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The Wise Entrepreneur
Every year at a fundraiser for the Glide Foundation, a non-profit organization that helps the homeless in San Francisco, Warren Buffet auctions off a private lunch. Business people from all other the world bid millions of dollars just to sit with the world’s wisest financial investor for a few hours. The June 2012 winning bid was $3,500,000. Buffet has auctioned off private lunches for 13 consecutive years and has raised more than $11.5 million for the Glide Foundation.
Warren Buffet was once the richest man in the world. He’s called the “Oracle of Omaha.” He is the chairman and CEO of Berkshire Hathaway, a multinational conglomerate holding company, which holds more than $392 Billion in net assets. He’s been picking stock, buying companies, and outperforming the market for the last 60 years. He’s the undisputed financial guru of our time –so when given an opportunity to have lunch with him, investors make the investment.
$3,500,000 is a lot of money. The average person doesn’t even make that much over the course of a lifetime. So chances are, if you’re reading this, you’ll probably never have the opportunity to go to lunch with Buffet. But what if I told you that I know a man far richer than Warren Buffet? And better yet, all of his wisdom has been recorded in an easily accessible book which is free of charge to all investors. His name is King Solomon, and he wrote Proverbs, the Songs of Solomon, and Ecclesiastics in the Bible.
The book of Proverbs is one of my favorite business books. It contains practical wisdoms that have stood the test of time and made many men rich. In this post, we will look at three essential proverbs of King Solomon that every aspiring entrepreneur needs to know.
- Proverbs 24.3-4 Through wisdom a house is built; and by understanding it is established: 4 And by knowledge shall the chambers be filled with all precious and pleasant riches.
Webster defines wisdom as the quality of having experience, knowledge, and good judgment. It’s the ability to apply what you know –what you’ve learned from school, internships, jobs, and mentors. Successful entrepreneurs know how to diagnose the market, identify customer needs and wants, and craft solutions that satisfy the customer. Every business owner should be an industry expert in their respective area of business. You should know the regulations, trends, industry best practices, competition, buying habits, customer behavior, culture, and demographics data. Business is built on knowledge of industry and knowledge of customer.
2. Proverbs 14.23 All hard work brings a profit, but mere talk leads only to poverty.
Good business ideas are everywhere. Anybody can come up with a business plan and talk about it, but putting it into action is a different ballgame. There is no legal way to make easy money. The road to success is paved with countless hours of hard work and dedication. So many would be entrepreneurs, with great ideas and know-how, expect things to be easy and at the first sign of adversity, they crumble. Success only looks easy. Ask any successful person in business, sports, relationships, religion, or any other aspect of life, and they’ll tell you, it takes hard work.
3. Proverbs 6:6-8 Go to the ant, you sluggard! Consider her ways and be wise, which, having no captain, overseer or ruler, provides her supplies in the summer, and gathers her food in the harvest.
Ants are master planners, savers, collaborators, and laborers. When you get a chance, study the ant, and you’ll be absolutely marveled at the wisdom of this tiny insect. For now, suffice it to say that ants are great entrepreneurs. They work hard, in unison, all summer to gather food and supplies for the winter. They build colonies and maintain their society by gathering resources today, for the benefit of tomorrow. Business should be managed the same way. You never know how bad the winter will be, so you must be frugal and diligent during the sunny times.
King Solomon was the wisest and richest man to have ever lived. You should definitely take yourself to lunch and get acquainted with his proverbs. All of them are profitable. All of them are free. Bon appetite.