POWERFUL SECRET OF WARREN BUFFETT’S SUCCESS REVEALED
How to Make Decisions and Conquer Fear
Warren Buffett isn’t just one of the world’s most successful investors, he’s also the most respected. He has succeeded largely because he looks at the long-term outcome on big decisions.
Although I’ve driven by his Omaha, Nebraska house, I’ve never met Warren Buffett. I believe that success leaves clues and I’ve studied what has made him successful. One of the things that fascinates me about Warren is what appears to be fearless decision-making.
He is clear about his outcome, he’s great at evaluating the consequences of both the positive and negative options, and he is resolved in following through with massive action on his decisions.
Conquer Fear and Make More Decisions
If you want to be a leader, decide!
Many people are so afraid of failing or making the wrong decision that they let uncertainty paralyze them. The only real failure is failing to decide and putting off what inevitably needs to be done. The hardest part is always making the decision. Once the decision is made, the rest is easy.
Sitting on the fence is the worst place to be. Let go of fear and make a decision, even if it’s the “wrong” one.
Success is the result of good judgment. Good judgment is the result of experience.
Experience is often the result of bad judgment - Tony Robbins
The way to get good at making decisions is to make more of them. Even if you make the wrong ones, you’ll learn more quickly, and you can use what you’ve learned to make better decisions in the future. You also learn that making the “wrong” decision, for the most part, isn’t fatal. Deciding to act will help you to overcome the fear of a worst-case scenario.
SIX STEPS IN BECOMING A DECISION-MAKING TITAN LIKE WARREN BUFFETT
As I mentioned earlier, success leaves clues. Would you agree that Warren Buffett makes wise decisions? As with anyone, he has made his share of bad ones, but he picks himself up, learns from those mistakes, and makes better decisions moving forward.
Here are six steps that I’ve learned from Tony Robbins that have helped me to make wiser decisions more often. Do I wish that I could turn back the clock and change past outcomes of bad decision making? Well…
Take out a piece of paper and answer the following questions:
1. Outcome: What is the result you’re after?
2. Options: Write down all of your options. (Come up with at least three)
3. Consequences: What are the upsides and downsides of each option?
4. Evaluate: Weigh the consequences of each option.
5. Mitigate: Review the ‘downside’ consequences and brainstorm ways to reduce the downsides.
6. Resolve: Based on the most probable consequences, select the option that produces the greatest certainty you’ll meet your desired outcome.