Renowned investor Warren Buffett has discussed numerous investment strategies, but he believes that the key to increasing one’s personal value by 50% is not investing, but communication skills. In his view, this is one of the most valuable abilities worth investing in life.
Buffett, in a conversation with entrepreneur Michael Hood in 2018, said, “To increase your value by 50%, there is a simple way, which is to hone your communication skills, including verbal expression and written communication.” He revealed that when he was 20 years old, he was very afraid of speaking in front of people, so he took Dale Carnegie’s public speaking course. The graduation certificate from that course is still the only diploma displayed in his office.
Dave Kerpen, CEO of investment fund Kerpen Ventures, was inspired by Buffett’s words. However, he didn’t learn this skill in Carnegie’s classroom but on the field in 1996. At that time, at age 19, he hung a tray of Crunch ‘n Munch caramel popcorn around his neck as he navigated the walkways of Fenway Park and Boston Garden, learning the power of communication through sales experience.
“When I first worked as a vendor at the ballpark, I only sold 8 snack boxes, earning $20. I was just 19 years old, selling the hardest product in the entire venue,” Kerpen said. “By the end of the season on good nights, I could sell nearly $1,000 worth of popcorn. The media highlighted my story, making me known as the ‘Crunch ‘n Munch Guy’ in the ballpark.”
Kerpen mentioned that the product itself didn’t change; what changed was the way he communicated. Understanding effective communication can attract customers, build connections, influence others, and ultimately create greater business value.
Recalling his days selling snacks at the ballpark, Kerpen noted that the veteran vendors had louder voices, but merely shouting didn’t work for him. He decided to stand out by singing, dancing, and even designing a performance to capture the audience’s attention. He successfully sold snacks to a whole row of spectators after making eye contact with a child.
According to Kerpen, the key to communication is not about being the loudest in the market but making a specific person feel like you are talking to them. Whether it’s on a large stage, sales calls, or posting on LinkedIn, the same principle applies.
Kerpen pointed out that Buffett emphasizes the two communication skills, written and verbal, for a reason. “I’ve encountered many entrepreneurs who communicate well in person but struggle with written expression: long emails, dense presentation slides, and proposals that fail to cut to the chase.”
The experience of selling popcorn at the ballpark taught him a crucial aspect of business communication: grabbing the other party’s attention in a short time. “You have about 3 seconds to capture a stranger’s attention. Therefore, you should first present the value the product brings, rather than diving into every detail from the start.”
To this day, he follows the principle he learned at Fenway Park: delete anything that doesn’t make the fans on the walkway stop and take a second look.
Kerpen said that no book, even those he wrote himself, can replace the experience accumulated through repeated practice. “Buffett didn’t overcome his fear by reading books on public speaking but by attending speech courses weekly, practicing repeatedly to gradually overcome psychological barriers. I also overcame my fear by selling continuously for a season, even if I didn’t do well at the beginning.”
He suggested that if you want to improve your communication skills, find a practice method that suits you: publish an article weekly, give a monthly speech, or provide a 5-minute work progress report to your team every week.
This article was referenced from a report by the business and entrepreneurship magazine “Inc.”