10 principles that made one of the world's billionaires rich

Here are 10 powerful quotes about the secrets of success from one of the richest men in the world.

1. Know what you have

“Risk comes from not knowing what you are doing.”

Is a world champion poker player gambling when he sits down at the poker table? Warren Buffett doesn't think so. He knows that, over time, skill beats luck.

2. Think carefully

“I emphasize that I spend a lot of time every day just sitting and thinking. That's not very common in American business. I read and think, and make less impulsive decisions than most people in business. I do it because I like that kind of life.”

Many entrepreneurs and businesses make impulsive decisions that sometimes cost them dearly. Warren Buffett does it differently than most people, and he believes that in order to maintainsuccess, you must consider your options very carefully.

3. Be careful in all matters

“It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you can do everything differently.”

You have to be cautious in life as well as in business. It's a little scary to know how easily your image can be ruined. Act cautiously as if it were a million dollar decision.

4. If things are bad, don't make them worse.

“The most important thing to do when you find yourself in a hole is to stop digging.”

When people are in turmoil, they often have unfortunate habits that make things even more chaotic. To be successful, you need to know when you should do nothing.

5. Cooperate with the right people

“You can't make a good deal with a bad person.”

You cannot put your trust in someone you cannot trust if you want to succeed in business or in life.

6. Don't be too gullible

“I try to buy stocks in businesses that are so wonderful that a fool could run them. Because sooner or later, a fool will.”

Even when you partner with the right people, they can let you down one day. Understand that all good things can come to an end, and prepare for the worst.

7. Appreciate what came before

“There are people sitting in the shade because there are people who planted a tree a long time ago.”

If you are successful, it is at least partly because others paved the way for you. Be grateful to those who came before you and contributed to your success.

8. Know when to jump ship

“If you find yourself in a chronically leaking boat, energy spent changing vessels may be more productive than energy spent patching them.”

Successful people don't bet when they know they're going to lose. They recognize when something is sinking, and they know when they need to jump on a new boat.

9. Habits are hard to break

“Chains of habit are too light to be felt until they are too heavy to be broken.”

Make sure you're cultivating good habits, because the longer you do them, the less likely you are to break them.

10. Believe in your success even when no one else does.

“I always knew I was going to be rich. I don't think I ever doubted it for a minute.”

You have to believe that you will succeed. It will take a little longer to convince people, but if you continue to believe in yourself, you will have a convincing argument.

According to Cafef.vn/vietnamnet