Know-How is Good. "Know-Who" is Better
How does Warren Buffett manage to choose stock market winners so often? Could it be, as so many have suggested, that he sees magic in the financial spreadsheets that the rest of us miss? Or, is there more than meets the eye to Mr. Buffett's success. In my research for Business Brilliant, I discovered that most people want to believe being expert at something is the key to success. The self-made wealthy say being networked to the right people is just as important as being knowledgeable about the right subjects.
And not just any kind of "well-connected." As this video about Warren Buffett's success shows, the biggest paydays comes from being able to bring groups of people together that need each other. From his earliest days, Buffett's wins came partly from knowing which companies to invest in and partly from knowing how to stack the deck in his favor by putting powerful people on boards and in executive positions that would prioritize his agenda over everyone else's.
Standing at the intersection of disparate groups that need each other is a formula for success used by everyone from Steve Jobs to Russell Simmons. Turning that into big money requires that you claim your position at that intersection. Unfortunately, most of us want to follow the crowd.
In this video, we learn the secret to successful networking.
This video was shot at Maison 140 in Beverly Hills.
LEWIS SCHIFF | Inc. Business Owners Council
Lewis Schiff is the executive director of the Inc. Business Owners Council. His latest book is Business Brilliant: Surprising Lessons From the Greatest Self-Made Business Icons.