Episode E01: Lemons to Lemonade
Just like a retail business needs a good location to attract customers to its store, you need to think of location too. When you are in a classroom, it is best to sit in a place where you can listen to the teacher. The better you are located and able to pay attention, the better you will do in school. "So remember: location, location, location--pay attention and listen to learn the most you can"
E2: It is all about about Advertising
Every business needs to promote itself to sell products, and to distinguish itself from the competition. When a business advertises, it builds its brand and gains a larger share of the customers mind. You advertise yourself every day – by what you wear and how you treat others. It's important to advertise yourself in a positive way so people see you from the inside out – always be honest and sincere, and never lie under any circumstance. So remember; “Treat other people the way you would like to be treated. This is the best advertisement of all.”
E03: Having a plan is key.
"If you fail to plan you plan to fail"
I learned that if you want to succeed, you have to plan for the future. You need to plan ahead for your business to succeed. Prepare yourself for anything. Planning is very important if you want to be successful. Managers of every business need to develop a plan, and to make sure they complete a plan to be successful. If a business doesn't plan how to make and spend money, it could end up failing. Planning is important in business and also in everyday life. You need to prepare for things if you want to be successful – like doing your homework every night so you can do well on a test. So remember; “The will to prepare is just as important as your will to win.”
E04: Lawn and Order
Save your pennies!
If you want your business to run smoothly, you need to put away a little money at a time and save for future needs. Managers have to save to buy the equipment a business needs to grow in the future. If a business spends all the money it earns and doesn't save money, then it can eventually go out of business. Saving money is also important for you in your lifetime. You should put aside some money from what you earn so you can buy the things you need later on. So remember what Ben Franklin said; “A penny saved is a penny earned.”
E05: Understanding PCs:
Know what you are investing in. You need to understand a product or business before you invest your time, money, or energy into it. Also, think through your actions before you do them. Managers of a great business have an ability to truly understand their industry, the competitive landscape and what the customer wants. Successful businesses can also adapt to change. Understanding is important for success in life. You should learn to try to understand another person's point of view, and be prepared to change your mind if their point of view makes good sense. So remember; “Learn to understand something before you do it, and to think things through before you act.”
E6: House of Cards: Learn from your mistakes & avoid fads
What do trends and mistakes have to do with each other?
A business is difficult to judge if the supply and demand of a product is based on the fickle sentiment of consumers. You always want to invest in a business that is dependable and predictable; otherwise you can end up making a mistake. This is similar to making friends. If you are fickle and not reliable and dependable, people will never know how to judge you. So, remember; “Always be reliable, consistently friendly to others, and learn from your mistakes – better yet, learn from the mistakes of others.”
E07: Debt can be a racket
learn that borrowing money to grow a business can be a good thing but only if the correct amount of money is borrowed.
Over time, interest will increase so do not borrow too much at one time because you may not be able to pay it back in the future.
A business can get into a lot of trouble if its managers borrow too much money. This is especially true if money is borrowed to help a business grow, new sales don't result and you can't pay back the loan. Borrowing too much money can get people into trouble too. If you borrow money to buy things that you want, and don't earn enough money to pay back the loan – you can get into a financial mess. So remember; “The best way to pay back a debt is to never have one.”
E08: learn how to take less of one thing in order to get more of something else. Also known as a trade-off.
Reputation is everything
It is important for management of a business to evaluate trade off's and making the right choices. It's also important to make the right trade off's for a balanced life. And never trade your reputation. :)
Are you Creditable?
A business is faced with many choices, and it is important for managers of a business to evaluate the right trade-offs to be successful. You always want to invest in a business with managers that make good decisions. Evaluating trade-offs and making the right decisions is also important in life – whether choosing to study, watch TV, or play video games. I recommend studying every day and trying to learn something you didn't know before. So remember; “It's important to make the right trade-offs so you can have a balanced life – and never trade your reputation for anything.”
E09: Credit Card Debt: Be responsible-Credit
It is important for you to plan out your company's future. If you borrow a lot of money from the bank, the interest can overwhelm you. Be careful when purchasing with a credit card and remember that eventually, you will have to pay everything back.
