and that means you have found the right characteristics of a manager. Where can you find the right manager? It is time consuming, and management changes are expensive. First, you need to ask if the management changes are necessary or not. Warren looks for competent management already in place within these companies. Promote from within if possible, or look for talent elsewhere, but preferably not..
Victor or Victim: how to select a leader. Would you rather be the worlds worst lover, and have everyone think that you are the best lover, or vice versa? Managers are either true to themselves or they conform to what others want of them. A bureaucrat wants to do what you want. Warren is always going against the herd, these types of managers are the masters of their own destiny.
You Need To Determine The Internal Locust Of Control: you blame yourself when something goes wrong, and if you fail it is because it is your fault. You determine what your life will look like. When you win, you won it, and you have no one else to blame. Learn from your mistakes but do not dwell on them for too long. You need to take responsibility for your failures. Get in control of yourself.
You Need To Determine The External Locust Of Control: you blame everyone but yourself. They don’t believe they have the power to solve their problems.
Work At The Job You Love: you will not jump out of bed, if you keep taking jobs that you don’t like because it will look good on a resume. In the quest for wealth we take on jobs that we don’t like. You will one day end up doing something you enjoy doing. Sometimes the foundation is found on nothing more than greed. Work is drudgery, and destroys your spirit. The most successful people in business are doing what they love. You need to love what you do. Love what you do, and hire people who also love what they do.
Put A Wining Sales Team Together: the best sales people are those who believe in the product, and have a passion for the product. If you are very interested in that product, you need to ask what are its best uses. People who believe in the products, and love to go to work, but have managers who would rather be somewhere else are doomed. Super managers are well-enough to retire in the morning but they go to work anyway because they love what they do.