Warren Buffett’s Steps to Business Success

Change Your Destiny

[Make this Your Best Year EVER]

Reitenbach-Kissinger Success Institute

It’s TIME… to transform your DREAMS into REALITY. Your GOALS into ACHIEVEMENTS. Your THINKING into RESULTS the Way Warren Buffett Does.

Breaking Barriers in Today’s Diverse World and Turbulent Times with Reitenbach-Kissinger Institute MKS Master Key System Coaching.

WE ARE ALL ABOUT YOU!

Where Do You Want Your Life or Business or Career or Health or Financial Roadmap to Take You?

What do you want in business? Do you have a cherished goal or ambition? A fancy car, a nice house? While you can’t get literally everything in life, it is certainly possible to aim high, dream, and achieve a lot. You will have to form a clear plan, act, and show commitment, discipline, and a sense of purpose, though. Your dreams won’t come true through wishful thinking.

So, Let Go of Worries, Fears, and Frustrations! Discover the Simple Techniques to Help You Experience Deeper Joy, Cheerful Contentment, Health, Unlimited Prosperity, and Income.

What Makes a Small Business Successful?

How do you measure whether a small business is successful or not? Success is arguably one of the most subjective words in the English language. In general, though, measuring small business success starts with how much profit a small business generates. The most profitable businesses are deemed to be the most successful.

Starting a small business has its rewards besides money. Starting a small business removes the glass ceiling on how much income an employee can make. A business can make an unlimited amount of income, so there’s no cap on how much money you can make with a small business.

Here are some other measures of success:

  • Being the person in charge
  • Flexibility with your work schedule
  • Do something you’re passionate about
  • Create a business legacy that can be transferred to others
  • Creating value for society in a far bigger way than working for someone else
  • Forbes List of Top 100 Richest People In America

Warren Buffett Steps to a Highly Profitable and Successful Business

Starting a business is exciting—but also demanding. This article addresses some of the most common startup steps to ensure your company is ready for success. Warren Buffett shares advice on becoming successful – YouTube

Warren Buffett is a very smart businessman and is one of the richest men in the world. Contrary to many beliefs, he did not get rich by investing in stocks. He got rich by working harder than other people, saving his money, using other people’s money to buy companies, and improve those companies.

“Anything the human mind can believe, the human mind can achieve. That is the Supreme Secret. Truly, deeply believe you will have great wealth, and you will have it.”Warren Buffett

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

Warren Buffett knew:

  1. The secret is that you have free will. You can choose whatever you want out of life. We personally thought this was the Carnegie wealth secret for a long time, especially since Napoleon Hill focuses on this concept in his other works. For example, in Outwitting the Devil, Hill explains that most people are drifters because they never decide what they want out of life.
  2. At the end of the book, Hill says: “The great Master-Key to riches is nothing more nor less than the self-discipline necessary to help you take full and complete possession of your own mind.”

Napoleon Hill revealed the “Supreme Secret” in chapter 14 of Grow Rich! With Peace of Mind, which is a chapter titled “The Magic Power of Belief”. Here is the secret, spelled out:

“Anything the human mind can believe, the human mind can achieve. That is the Supreme Secret. Truly, deeply believe you will have great wealth, and you will have it.”

The father of modern psychology, William James, told us that our faith (belief) in advance of a doubtful undertaking is the only thing that can assure its successful conclusion. If you have any doubt or fear that you will not get what you want, you will not get it.

The shockingly simple secret hidden within Think and Grow Rich is…. belief.

That is the secret that Warren Buffett came to learn and applied everyday of his life.

Warren Buffett – Advice for Entrepreneurs

Warren Buffett, Berkshire Hathaway CEO , talks about his personal experience in business and gave advice to small business owners. Warren Buffett – Advice for Entrepreneurs – YouTube

Warren Buffett’s Steps to Business Success Come From Think and Grow Rich

Lesson 1: Desire for Definite Major Purpose

The basic drive toward achieving success is to believe deeply that you can achieve the goals you set for your businesss. This desire goes beyond simple wishful thinking or hoping. If you have doubts that you can really reach those targets, you will have less chance of succeeding. Wanting a desired goal focuses on the lack of its existence. Desiring it concentrates on its realization.

