Increasing Your Financial Intelligence Series: Rules of Warren Buffett

But some important lessons were learned. One, do not go into business that you do not understand (selling). Two, do not leave the selling to other people and think you can just sit there, oceans away, and make lots and lots of money. Sometimes it works, most of the time it does not. Three, do your due diligence. Find out about the business, does it sell, can you get the goods for less (I did not really haggle that time), how long before you make the first installment, can you get a discount for bulk, are there existing flyers to help you promote the business, how many months before you get the ROI (return on investment), what is the possibility that it would fail and is it surmountable. Four, have a marketing plan – launch, joining trade fairs, email marketing, providing incentives or discounts, testimonials, product review – that would span months, or years.

Please click on the title to read on.