In business, it is important for managers to be responsible and dependable and think of the long-term consequences of any actions that are taken today. If a business borrows a lot of money in the short-term, and gets caught not being able to pay it back, the results can be dangerous. Every individual should be very careful when borrowing money on credit cards to purchase things today, with the intention of paying later on. Using too much credit and getting behind on payments can be financially devastating. So remember, “Always be responsible and dependable – and think of the consequences of any actions you take today.”
E10: Got to Dance: Pursue your dreams
Why is finding your passion in life important?
When you do what you love you will be more successful in life. You will have more want [desire] to succeed.
Many businesses were started by individuals who decided to pursue their dreams – like Mrs. B. Mrs. B and her family came from Russia with a dream to build a successful business in America. She had a simple approach; be honest, deal with integrity, and give people a bargain. She pursued her dream with passion – nothing stopped her. She built Nebraska Furniture Mart into a large retailer and worked at the store until she was 103 years old. If you have to work the rest of your life, you might as well do something you like. I love what I do and think everyone should pursue their dreams – and if your dreams change, that's ok. A key to success is to be passionate about what you do, and to always have a dream. So remember, “The person who can't be stopped, won't be stopped – pursue your dreams.”
E11: It takes two: A great partner is key
Learn how to work together to be successful.
A business is comprised of many people working together to help it run smoothly. Partnerships can help the business to achieve success and make your job easier.
A business requires many people to work together in order to be successful. Building good relationships and having first-rate partners is important. Our company, Berkshire Hathaway, has many partnerships in our businesses today. I have been fortunate to have a great partner in Charlie. Our partnership has helped me become more successful than if I did things alone. In life, you have to be able to build strong relationships and partnerships to be successful – especially in your family. They are your best partners of all. So remember, “A great partner makes any job easier.”
E12: Special Delivery
"Learns that great customer service is important for a business to be successful"
If your service is outstanding you will always standout
One of the most important things a business can do to stand out is to be nice to their customers and to care for them like friends. People prefer to do business with companies that treat them with respect. Being nice and making friends is also important for success in life. You should learn to be nice, care for others and to be friendly – if you do this you'll always stand out. So remember, “The first rule of making a lot of friends is to be respectful, nice and to always care for others. The second rule of making a lot of friends is to pay attention to the first rule!”
E13: Learn something new every day.
For a business to stay competitive and to last many years, managers need to constantly learn – to learn more about customers, competitors and the constant changes that happen in the market place. Developing a “life-long pursuit of learning and educating oneself” is important for every individual. The best investment you can make is in yourself – constantly trying to learn something new every day. So remember, “Learn to learn to be better at what you like to do, and to be happy with yourself – and if you are happy with yourself, others will be happy with you.”
E14: Listen to your customer
Take care of your customer and your customer will take care of you.
A successful business does a terrific job of communicating with customers. The best way for managers of a business to communicate is to ask questions, and to always listen. This way, a business can take care of their customer, and the customer will take care of them. Good communication is the key that allows a businesses and individuals to develop, and to keep growing. You want to develop good communication habits in life by questioning and listening – you should always ask why?, and why not? So remember, “Good communication is important – learn to question and listen – and know that there is no such thing as a bad question, or a dumb question.”
E15: Share your knowledge Cost of Demand
"Learns there are two things that everyone can give an unlimited supply of – knowledge and love."
The greater the demand of an object, the higher the price. The lower the demand of an object the lower the price. :)
Every business supplies their merchandise at a price that is determined by the demand for a product. The greater the demand, the higher the price someone should expect to pay. Individuals are also subject to the law of supply and demand – there are two things that everyone can give an unlimited supply of – knowledge and love. You should concentrate on sharing these with others – especially your family. So remember, “Share your knowledge and be lovable – supply the good things in life to people, and your friendship will be in demand.”
E16: Why pay more? Make someone feel good
"Learns the difference between price and value.
Big brands pay a lot for advertising, and product placement. this creates mindshare, which makes it the first product people think off. On the other hand, generic brands don't have to pay for it, so their products cost less.