This passion to succeed must burn in you. You must want to achieve your goals against all odds. If you approach the task hesitantly, wondering whether you can really get there, you are unlikely to succeed.

Test the depth of your passion by asking yourself whether you are prepared to concentrate exclusively on that business goal, abandoning everything else in the way to achieving it. Should you encounter setbacks along the way, which are inevitable, you will need to draw on this deep desire in order to revitalize your determination to achieve your goal.

Several actions you should take toward success. Among them are these:

Picture your business goal and what exactly it looks like:

  • Determine what you can offer in return for the money you will receive;
  • Choose a date on which you will achieve your business goal;
  • Draw up a detailed business plan of action that you can follow;
  • Read aloud your business plan before you sleep and when you wake up;
  • Envision yourself already having gained your target.

Lesson 2: Faith

The desire to succeed can be turned into reality through having the faith in yourself to accomplish your target. Faith is the bridge that takes you from your passionate desire to succeed to having the dream come true. You must have faith in yourself — that you are the one who has the ability to fulfill your desires.

Those who believe that they are unworthy of business success often find that they turn themselves into victims. You must believe that you are deserving of the business success you will reach before it can become yours.

Your faith is strengthened by constantly conveying positive thoughts to your sub-conscious mind. Visualize yourself succeeding over and over again and you will set up a mental image of achievement in your mind. Should you catch yourself having thoughts that set limits on your ability, replace them with repeated purposeful endorsements of your faith in yourself to succeed. Many examples can be cited of the world’s business greatest achievers who accomplished the impossible by possessing the faith that they were able to reach their goals.

Lesson 3: Auto-suggestion

We need to train our sub-conscious mind to believe that we deserve to be successful. We have been taught by society that we are not worthy of what we seek and that desiring something great is wrong.

To train your sub-conscious, continually affirm your passionate drive to succeed through meditation. Put your mind at rest and say over and over to yourself the business goals you will reach. The seeds of attestation that you plant in this way will grow into firm beliefs.

It helps, too, to record on paper your business goals, the time limit to achieve them, and what you are going to offer to others to reach your business goal. For example, you might record the products or services you will offer (if your goal is to make money), how you will do so, and read them often so that they are placed in your sub-conscious.

Read your plan so often that you eventually will memorize it. Even as you commit the words to memory, you should visualize yourself as already having reached your target.

Go to the 4th Lesson of the Think and Grow Rich summary.

Lesson 4: Specialized Business Knowledge

You should gain the specialized business information that you will need to reach your goal. But gaining knowledge in itself does not mean that you will, in fact, be successful. After all, knowledge is easily acquired in today’s world. Rather, it is the application of that specialized knowledge that will lead you to success. In order to gain the business knowledge that you need, follow steps such as these:

  • Study to acquire business information about the field in which you will work toward success;
  • Take courses at a college or university on your subject to broaden your business knowledge of it;
  • Mix with those business people who have the specialized business knowledge that you will need;
  • Draw on the ideas that are generated through a “master mind” group (outlined in principle 9).

Remember, however, that you will need to put that business information to use and apply it to your plan of action so that it is directed toward the specific business ends that you wish to reach. Failure to do so means the knowledge will remain unused and therefore become ineffective.

Go to the 5th Lesson of the Think and Grow Rich summary.

Lesson 5: Imagination

We can achieve whatever we can imagine and believe. Whatever our aims might be, therefore, we know that all successful developments start out in our imaginations. As a result, we should be constantly probing our imaginative minds to find out how we can change things, how we can do things better, and how we can accomplish new things. We need to take those imaginative ideas, draw on them, and use them to power us on the road to success. Our imaginative powers will help us when limitations or setbacks confront us. They will help us to rise above them and will propel us forward.

Lesson 6: Organized planning

As mentioned in the first step, we need to have a detailed business plan that we can follow as we drive down the road to business success. A person who lacks a business plan is like a driver without a road map. With no direction and no end goal in sight, the likely result is disaster. Indeed, all those who have achieved success instead of remaining average have always had a specific business plan to reach their targeted destinations.

