There are many characteristics when considering what makes a successful entrepreneur. Can you accept failure? Do have perseverance? Can you rely on yourself? These are all questions you must ask yourself when deciding whether or not you can be an entrepreneur efficaciously. Warren Buffet is a golden example of how through uncertainty, vision, and later on his social responsibility, you can become one of the world’s most successful entrepreneurs.
Warren Buffet’s path into the world of business started at a very young age. In 1941, while he was just eleven years old, Buffet purchased three shares of Cities Services stock at $38 a piece. Not long after, he would learn his first lesson of business, tolerance of uncertainty.
His shares of stock dropped down value to $27 each; although he was uncertain whether or not to sell his shares he had patience and persevered until the price of his shares rose to $40 a piece, which he then sold immediately. As time passed, Buffets knowledge in business expanded and once in high school his entrepreneurial journey began after he started a pinball machine business.
During that time he was making revenues of over $85 with a profit of $50 per week. By the time Warren Buffet graduated out of high school he was able to buy forty acres of farmland in Nebraska, and this was just the beginning to a very successful career. In May of 1956, several investors, including Warren Buffet, raised enough money to create Buffet Associates Ltd with an initial investment of $105,000, five thousand of which was contributed from Warren Buffet.
At the end of that very same year Buffet was dealing with a capital of roughly $300,000, talk about doubling your money! In May of 1965 Warren Buffets vision began to come true when he purchased 49% of Berkshire Hathaway common stock and appointed himself as director of the company. Once being directed by Warren Buffet, Berkshire Hathaway began acquisitions and mergers with other notable companies not soon after. Some noteworthy companies that have been acquired by Berkshire Hathaway include Geico insurance and Fruit of the Loom apparel. Mergers with Berkshire Hathaway are much less common but have been known to happen in the past.
Throughout the years into the 1990’s Buffet saw his vision of success become more into reality as Berkshire stock prices rose from $2,600 to as high as $80,000. Although Warren Buffet is now one of the world’s most successful entrepreneurs he does not forget good business ethics and social responsibility; to this day he believes in following a strict code of conduct and also donates over twelve million dollars a year to the Susan Thompson Buffet Foundation. In today’s world there are thousands of young entrepreneurs going out into the business world thriving to be successful.
I know that one day I hope to accomplish my vision and make an imprint of myself in this world. If you have strong entrepreneurial characteristics along with determination and a little faith than anything can happen for an entrepreneur in the world of business. Warren Buffet is a prime example how if you persevere through your uncertainties and failure as well as follow your vision of success then you can accomplish your dream not matter how far away it seems it is.
Berkshire hathaway. (n.d.). Retrieved on November 7, 2012 from http://en.wikipedia.org/wiki/Berkshire_Hathaway Warren buffet. (2009). Retrieved on November 6, 2012 from http://www.topbusinessentrepreneurs.com/warren-buffet.html