A business will create a brand by associating their product with a “good experience.” When a good experience is reinforced through advertising, a branded product can gain a share of the consumers ”emotional mind” – meaning people will go out of their way to buy a product because it gives them a good feeling, like making them happy. Your image is also like a brand that needs to be developed over time, and you want to always make sure you have a good reputation. So remember, “Be different and unmatchable, and know that the best thing you can do to improve your image is to make someone feel good about themselves.”
E17: Never cut corners
"anything worth doing is worth doing well"
A good business does the little things right every day, so that the big things will follow. If you want to be good at something, never cut corners and try to do things faster and simpler for the easiness in it.
A good business is disciplined to do the little things right every day. This gives customers confidence in knowing that the product or service they are buying will be what they expect. Discipline and practice is important for individuals to succeed in life. If you do the little things right every day, then the big things will follow. For example, studying every day will make school a lot easier, and you will become smarter. Also, exercising every day helps you to stay healthy. So, remember, “If you want to be good at something you need to be disciplined, and practice – never cut corners and try to do things too fast – this is a recipe for disaster.”
Eps E18: All Fall Up
Everyone makes mistakes in life and that today’s failure can lead to tomorrow’s success. Don't be scare to fail!
A successful business is always trying new things – like introducing new products. But, not every new product is successful, and managers of a good business learn from failure. “Trying new things” and knowing that you will make mistakes in life is important to understand – because today's failure can lead to tomorrow's success. So remember to ask, “What would you do in life if you knew you could not fail? – Failing is not falling down, it is staying down”
Eps E19: Are You Experienced
Jones gets a mentor. A mentor is like a teacher that shares their experience and guides others to become better at something.
Most managers that are successful in business learned from someone called a “mentor.” A mentor is like a teacher that shares their experience and guides others to become better at something. Choosing the right mentors in life is important for success – like your parents and grandparents. When learning from others outside your family, you want to choose mentors who act the way you want to behave throughout your life. So remember, “The trick to life is knowing who to be the batboy for – this is important to understand if you want to eventually be a homerun hitter.”
Eps E20: Don't Just Say No
Learning to be open-minded and positive helps you to be successful in life.
Every person has different experiences and sometimes they bring different ideas to a business. A business owner should always be open to different alternatives and consider them seriously. Opening your mind is opening the door to success. In a successful business, managers show respect for others opinions. A good business creates a positive environment for their employees and always encourages people for new ideas to make the company better. Being open minded and positive in life is very important. You should always have a positive attitude.
In a successful business, managers show respect for other's opinions. A good business creates a positive environment for their employees, and always encourages everyone to develop new ideas to make the company more successful. Being open- minded and positive in life is also important. You should be optimistic about the future and always have a positive attitude. So remember, “Successful people are enthusiastic and look for alternatives. They don't just say no, but ask – What are the terms and conditions of yes?”
Eps: E21: Design for Success
SMC learns that a business needs to package itself properly in order to become successful and so do people. You only have one chance to make a 1st impression" The outside reflects the inside: You have to show honesty to get honesty, Trustworthiness, etc..
You only have one chance to make a first impression. Both products and people need to present themselves well. Every business needs to package itself properly in order to become successful. Packaging yourself right is also important. The score card you keep on the outside, reflects your inner score card. You should show respect to be respected.
Every business needs to package itself properly in order to become successful. How a business acts on the outside, reinforces how the business acts on the inside. Packaging yourself right is also important in life. The scorecard you keep on the outside reflects your inner scorecard. You want to show respect to be respected. Admire honesty as part of being honest. And, be lovable to be loved. So remember, “The outside reflects the inside, and the inside reflects the outside – it's not just the contents that count, it's the whole package!
Eps 22: Too Good to Be True
SMC learns that if something seems too good to be true then it probably is.
If something seems to good to be true, then it probably is.
Managers of a business receive advice on how to improve sales and make more money. However, many times promises made to improve the business are not able to be delivered because the advice was “too good to be true.” You want to make sure that you are rational and think things through when offered something. If someone guarantees that you will make money, or promises that you will win – then a bell should ring in your mind. So remember, always be rational and have good reasoning – if something seems too good to be true, then it probably is.
