For my new book, Getting There: A Book of Mentors, I spent 5 years interviewing some of the most successful people alive (Warren Buffett, Michael Bloomberg, Anderson Cooper, Sara Blakely, Jeff Koons, Kathy Ireland, Les Moonves, to name a few). Here are the 7 things they all have in common:
1) THEY UNDERSTAND THEIR “CIRCLE OF COMPETENCE”
In his Getting There essay, legendary investor Warren Buffett explains that it’s essential to understand your strengths and weaknesses. He relays that when deciding what to pursue, knowing what to leave out is as important as knowing what to focus on and quotes Tom Watson (the founder of IBM) who said, “I’m no genius but I’m smart in spots and I stay around those spots.”
Buffett explains, “My brain is not a general-purpose brain that works marvelously in all situations. There are all sorts of things that I’m no good at and there are all kinds of investment opportunities I’m not able to comprehend. I understand some kinds of simple businesses. I can’t understand complicated ones. Coca- Cola, for example, isn’t very complicated. It’s a durable product and the appeal is universal. I try to find businesses I can grasp, where I like the people running them and think the price makes sense in relation to the future economics.”
John Paul DeJoria, billionaire co-founder of the Patrón Spirits Company and John Paul Mitchell Systems, advises, “Do what you do best and try to find others who can fill in by doing the things you are not good at. For instance, I am terrible at details—accounting especially, so I hire accountants to help me. This frees me up to focus on the things I do excel at and I can run a more efficient operation.”
None of my Getting There subjects are good at everything, but they all became incredibly successful by honing in on what they excel at.
Find the rest of the list on Linked In.