Warren Buffett has given a plethora of tips for both investment decisions and making good decisions in life. His best is the belief that good things will happen to those who wait. Buffett said in his own words:
No matter how great the talent or effort, some things just take time. With nine women pregnant, you cannot have a baby in a month.
But who really wants to wait when we can go full force and experience immediate payoff on a good business strategy at the right time? Well, it’s certainly a remarkable effort for those of us who focus on short-term gains and immediate gratification, but it’s the opposite of the Buffett way.
Amazon founder, executive chairman, and former chairman and CEO Jeff Bezos once asked Buffett, “Warren, your investment thesis is so simple, and yet so brilliant. Why doesn’t everyone copy you?”
Buffett’s response, without hesitation: “Because nobody wants to get rich slow”.
two keys to play the long game
Warren Buffett is a firm believer in the important lesson of slowing down and thinking long. He understands that the pursuit of short-term profits in business is a misguided phenomenon. During COVID, we forgot to play the long term game as everyone went into reactionary mode, so the shift was on short term thinking as necessary changes from the lockdown induced by the pandemic.
Now that we are out of the crisis, having a long-term strategy will eventually yield results and pave the way for success, making the journey even sweeter. The operative word for doing so boils down to a rare feature: Patience,
Researchers have discovered that people who exhibit the rare quality of patience make more progress toward their goals and are more satisfied at achieving them (especially if those goals are difficult) than those who are less patient.
The key to making your patience a successful business trait in backing your long game is relying on one key factor: discipline.
I have seen many people get discouraged, give up and fail because they have neglected the means to reach the top of the mountain. He gave up because of his passion to achieve the goal.
Goals are important, no doubt about it. what go However, you have both the patience and the discipline to reach those goals. This is what will help you develop a pattern of repetitive habits and actions that you do over and over again to reach your highest goals. Patience and discipline are what will ultimately lead to your success.
Buffett’s quote at the top suggests that we stop chasing pie-in-the-sky ideas and grand pursuits that yield no return. Ultimately, true success comes from focusing on those steady, small, and consistent day-to-day tasks that lead to long-term results. Your best weapons – “no matter how great the talent or the effort” – are patience and discipline.