In drawing up your business plan, take advantage of the knowledge and experience gained from members of your “master mind” group (outlined in principle 9). Your plan should not remain in your head. It should be committed to writing and followed as you take each step toward your goal. Under this chapter of the Think and Grow Rich summary, Hill lists the traits shown by successful achievers that you’ll need as well:

  • Courage that never wavers
  • Displaying self control
  • Having an acute sense of justice
  • Being definite in making business plans and reaching business decisions
  • Going the extra mile at work
  • Displaying understanding, expressing empathy, and being pleasant
  • Being willing to take complete responsibility for your actions

(6th Lesson of the Think and Grow Rich summary)

Lesson 7: Decision

Successful business people generally are able to take decisions rapidly and to be slow to change them. Their decisions are definite, not taken lightly, and not soon forgotten. Unsuccessful business people take a long time to adopt a resolution and are willing easily to change it. The reason this characteristic is important is that people who keep changing their minds with every whim are seldom able to achieve success. Once you have made a business decision, you need to stick to it and follow it through to the conclusion. So much so that poor decision making has been found to be a major reason business people fail.

Be careful not to involve too many people in your business decision making. Should you do so, they will influence you too easily and sometimes even ridicule you. Remember that they do not always share your vision and will find all kinds of obstacles that will prevent you from taking the steps that you envisage. Involve only those in your “master mind” group (see principle 9) as confidantes and then only those whom you have carefully chosen.

Lesson 8: Persistence

In many of the cases Hill studied, he found persistence to be a major differentiating factor between business failure and success. When obstacles crop up and their goal seems unachievable many people will throw in the towel, even though they have already tried several times to overcome the obstacles. This stage, however, is often the nadir on our path to business success. It is at this point that we need to display persistence more than ever and soon the first indications of success will start to appear.  The secret is to persist, persist and persist again until you succeed. For those who might find it hard to show persistence, Hill suggests ways in which the characteristic can be learned. Here are some:

  • Know what you want and be determined to achieve it no matter what stands in the way
  • Draw up definite business plans and keep to them
  • Use your acquired knowledge to determine that your business plan is sound
  • Exert strong willpower and rely on yourself.

Lesson 9: Power of the “Master Mind”

The “Master Mind” group is formed by aligning yourself in a harmonious spirit with two or more business people who share your desires and faith in what you are setting out to achieve. They will form a third force that generates good ideas that you would be unlikely to create on your own. Form such a group from business people you respect, who are industrious and who are conscientious. Meet regularly with them. The result will be that you reach your business goals more quickly.

Lesson 10: The mystery of sex transmutation

It is useful to recall that this principle was written about 80 years ago and Hill might have worded it differently today. He says that a man who has a strong woman at his side will be a strong help to him in achieving his goals. Hill’s assertion is that a great motivating force for a man is to please a woman. Gathering this energy and using it through creative imagination enables us to appear more charming to people, which, in turn, will help us to get what we want by convincing people around us.

Lesson 11: The sub-conscious mind

All our thoughts originate in our sub-conscious mind, which is extremely powerful and can be an invaluable help in solving business problems we might encounter along the way. We need to imprint an image on our sub-conscious minds of ourselves already reaching our goals and continually reinforce that picture on a daily basis, particularly before sleep and upon waking.

In this way your sub-conscious mind will help you to attain your goals, partly through hunches or sparks of inspiration. These prompts are your sub-conscious mind trying to pass on messages to your conscious mind.  Your sub-conscious mind works day and night, even when you are asleep. If you fail to fill it with positive visions of the future it will find negative ideas to put in their place. 11th Lesson of the Think and Grow Rich summary.

Lesson 12: The Brain

Our brains are amazing organs. We each carry one around with us, yet we fail to understand or even to make use of the great potential that it offers us.  Think of all the people who have made technical and scientific advances over the years using only their brains. We need to draw on this power, particularly when being creative, but also when we need problems to be solved. It is capable of delivering to us all that we want. Dispatch to your brain the task you have determined it should complete. Sit back and watch as it is done. (12th Lesson of the Think and Grow Rich summary.)

Lesson 13: The sixth sense

Last Lesson of the Think and Grow Rich Summary. Think of the sixth sense as providing us with an abundance of knowledge without us having to ask for it.  It is through this sense that we often quickly assess situations, receive ideas and devise plans. By drawing on it, we intuitively know whether something is right or wrong and whether it should be pursued. It provides us with what we call gut feelings.

