Upto some extent this quote may be true. Because we cannot take better decision and assessment when and where we should start business and what should be done at what time.
Three (3) Reasons of Failure in Business
1-When we study the
life of successful businessmen in the world. The first thing which come in our
mind is that “There was not such competition at that time when they started business,
but now there is tough competition so it is not easy to establish business these
days”. This is the major reason which stop us to start business.
2-The other reason
of our failure is that we want to start business at large scale with small investments.
If we cannot manage liquidity to run large scale business, we should start our business
at small scale keeping in mind about our insufficient investments. We can expand
our business with the passage of time by increasing investments gradually. ColonelHarland Sanders is an example for us to start the business at small scale. He
started his business of “fry chicks” from his drawing room, now it has expended
upto 145 countries of the world and has become the name of successful brand-KentuckyFried Chicken - KFC. "The difference between
successful people and really successful people is that, really successful
people say no to almost everything”
It means that successful people say always “No” to failures and select
successes. They learn from their failures. The failures bounce up them to work hard
and reach the goal. Only those people failed in business who do not have courage
to face failures. “Someone is sitting in the shade today because someone
planted a tree a long time ago"
3-
We have no patience to bear failure
and to do continuous hard working. If we have no huge investments to establish
business then we should wait and continue to work with consistency and patience.
“Slow & Steady always wins the Race”
“You can't
produce a baby in one month by getting nine women pregnant.”
Warren Buffett
“If You can’t
fly, then run, if you can’t run. Then walk, if you can’s walk, then crawl, but
whatever you do, you have to keep moving forward”.
Martin Luther King Jr.
Quotes of Warren Buffet on
successful business are the road to success for us.
Warren Buffett on value investing
·“It is far
better to buy a wonderful company at a fair price, than a fair company at a
wonderful price”
· “Price is what you pay. Value is what you get”
· “Widespread fear is your friend as an investor, because it
serves up bargain purchases.”
·“Whether we are talking about socks or stocks, I like buying
quality merchandise when it is marked down.”
· “We simply attempt to be fearful when others are greedy and to
be greedy only when others are fearful.”
·“The best thing that happens to us is when a great company gets
into temporary trouble. We want to buy them when they are on the operating
table.”
·“A high purchase price for the stock of an excellent company can
undo the effects of a subsequent decade of favorable business developments.”
·“The key to investing is not assessing how much an industry is
going to affect society, or how much it will grow, but rather determining the
competitive advantage of any given company and, above all, the durability of
that advantage.”
·“Margin of safety means, do not try and drive a 9,800 pound
truck over a bridge that says its capacity is 10,000 pounds. But go down the
road a little bit and find one that says, capacity 15,000 pounds.”
· “If you are not willing to own a stock for ten years, don't even
think about owning it for ten minutes.”
· “When we own portions of outstanding businesses with outstanding
managements, our favorite holding period is forever.”
·“An investor should act as though he had a lifetime decision
card with just twenty punches on it.”
·“Buy a stock the way you would buy a house. Understand and like
it such that you had be content to own it in the absence of any market.”
· “All there is to investing is picking good stocks at good times
and staying with them as long as they remain good companies.”
· “Do not take yearly results too seriously. Instead, focus on
four or five-year averages.”
Warren Buffett on dealing with losing
investments
·“Should you find yourself in a chronically leaking boat, energy
devoted to changing vessels is likely to be a more productive than energy
devoted to patching leaks.”
·“The most important thing to do if you find yourself in a hole
is to stop digging.”
Warren Buffett on the importance of a good reputation
· “It takes 20 years to build a reputation and five minutes to
ruin it. If you think about that, you'll do things differently.”
· “Lose money for the firm, and I will be understanding. Lose a
shred of reputation for the firm, and I will be ruthless.”
Warren Buffett on the right mindset
for investing
·“The most important quality for an investor is temperament, not
intellect. You need a temperament that neither derives great pleasure from
being with the crowd or against the crowd.”
