How To Be Successful

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how to be successful

This is what Warren Buffett, would answer:

“You will be successful UNTIL you stop trying to be good at everything.”

Being a generalist is a TRAP!

Warren Buffett calls this the Circle of Competence.

  • Imagine a small circle WITHIN a big circle.
  • The bigger circle is what you THINK you know.
  • The smaller circle (inside the bigger one) is what you REALLY know.
  • This SMALL circle represents your area of expertise. This small circle represents whatever you’re an expert, where you easily stand out. Where nobody can beat you.

STOP being a generalist!

Why?

Every time you compete against others that have natural gifts, you will lose.

Every time!

In Charlie Munger’s words:

“You have to figure out where you’ve got an edge. And you’ve got to play within your own circle of competence. The size of that circle is not very important; however, knowing its boundaries is vital.”

To be successful, you’ve got to know your circle of competence, then double down upon those strengths.

Remember this: Leveraging a single outstanding skill is more valuable than having a thousand mediocre ones.

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1 COMMENT

  1. I think being a generalist is like wanting to do everything. It is indeed a dangerous thing to do. Being a jack of all trades. You may end up doing little to nothing but focusing on a niche is everything.

    Thanks for sharing!

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