Eps E23: The Domino Effect
In this episode, the SMC learns why it's important to think about the future when making a decision. Stay up with Technology in your business
The closing of a business can have a bad effect on the whole community. In business and life, one little domino can knock down a whole row. When managers of a business make decisions, they have to think about the consequences. Every decision that is made can have either a bad effect or a good effect in the future. If a business decides to charge too much for a product, the sales might go down and lower sales may lead to making less money. You should understand the consequences of making decisions in life. It's up to you if you want to make good decisions or bad decisions. As failing to complete your education can lead to not achieving your dreams in the future.
When business managers make decisions, they have to think of the consequences. Every major decision that is made can have a domino effect on the future. For example, if a business decides to charge too much for a product, then it is possible that this may lead to lower sales – and lower sales may lead to making less money. You need to understand the domino impact of the decisions you make in life. You want to make sure you stay in school – as failing to complete your education can lead to not achieving your dreams in the future. So remember, “In business and in life, one little domino can knock down a whole row!”
Eps E24: Going Mental for Rental
In this episode, the SMC learns to think of alternative ideas and new ways of doing things.
Price can always be a problem in generating sales. It's always good to think of alternative ideas and new ways of doing things. Managers of a business are constantly faced with road blocks and how to grow their business or what to do when competition increases. The best businesses are always thinking of alternative ideas and new ways to do things. Thinking of new ideas and new ways to do things is very important in life. If you can't make something work the first time, don't be tensed. Just think of new ways to make it work.
Business managers are constantly faced with roadblocks on how to grow their businesses or what to do when competition increases. The best businesses are always thinking of alternative ideas and new ways to do things. Thinking of alternative ideas and new ways of doing things is important in everyday life. Sometimes when we do something the first time it will not work out the way we expect. You should be flexible and think of other ways to make something work. So remember, “It's always good to think of alternative ideas and new ways of doing things!”
Eps E25: The Real Skinny
In this episode, the SMC learns why it's a good idea to get to know someone before judging them.
You should get to know a company before you invest in them. It's a good decision to get to know someone better. With businesses and people, you should get to know them before you judge them. Managers of a business should go out to know their customers before they produce something new. They should never prejudge and assume that their customers will like their new products. It's important not to prejudge people in your life too. Prejudging leads to the lack of good judgement.
Managers of a good business will go out of their way to get to know their customer before they introduce something new. They never prejudge and assume that their customers will like a new product or service. It is important not to prejudge people in your life too. You want to make sure that you get to know someone before you make a judgment about a person. Jumping to conclusions about someone because of how they look or by what others are saying is not a good idea. So remember, “Don't prejudge – this many times leads to a lack of good judgment!”
Title: Avoid Hasty Decisions
Eps E26: Cancel My Reputation
In this episode, the SMC learns how to build a good reputation and why it's important.
The best thing a business can gain is a good reputation. Managers of a great business spend a lot of time winning over customers, employees, owners and the community. They realize a good business reputation is something that takes years to build – but, it can also be ruined in a minute. Building a good reputation is important in life. The best thing you can do for yourself is to build a reputation for being kind, generous and thoughtful to others. You want to make sure that you act as if everything you say and do will be posted on the Internet for everyone to see. So remember, “A good reputation is the greatest thing to build over your lifetime – and make sure you never do anything to harm it in any way.”
TV SPECIAL: BE COOL TO YOUR SCHOOL
This Guide goes with the TV Special. A group of kids decides to work together to raise the money for the trip. However, they suffer a series of setbacks and seek Mr. Buffett's advice. He shows them that in business, and in life, there are no failures. He encourages the kids to embrace and learn from their mistakes. Each misstep is an opportunity to eliminate what did not work and focus on what did, until the best path ahead is uncovered. By evaluating alternatives, the kids are able to achieve their goal to raise the money needed for the school trip. After the trip, Mr. Buffett and the kids decide to form The Secret Millionaires Club to help kids all over the world with financial concerns.