Warren Buffet is one of the most successful people in the world of business and in life in general. That’s why most people, including the multi-billionaires like Bill Gates, come to him for life and financial advice. He is well-known to be very frugal and intelligent on his investments, but as time shaped him, he also learned so much about careers and businesses.

Bill Gates listens and values Warren Buffet's pieces of advice on a regular basis

Just like with stakes, knowing where you invest your time and effort is a very crucial factor towards success. He never fails to remind us that the people we surround ourselves with can drastically change the course of our lives. That’s the reason why we need to make sure that we expose our energies only to the people with honesty and integrity.

Qualities of a Good Leader

In one of his talks at the University of Florida, he asked a couple of students to name one of their classmates whom they think will be successful in the long run. He then enumerated the common qualities that the students probably thought of when picking a potential name such as generosity, honesty and people who value someone else’s ideas.

Leader vs. Boss

Warren Buffet believes that a good leader is honest, vulnerable, and values his subordinate's ideas

There is a fine line between being a leader and being a boss. Being an effective leader means you have to be selfless and lead your team not through your own benefit, but for what’s best for the company and for the beings of your subordinates.

Being a leader also means you must be willing to look at someone else’s perspective and acknowledge their opinions and ideas. There’s nothing more motivating to a hard-working employee than being recognized and appreciated.

Vulnerability is the Key

While others may think that showing your fears and failures is a sign of weakness, vulnerability is actually the main key to a harmonious workplace. It is the first step in building a strong foundation made of respect and trust. When the team understands each other deeply, they feel safer to communicate all of their objectives, and they involve their selves in the company’s vision one-hundred percent.

The Importance of Time

The 2nd and 3rd richest people in the world always spend time together to influence each other positively

And most importantly, respecting each other’s time is probably the most basic, yet most significant aspect of leadership. Time is the most precious thing a person has because no matter how much fortune you have, it can never top the value of someone’s time.

According to Bill Gates, Warren Buffet is one of the people who are very wise in managing his clock. He makes sure that he only spends every second of his day with the most important affiliations and business ventures. He also never fails to lend some of his valuable time to people in his inner circle like Gates.