By Carol J Loomis, Lessons from Warren Buffett
You should make decisions based on objective data, thinking, and analyzing logically. These decisions generally turn out to be the right ones.Definitely seek and take advice. However, at the end of the day, your own conviction and assessment of the situation is the best guide for action.
Keep a firm eye on metrics and numbers. As long as the numbers are looking good, you are on the right track. Also, trust your team to run the business.
Consider how leaving a vast fortune to your children could prove harmful. It can make them complacent. Instead, consider leaving money for social causes to build a better world.
If you already know an investment is good, why take risks with something new. Invest in it consistently since you already know you will get good returns.
By Ramesh Iyer
When you start understanding the customer experience, you start living their necessities. Empowering someone means completely trusting them, providing them solutions to problems, getting them to be transparent, and start reporting what is not working to help design a change.
If an asset can last for three years, give a loan for only two and half years so that the collateral protects the principal outstanding. Price the customer for the entire forecasted risk and the cost. You can control the risk by making the customer a partner in the asset which helps them earn and service the loan.
You must be willing to live the difficulty of the customer even though it is a non-productive loan. Making the female of the house either the co-borrower or guarantor of the loan builds pressure on the family to repay while reducing the chances of default. Differentiate between intentional and circumstantial failures.
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