Entrepreneurship Skills of the Warren Bufftt - Essay

Enterprise: Concepts And Issues On :
Warren Bufftt

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The Entrepreneurs are the person who sets up the business or they may be considered as
the promoters of the business who are aimed at sustainable development of an organisation. This
essay is based on the successful entrepreneurship skills of the Warren Bufftt who has
entertained his best skills in order to maximise the profitability of the company. He is one of the
successful Entrepreneur who works as a Chief Executive officer at 'Berkshire Hathaway'. This
study will help in creating a complete knowledge about the role of the Bufftt within an enterprise
and various personality traits that leads to the development of the successful kingdom. Also, the
report will help in describing the abilities of Warren Bufftt which helps in making quick and a
good decisions regarding the different business situations. The essay also create a good
understanding about the creativity which is applied by the Bufftt in order meet the performance
gap of the business.
MAIN BODY
Warren Bufftt is Known as the “Miracle of Omaha” because he has created a wonderful
record in the field of entrepreneurs. He was born in the Nebraska city of US. He was ranked as a
third richest person in twentieth century and in 2011, he was one of the wealthiest investor of the
world. Bufftt is an American Business Magnate who is not only a successful entrepreneur but
also a great speaker and a Philanthropist (Au-Yong-Oliveira and et.al., 2018). He Built the
Berkshire Hathaway into the Massively diversified entity. In more recent years Bufftt has acted
as a financier and facilitator of major transactions of the organisation. During the period of a
great recession, Warren invested and also lent money to such companies who were facing the
financial disasters. Around 10 years later, these transactions were resulted in the huge profits.
$680 million profit was earned from the loan to Mars Inc. Almost 120 million was incurred from
WFC (Wells Fargo & Co.). Since, Warren invested in American Express Co., they earned five
times more than that.
In spite of all this, Warren Bufftt he is also being noticed for the adherence to value
investing and also his personal frugality despite of his immense wealth. That is why Bufftt is
different from all the other entrepreneurs of the world (Duening, 2018). He takes keen interest in
investing in the stock market at his early age. He Believes in building a strong reputation among
all the other investor because it takes lot of years in building the reputation while a minute is
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enough to spoil that reputation. Even though, he was on of the wealthiest people among the
world, but still he continued to live in the house that he purchased since 1958. Also, he chooses
to ate a simple meals and living a simple life. Furthermore, One of the thing that make him
different form other entrepreneurs is donation of the vast majority of his wealth to Bill and
Melinda Gates Foundation, all such things makes him different form others.
Warren Bufftt plays the important Role as it occupies the central position in the market
economy of the world. Along with this, Entrepreneur have to play different types of roles such as
investor, risk-taker and an innovation Lead who brings out the creative thoughts in order to
present a creative product in front of people. In order to bring different products and services in
the market, one of the important aspect that Risk taking that consists of monetary risk, i.e.,
putting money on the line.
Personality traits of Warren Bufftt includes dynamic characteristics that leads the
Berkshire Hathaway enterprise towards the success. Creativity, and Motivational skills of the
Bufftt serves as one of the important personality trait of this entrepreneur as it allows him to sale
new product and services in market (Bowen, Rajgopal and Venkatachalam, 2016). Future
oriented and optimistic qualities of this entrepreneur leads towards the attainment of the future
goals. The ability to forego consumption in order to be able to consume more in the future helps
in creating more options to increase the profitability of the organisation. Warren Bufftt believes
in creating out the potential ideas that helps in delivering more innovative products and services.
Independent thinking is also one of the great personality trait of the Bufftt as he says that
public opinion for poll is no substitute for thought (Joshi, 2017). Investing in an oriented towards
a fantasized future which is developed by emerging different types of thoughts and opinions
collected from the staff members along with the own thoughts of entrepreneur helps in
generating an effective idea.
