Discovering Entrepreneurship

Topics: Entrepreneur, Entrepreneurship, Warren Buffett Pages: 5 (1283 words) Published: December 8, 2012
1.0 Background information of Warren Buffet: place of birth, family history, education / training

The name Warren Buffet is not new to many entrepreneurs especially as he is an idolized figure in whom everyone including myself seek to be like in the future. Warren was born on 30th August 1930 to his father Howard, a stockbroker-turned-congressman. He was the only boy of put three children and right from his young age, showed great potentials for handling money and business. According to Joshua (2011),“acquaintances recount his uncanny ability to calculate columns of numbers off the top of his head - a feat Warren still amazes business colleagues with today” (, 2011). In 1947, at age seventeen, he graduated from high schools; he later applied to Harvard University but was rejected before he applied to Columbia University to complete his studies. As a young man, Warren also had idols and role model prominently among which is Ben Graham who shaped his life. Warren Buffet has always being a bright boy from his youthful age.

2.0 The Warren Buffet’s entrepreneurial experience in term of obstacles and successes and how he overcame them. As a young man, Warren made a lot of success as highlighted in the figure below.

Figure 1: Successes of Warren Buffet

As a thriving man and over 80 years of age, Warren has faced so many obstacles especially while amassing wealth. * As a young man, he made a mistake of selling stocks he purchased at $38 for $40 only to realize that the stock rose up as high as $200. According to Warren, this is one mistake he made in his entire life and thus he can’t forget it because he lacked patience at that point in time. * Also purchasing shares in US airways was the biggest mistake of his life as reported in the write up of Toby Lang (2009). In later years, he began to be careful by bought shares or stocks that has no risks and then sold them at the time the world needed them the most. By this, he was able to amass wealth and avoid making mistakes again From a critical point of view, as a young promising entrepreneur, it is of interest to note that “patience” and “thoughts” are very important in entrepreneurial field. The life of Buffet shows that patience is very vital and thinking well before any action is quite useful. By this, it would help me to overcome any situation or circumstance in the future.

3.0 Evaluation of Warren Buffet’s entrepreneurial skills
Warren possesses the some great skills which personally, as an upcoming entrepreneur, these traits can be seen in me. These skills are: personal skills, communication skills, negotiation skills, leadership skills and sales skills. These skills are centre to entrepreneurial investment and practices. * According to Warren Buffet as reported by Ajearo (2011), “It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.” Thus Buffet has always portrayed an attitude for charisma and motivation as he is courageous, risk taker and a great investor. More so, having communication skills aid a lot in all dimensions, Buffet, at a time took a communication course at Dale Carnegie Academy to improve on his speech and thus he is respected for this by all his employees. * Negotiation skills are very important for all entrepreneurs in that they must have persuasive skills and ability to convince people to take action. * Leadership skills are the most essential in the business world and also to the entrepreneurs. Howard & David (1985) and John (1991) found that leadership skills encompasses a lot which goes beyond managing people to personal welfare. Lastly, sale skills are the driving force of the business. From a critical point of view, Warren has lot of leadership and sales skills and these have helped his business to grow very large in all dimension and aspects. He amassed wealth and owes more than 100 corporations under...
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