To run a business successfully, listen to one of the most successful investors of all time.

Warren Buffeffett, a highly respected investor, has been in the business of investing since 11. Today the “Oracle of Omaha” runs Berkshire Hathaway, which owns more than 60 companies. Here are some wisdom thoughts on deal-making he shares with entrepreneurs:

1. “Price is what you pay. Value is what you get.”

2. “I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

3. “You can’t make a good deal with a bad person.”

4. “Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.”

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

6. “Honesty is a very expensive gift. Don’t expect it from cheap people.”

7. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

8. “It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.”

9. “In the world of business, the people who are most successful are those who are doing what they love.”

10. “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”

Image: Warren Buffett at the 2015 SelectUSA Investment Summit / Wikimedia, CC0.

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