Tips of Warren Buffet

I can't stop myself writing about Warren Buffet.He gave business world an entirely new meaning! He leads by example that is the beauty of his advise. Let me talk on his advice that says 'Risk comes from not knowing what you're doing.'Means we should know every inch of our business before starting. We should study thoroughly our business strategies.Don't you think it is so simple yet difficult to follow.We see many businesses starting with great enthusiasm but gradually the curtain will be put on them because no one knew the business thoroughly.knowing the business from a scratch and consistency pay good returns.
Buffet also says 'If you don't know jewelry, know the jeweler.'How true it is!Relationship matters very much in corporate world.That doesn't mean you jerk away from your work.At least you could predict what would be the next move of the management. If you know the jeweler some or the other day you will come to know about jewelry by maintaining relationship!
If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes! This has caught my mind very much.I see so many businesses running.They boast that their business are very old. It is a time tested formula,they don't want to take a chance.Another interpretation would be like Just carrying on the business mindlessly.Some times it may prove a pain in the neck! but still carrying on is not worth!