Conscience is another characteristic of the Bufftt which allows him to behave constant at
the time of success and failure. This type of skills helps entrepreneur in having faith among all
such decisions which are taken or going to be taken without the fear of failure (Robert, 2016).
Greed is also one of the personality trait which provokes Warren Bufftt in wanting more good
things. So, Bufftt's greedy desire lets him to acquire more in the form of maximum profits.
Modesty is also one of the important personality trait of the Bufftt in which means awareness of
the small things during the big decisions. Warren Bufftt is inherently modest who constantly
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acknowledges the limited and connected role that he plays in something so much bigger than
himself. The skills of modesty and honesty makes him rich and merely a good investor of the
world.
Entrepreneurs are unique because they are capable of bringing together the money, raw
material, manufacturing facilities, skilled labour and land or building required to produce
product or a service. Leadership acumen of the Warren Bufftt includes various kinds of abilities
which motivates him to achieve a great success and sustain the business for a longer run. Also,
There are various things that makes him a great leadership (Yozgat and Kamanli, 2016). Any
business require many customers who may consume the goods and services and make the
differences within a variety of goods and services. In order to provide the products according to
the requirement of users, the entrepreneur have to understand the competitive positioning and
value positioning of its customers which is ultimately supported by an ultimate leadership. In this
situation Bufftt had played a versatile responsibility of motivating his workforce as well as
customers do adopt the creative changes brought up by the company with response to the altered
taste of consumers. Warren Bufftt is confident entrepreneur who never asks questions just
performs the activities with the help of his knowledge and passion so this makes him a great
leader. One leadership quality which makes him really special is his ability to stick to his values
and believes in the face of a worldwide criticism. Also, self starter leadership quality of a Bufftt
motivates and encourages the staff members so that they cannot hesitate in bringing something
new to the business. He is proactive and not wanting someone to give the permission so this
quality makes him a great leader that influences the mind of the other people. He is an
autocratic leader who makes situational decisions without consulting to all the team members
(Luster, 2017). This is needed when decisions need to be make quickly and team input is not
necessary factor for a successful outcome.
Opportunities are the circumstances in the lives of every entrepreneur which make it
possible to achieve a successful business. In order to achieve the success in this competitive
world, warren Bufftt never waited for the opportunities but he himself finds them. In spite of
this, he believes in listening to the potential clients of the business. So Bufftt mainly focuses in
listening the needs, wants, challenges and frustrations of the company (Ding, 2016). He finds the
opportunities in overcoming such challenges. He also identifies the insights and trends of the
industry that lead the company towards attracting more customers which results in maximising
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the profits of the company. Entrepreneur's Creativity is the ability to develop new ideas and
also to discover new ways of looking at problems and opportunities. Bufftt identifies the
demands and needs of the customer and uses his creative thinking in the form of the innovation
of a new product that satisfies the needs of the people (Jiao and et.al., 2016). Development of a
new product according to the marketing demands thus helps him to meet the expectations of the
people and also this ability helps hip to identify the gap in the market. Introducing new services
and goods in response to fill the gap is one of the greatest opportunity that Warren has got, that
makes him a successful entrepreneur. He starts with strengths and uses his skills and
knowledge in the favours of such marketing needs. Bufftt also learns with the failures he meets
the failure in his business life. Warren Bufftt always tries to find new trending products and
tries to understand the creativity he may be able to bring to such product that may help him to
increase the sales of the company in terms of new product. Warren finds this as an opportunity to
again come back in a new market with the introduction of a new service (Leadership styles to
learn from Warren Buffttt, 2017).
Strategic focus of the Warren helps the company to achieve the successful development
of the business. Furthermore, the creativity increases the business potential energy that ensures to
bring many possible opportunities to the business. Also, the learning habits and research of the
Bufftt helps him to get the complete knowledge about strategies and planning he used to
implement his actions within an organisation. He thinks that practice makes perfect so he says
keep trying to conquer all the things until it succeeds. So here are the five most important factors
which leads to the success in the life of the entrepreneur Warren Bufftt (Lipschultz, 2017). To
drive the successful business, Entrepreneurs have to acquire all the properties of a great leader.
