Understanding what motivates great business builders can help the wealth management industry be even sharper at looking after their entrepreneur clients. This article is by a regular writer about such topics.
Warren Buffett, too, had focused on a single goal for decades. According to his biographer, Alice Schroeder, even as a child, his dream was to become rich and he had devoured a book on One Thousand Ways to Make $1,000. “Opportunity knocks,” the reader is told on the very first page of Buffett’s favourite read. “Never in the history of the United States has the time been so favourable for a man with small capital to start his own business as it is today.”
When he was 11 years old, Buffett announced that he would be a millionaire by the time he was 35. At 16, he had already saved up $5,000 from various enterprises. In today’s currency, that money would be worth about $60,000 - not bad for a 16-year-old. His prediction was only off by five years. He made his first million by the time he was 30. And, of course, a million dollars was worth a lot more then than it is now.
In everything he does, Warren Buffett maintains a truly intense focus. One of his very few hobbies is playing bridge. Bill Gates had tried to convince him to buy a computer by promising to send the most beautiful woman at Microsoft to teach him how to use it. Buffett refused his offer because he did not see the point in owning a computer.
Only when a friend mentioned that he would be able to play his favourite game online did he change his mind. Buffett insisted that he only wanted to learn about the features he needed to play bridge. Beyond that, he was not interested in computers or any of their functions. He could do his tax return in his head, he said, he didn’t need a computer. But playing bridge on his own - now that he did need a computer for.
He soon grew to enjoy his online games, playing with so much focus and dedication that nothing in the world could have distracted him. On one occasion, a bat flew into his house and started flapping around his den. His girlfriend screamed, “Warren, there’s a bat in here!” But he was so engrossed in his game, he didn’t even look up. All he said was, “It’s not bothering me any.”
After some training sessions with two-time world bridge champion Sharon Osberg, Buffett entered the world championship with her - highly unusual for somebody who had never played in a championship tournament before. Buffett sat down at the table and appeared to ignore his surroundings completely - as if he was the only person in the room. The other players were far more experienced than he was, “but he was able to focus as calmly as if he were playing in his living room [...] Somehow his intensity overcame the weakness of his game,” Schroeder writes. To everyone’s surprise, Buffett qualified for the final of the bridge world championship in his very first tournament. But his extraordinary effort had taken its toll. After focusing so hard for one and a half days, he was too exhausted to compete in the final and had to pull out. He paid the price for his almost superhuman focus.
“People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done,” observed Steve Jobs, the founder of Apple. Jobs established Apple as such a successful company by focusing on a very small number of key products.
“The weakest living creature, by concentrating his powers on a single object, can accomplish something. The strongest, by dispensing his over many, may fail to accomplish anything,” observed the Scottish historian and philosopher Thomas Carlyle.
Recent scientific research has shown that most successful musicians and athletes owe their extraordinary success not to talent as was previously thought, but to a lifetime of dedicated practice or training from early childhood. Many people who haven’t managed to achieve the success they were hoping for blame their bad luck, lack of talent or lack of connections. The truth is that some people are more successful than others mainly because they are better at focusing their mental resources.
Focusing all their strength on one particular spot is what enables skilled karate fighters to smash bricks with their bare hands. Although they have less raw muscle power than weightlifters, martial artists can unleash far stronger punches because they hone their focus on a single point.
About the author:
Dr Zitelmann is an historian and sociologist. He is also a world-renowned author, successful businessman and real estate investor. His most recent book, Dare to be Different and Grow Rich: Secrets of Self-Made People Who Became Rich and Successful, was released in 2019.