·“The stock market is a no-called-strike game. You don't have to
swing at everything you can wait for your pitch.”
Warren Buffett on market crashes and
recessions
· “Only when the tide goes out do you discover who's been swimming
naked.”
· “Predicting rain doesn't count, building the ark does.”
· “This does not bother Charlie and me. Indeed, we enjoy such
price declines if we have funds available to increase our positions.”
·“The best chance to deploy capital is when things are going
down.”
· “It's been an ideal period for investors: A climate of fear is
their best friend. Those who invest only when commentators are upbeat end up
paying a heavy price for meaningless reassurance.”
Warren Buffett on the importance of cash
· “We never want to count on the kindness of strangers in order to
meet tomorrow's obligations. When forced to choose, I will not trade even a
night's sleep for the chance of extra profits.”
· “Cash is to a business as oxygen is to an individual: never thought
about when it is present, the only thing in mind when it is absent”
· “The one thing I will tell you is the worst investment you can
have been cash. Everybody is talking about cash being king and all that sort of
thing. Cash is going to become worthless over time. But good businesses are
going to become worth more over time.”
Warren Buffett on stock-picking
· “If you like spending six to eight hours per week working on
investments, do it. If you don't, then dollar-cost average into index funds.”
· “Never invest in a business you cannot understand.”
· “Risk comes from not knowing what you're doing.”
·“If you don't feel comfortable making a rough estimate of the
asset's future earnings, just forget it and move on.”
· “Buy companies with strong histories of profitability and with a
dominant business franchise.”
· “We want products where people feel like kissing you instead of
slapping you.”
·“It's better to have a partial interest in the hope diamond than
to own all of a rhinestone.”
·“In the business world, the rearview mirror is always clearer
than the windshield.”
Warren Buffett on the importance of learning
· “I just sit in my office and read all day”
· “I insist on a lot of time being spent, almost every day, to
just sit and think. That is very uncommon in American business.”
· “The most important investment you can make is in yourself.”
· “One can best prepare themselves for the economic future by
investing in your own education. If you study hard and learn at a young age,
you will be in the best circumstances to secure your future.”
·“Read 500 pages like this every day. That's how knowledge works.
It builds up, like compound interest. All of you can do it, but I guarantee not
many of you will do it.”
Warren Buffett
on ignoring market noise
· “Most people get interested in stocks when everyone else is. The
time to get interested is when no one else is. You can't buy what is popular
and do well.”
·“Don't get caught up with what other people are doing. Being a
contrarian isn't the key but being a crowd follower isn't either. You need to
detach yourself emotionally.”
·“You are neither right nor wrong because the crowd disagrees
with you. You are right because your data and reasoning are right.”
Warren Buffett on knowing your
strengths and weaknesses
· “There is nothing wrong with a 'know nothing' investor who
realizes it. The problem is when you are a know nothing investor but you think
you know something.”
· “You only have to be able to evaluate companies within your
circle of competence. The size of that circle is not very important; knowing
its boundaries, however, is vital.”
· “We believe that a policy of portfolio concentration may well
decrease risk if it raises, as it should, both the intensity with which an
investor thinks about a business and the comfort-level he must feel with its
economic characteristics before buying into it.”
· “Diversification is a protection against ignorance. It makes
very little sense for those who know what they're doing.”
Warren Buffett on debt
·“If you're smart, you're going to make a lot of money without
borrowing.”
· “If you buy things you do not need, soon you will have to sell
things you need.”
· “You can't borrow money at 18 or 20 percent and come out ahead.”
Warren Buffett on great management
·“When you have able managers of high character running
businesses about which they are passionate, you can have a dozen or more
reporting to you and still have time for an afternoon nap. Conversely, if you
have even one person reporting to you who is deceitful, inept or uninterested,
you will find yourself with more than you can handle.”
· “The important thing we do with managers, generally, is to find
the 500 hitters and then not tell them how to swing.”