Higlights of the discussion
- Warren Buffett talks about why he wouldn’t want to compete with Jay-Z in the music business and how building a personal moat between you and your competitors is the best way to succeed
- Warren Buffett talks about how his approach to giving money away has changed over the years
- Buffett and Jay-Z talking about the role luck has played in their lives
- Jay-Z takes on the problems in the music industry and what he is doing to change the way the business moves ahead
- Jay Z discusses How he almost lost some of his incredibly valuable music on a flight coming back from Hawaii
Whilst discussing success, Buffet attributes his to getting started early on in his life. He had a good head start as he began looking at investment books from the age of 7, because of his furthers work in the investment industry.
Jay Z values his success to coming up in the opposite way, he entered the music/entertainment business later in life at the age of 26 after garnering much need life experience, which enabled him to hit the ground running.
Both men attribute passion and consistency as pillars of their success as well. They have been disciplined in their approaches as Buffett sticks to investments in industries he can understand and Jay-Z sticks to his own entertainment style rather than succumbing to new trends. As a value investor, Buffett stays away from the hottest new stock or industry that trades at astronomical P/E ratios.
Another commonality between the two men is the role of downplaying emotion. Jay-Z doesn’t let emotion get in his way of making decisions in terms of his music production. He doesn’t like to give in to what’s “hot” in the industry. Buffett takes the same approach.
On the topic of self-improvement, Buffett urges everyone to essentially invest in themselves by developing habits of success. He suggests that of the people you admire, list the characteristics about them you like and then learn to master those qualities. In investing, Buffett likes companies with wide moats and a competitive advantage. You can advance yourself he says if you “build your own moat around yourself.”
According to these two entrepreneurs, here are some of the core qualities to find success
- Ability to ignore emotion
- Ability to learn from mistakes
- An element of luck
What other qualities are important for entrepreneurs to develop successful habits?