You could call it the creative imagination.

Before the sixth sense will work for you, you need to understand and apply the first 12 principles. You need to have a burning passion to achieve business success, have faith you will achieve it, and fill your sub-conscious mind with positive thoughts and detailed business plans of how to achieve it, step by step.

Once you have done that, the sixth sense will convert the thoughts and impulses you have placed in your mind into their physical counterparts. For, after all, we cannot create anything that we have not already brought into being through an impulse or a thought. Napoleon Hill – Live Lecture Series, Chicago 1954 – YouTube

15 More Steps to Starting-Growing a Small Business

1. Prepare a business plan

An important first step is preparing a business plan to determine your definite major purpose for your business, define your business, products, and services, and outline your goals, operating procedures, and competition. If your company needs funding from a traditional loan or venture capitalists, a business plan will be required. Make sure your plan includes a marketing approach, so people are aware of what you’re selling and how to find you.

2. Create a marketing plan and brand identity for your products and services

Increase the likelihood of success by creating a plan for promoting your products and services to your target market.

Create a business logo, cards, and stationery. These items establish your company’s identity and help potential customers find and remember you.

You will also need a website and social media accounts to establish your brand. This may be the first opportunity you get to make a good impression with customers and prospects.

Lastly don’t forget to create any necessary contracts, service agreements, and invoices so you can easily bill customers, track payments, and keep records.

3. Incorporate or form an LLC

Of course, incorporating your business or forming an LLC with the state is important because it protects your personal assets from business debts and liabilities. Other benefits of forming a corporation or LLC include tax advantages and greater credibility with customers, vendors, and business partners.

4. Select an accountant and attorney

Many small business owners seek advice from accountants and attorneys. As you search for an accountant and attorney, get referrals from friends or family, and look for professionals who have worked with other small business owners or companies in your specific industry. You will probably want to use software or online tools to keep a close eye on expenses, invoices, income, inventory, and so on.

5. Get necessary tax identification numbers, licenses, and permits

federal tax identification number (also called an employer identification number or EIN) acts like a social security number and is required for corporations and LLCs that will have employees. It’s used by the IRS to identify your business for all taxation matters Contact your state’s taxation department to learn if a state tax identification number is required in your state.

Also keep in mind that most businesses require licenses and/or permits to operate. Licenses may be required by your city, municipality, county, and/or state. Contact your Secretary of State and local government to ensure you meet any requirements.

6. Insure your business and investigate other requirements

Some industries have specific insurance requirements. Discuss your needs with your insurance agent to get the right type and amount of insurance. Remember to look into any other government tax and insurance requirements that might apply to your business, particularly if you have employees. For example:

  • Unemployment insurance
  • Workers’ compensation
  • OSHA requirements
  • Federal tax
  • State and local tax
  • Self-employment tax
  • Payroll tax requirements (such as FICA, federal unemployment tax, and state unemployment tax)
  • Sales and use tax

7. Open a business bank account

It is crucial to separate business finances from personal ones. Most banks require company details, such as formation date, business type, and owner names and addresses. If your business is not incorporated, most banks will require a DBA (doing business as or fictitious business name). Contact your bank about requirements prior to opening an account.

8. Arrange your business accounting and apply for loans

You may want to use an accountant (see step 4), or handle finances yourself with a small business accounting solution. Either way, properly account for all business disbursements, payments received, invoices, accounts receivable/accounts payable, etc. And if you don’t have enough capital to start a business, this is also the time to seek funding from banks, investors, or through Small Business Administration (SBA) loan programs.

9. Establish a business line of credit

This will help reduce the number of times your company prepays for purchased products and services. It also helps establish a strong credit history, which is helpful for vendor and supplier relationships. Getting a Dun & Bradstreet (D&B) DUNS (or D-U-N-S) number for your business is advisable, as it is often used to check business creditworthiness.

10. Ready your workspace

For home-based businesses, ensure you are meeting city zoning requirements for your area. For non-home-based businesses, you’ll likely need to lease office space. Don’t forget to purchase or lease furniture and office equipment to get your business up and running.

At the end of the year, there are several critical business responsibilities you should ensure are completed. Taking care of these items will help you begin the new year the right way. This checklist ensures you stay ahead of end-of-year business responsibilities.