As they can motivate and inspire all the world by its actions and plans. Successful leader
strategies all the things in order to get the desired financial results which leads towards the
growth of the business.
In Addition to this, it is very difficult to achieve the great success in the business without
any failure. Various challenges are also faced by Bufftt at the time of growing the sustainable
business. Multiple responsibilities which comes in the way of Warren are Management of the
Cash flow in the company and meanwhile responding to the high competition (Duening, 2018).
Entrepreneur also need to keep the updated information of the marketing changes which
fluctuates any time. Also in order to grow the business, entrepreneur have to constantly increase
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their learning habits according to the changing requirements of the market. Warren Bufftt is keen
interested in improving his knowledge and skills that result in the creative thoughts and strategies
to innovate new products in the market. Creativity also ensures the Bufftt to remain in the race of
this highly competitive world. There are also various government policies are implemented that
supports the entrepreneur in launching new products to the market. Entrepreneurship is a very
vital ingredient for job creation as well as economic development of the country (Au-Yong-
Oliveira and et.al., 2018). As the entrepreneurs like Warren Bufftt and many more shape the
economic destiny of nation by creating the employment and wealth by offering various products
and services. US Government have also formulated various policies that supports the
entrepreneurs towards the achievement of a successful business.
CONCLUSION
From the above study, it can be concluded that a Successful Entrepreneur acquires strong
personality traits that makes the one different form another entrepreneur. The study was
completely based the successful entrepreneur named Warren Bufftt. This essay has focussed in
towards the various opportunities which Bufftt has completely utilised which makes him a
successful and great entrepreneur as well an investor. This study has also concluded different
types of roles played by an entrepreneur that motivates him to achieve the higher profitability in
business.
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REFERENCES
Books
Duening, T., 2018. The illusion of technique: sustained enterprise innovation as an aspirational
problem. International Journal of Innovation Science.
Robert, G.H., 2016. The Warren Buffttt Way.
Savulescu, J., 2018. Wicked problems, complex solutions, and the cost of trust.
Journals
Au-Yong-Oliveira, M. and et.al., 2018, March. The Rise of the Unicorn: Shedding Light on the
Creation of Technological Enterprises with Exponential Valuations. In World Conference
on Information Systems and Technologies (pp. 967-977).
Bowen, R.M., Rajgopal, S. and Venkatachalam, M., 2018. A review of Buffttt's commentary on
accounting, governance, and investing practices: does he “walk the talk”?. Journal of
Applied Corporate Finance. 30(3). pp.55-75.
Ding, R., 2016. Enterprise Cannot Survive Without Projects. In Key Project Management Based
on Effective Project Thinking(pp. 17-36). Springer, Berlin, Heidelberg.
Jiao, H. and et.al., 2016. Entrepreneurial ability and technological innovation: Evidence from
publicly listed companies in an emerging economy. Technological Forecasting and
Social Change. 112. pp.164-170.
Joshi, C.A., 2017. An Empirical Study on Entrepreneurial Perception among Students in
Oman. International Journal of Global Business. 10(2). pp.17-27.
Lipschultz, J.H., 2017. Warren Buffett, Value Investing, Media, and Social Media. The
Handbook of Financial Communication and Investor Relations. pp.327.
Luster, P., 2017. LEADERS ARE MADE, NOT BORN: To drive business growth and see the
financial results you want, you must have a mission. Strategic Finance. 99(2). pp.12-13.
Yozgat, U. and Kamanli, A.I., 2016. The effect of entrepreneur’s passion and transactional
leadership style on the performance of employees. Issues in Business Management and
Economics. 4(2). pp.9-17.
Online
Leadership styles to learn from Warren Buffttt. 2017. [online]. Available
through:<https://www.entrepreneurshipinabox.com/852/entrepreneurial-success-factors/>
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