Entrepreneur Insider expert Mike Koenigs shares his takeaways on Warren Buffett’s approach to business.
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Mike Koenigs helps business owners and entrepreneurs get paid for being instead of doing by becoming Transformational Business Influencers, authorities and thought leaders. His companies have helped over 57,000 customers in 121 countries get noticed, amplify their message, create awareness, productize their knowledge, and become bestselling authors, in-demand speakers and media masters who get attention and engagement while increasing their income with integrity and authenticity.
Related: Warren Buffett Boosts Amazon and the Rest of the Tech Sector
One of Koenigs’ biggest pieces of advice: get out there and meet people! Koenigs recently attended the Berkshire Hathaway Annual Shareholders meeting and shared his main takeaways (including how you can get invited next year for as little as $200!)
$200 to attend a conference with Warren Buffet and Charles Munger?
“I’ve heard about the Berkshire Hathaway meeting for years. But the illusion I was under is that you had to own in a share their stock, which is presently selling for like $222,000. I thought it was only for the big shots. I didn’t know that they sold B shares, which are currently around $200. If you buy one B share of Berkshire Hathaway stock, you can attend this annual event and get four passes. I think it’s the best $200 I’ve ever spent — because it’s an asset that appreciates — but more important than the stock is the knowledge that you gain.”
Related: Warren Buffett Says He Eats McDonald’s 3 Times a Week and Pounds Cokes Because He’s Not ‘Bothered’ by Death
Avoid the chaos trap
“They spoke about the fact that they have a lot of time off. As an entrepreneur, it’s easy to say, ‘Well, I can’t take time off, because I have to do this and this and this and this,’ and we get into the doing trap, the chaos trap. The way to get out of that trap is to stop doing all the time. Most of what we do is nonsensical chaos addiction that doesn’t move us forward, and it’s not the long game. The only way to play the long game is to stop doing the short game. And we’re under the illusion that we have to stick around and do the short game all the time.”
Modeling Warren Buffet’s approach
“I have a friend Ty Lopez. He’s got a huge platform online, and by his account, he’s spent about a half a billion dollars on advertising online. Ty has a photographic memory and has dedicated a lot of time thinking about Berkshire Hathaway, Warren Buffett and modeling how he thinks. There were two big takeaways I got from Ty’s analysis: One is that Warren apparently said at one point, ‘I’ve made about 25 great decisions in the past 50 years.’ So he doesn’t think about the small stuff. He thinks about big things. The other is to associate yourself with great brands. Look at the big brands they’ve acquired. General Mills, for example. Cheerios — that is a license to print money! Model your thinking to Buffett’s, because, historically, when the S&P is doing 10%, Berkshire Hathaway consistently is doing 23, 24, 25%.”
Related: 24 Things You Didn’t Know About Warren Buffett
The value of building a personal brand
“There’s no distinction between your personal brand and the brand of your business when you are starting out. You always want to work on building your brand and your following, and training your following to buy from you where you produce value. If you’ve got a personality that makes people feel good, they will pay you three times, five times, ten times more for an identical product or service. You represent safety, you represent opportunity. That’s what a great brand does. And when you eventually sell your business, you maintain the audience that followed your personal brand and you get a kickstart for your next endeavor.”
Would you like to connect with Mike 1:1? Book a session with him on Entrepreneur’s Ask an Expert platform. His schedule is always up to date, you can even record the meeting if you’d like.