11. Business Licenses

Check that you’ve obtained all appropriate business licenses and keep note of their renewal dates. If you’ve expanded or changed your business in the past year, you might need new licenses or may no longer need one that you have. If you have home-based workers, you may need to obtain a home occupation permit.

12 – Foreign Qualifications

If you are planning on doing business outside of the state you formed in, you need to register. This is called “foreign qualification.” If you’re operating in a state without having foreign qualified, you could carry fines and penalties into the new year. If you have employees who will be working for you while located in states other than the formation state, this can also possibly trigger the need to foreign qualify.

13 – Annual Reports

If you fail to file a required annual report, you’re likely to fall out of good standing and face fines and penalties. If you think you’ve missed one, the time to take care of it is now.

14 – Dissolutions and Withdrawals

If you are ceasing operations completely you should properly dissolve your company. If you are not ceasing all business but are no longer doing business in a state or states in which you were foreign qualified you should properly withdraw from them. This will keep the business in good standing and prevent you from having to file annual reports and paying taxes in your formation state and states of foreign qualification in 2022. It can also protect you from business identity thieves who prey on inactive and delinquent entities.

15 – Amendments

If changes have been made this past year to the information set forth in your Articles of Incorporation (Corporation) or Articles of Organization (LLC), you’re required to file an amendment with the state of formation. These changes, for example, could include a company name change, or a change from member-management to manager-management, or vice versa. If you are foreign qualified you may also have to file an amendment to your Certificate of Authority if the information in that document (such as the company’s name) has changed.

Stay ahead of your business responsibilities with BizFilings—not only for year-end services but for the support you need throughout the life of your business.

16 – Retain a Business Coach

As the world of business moves faster and gets more competitive, it is difficult to keep up with both the changes in your industry as well as the innovations in sales, marketing and management strategies.

Having a Business Coach isn’t an unneeded luxury, it is a necessity your business must have. Accountability is one of the greatest strengths of working with a Business Coach. It’s difficult to get an objective answer from yourself about your business, but your Business Coach will always tell you the truth, even if you don’t want to hear it.

A Business Coach is better than a consultant for many reasons. With years of successful experience, your Business Coach can provide valuable insight that will help you develop long-term and short-term goals and strategies, as well as improve your business in areas that you might have overlooked.

Why do people hire a business coach?

  1. A Coach can help you see the forest for the trees.
  2. A Coach will make you focus on the game and your long-term strategies.
  3. A Coach will make you run more laps while making each round easier and more efficient.
  4. A Coach will tell it like it is.
  5. A Coach will give you small pointers based on years of experience.
  6. A Coach will listen.
  7. A Coach will help you develop long-term plans that will allow your business to function more efficiently and make more profit.
  8. A Coach will be your marketing manager, your sales director, your training coordinator, your partner, your confidant, your business mentor, your best friend and, a Reitenbach-Kissinger Success Coach will help you make your dream come true.

CONCLUSION:

Research Shows Huge Upside to Hiring a Business Coach

“Business Coaching is the ultimate short cut to reaching your goals. Research has demonstrated a 570% return on initial investment in coaching.” Here are a few of the benefits and tangible business impacts of investing in a Business Coach.


* Productivity (53%)
* Quality (48%)
* Organizational strength (48%)
* Customer service (39%)
* Reduced customer complaints (34%)
* Cost Reductions (23%)
* Bottom-Line Profitability (22%)
* Top-Line Revenue (14%)
* Reduced turnover (12%)

We are dedicated to helping business of all sizes survive and thrive

“We don’t just change the lives of our clients or partners, we change the lives of hundreds of thousands of business owners who then spread our vision of abundance to their employees, families and beyond.”

Join us to get started to make this your best year ever to build a life, career, business, or financial assets in just a few days with our signature, expert, proven world-class systems and see your dreams become a reality!

Start thinking in business success and abundance. Start working to become the person who’ll achieve the big goal(s) you promised yourself. And then imagine how your future self will look back a year from now and think, “This was my best year ever!” 

Sydney Reitenbach

Michael Kissinger

Phone: 650-515-7545

Email: mjkkissinger@yahoo.com

Phone: 650-515-7545 

 Email: mjkkissinger@mjkkissinger

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