Warren Buffett, the legendary investor in the eyes of global investors, holds a unique position. Every investment decision he makes is closely watched by his followers. Bill George, a leadership expert from Harvard University, believes that Buffett has attained such high prestige because he possesses a key quality without which true success is hard to achieve.
Buffet is seen as the most successful investor in the world. His investment philosophy and keen market sense have always captivated his followers. At the shareholders’ meeting of Berkshire Hathaway earlier this month, approximately 40,000 investors from around the world gathered to listen to Buffett’s investment experiences.
According to Harvard University leadership expert George, the key to Buffett’s success is finding the “sweet spot” between doing what you’re good at and doing what you truly enjoy as the CEO of Berkshire Hathaway. Achieving this balance makes it easier for you to leverage your strengths and maintain motivation in the long run.
To truly succeed and accomplish great things, George emphasizes the importance of playing to your strengths rather than just correcting weaknesses. He further adds that motivation is crucial; if your work doesn’t excite you, it becomes a race against time.
George believes that to achieve genuine success, both factors – leveraging strengths and finding motivation – are essential. While one can make do with one, having both is the key to real success.
George, who co-authored the book “True North: Emerging Leader Edition” with Zach Clayton in 2022, has studied Buffett’s leadership and Berkshire Hathaway’s shareholder meetings. The book emphasizes the importance of understanding where your motivation comes from and what you must offer to the world to reach Buffett’s level of self-awareness, a task easier said than done.
To find the “sweet spot” Buffett has discovered, George advises identifying your motivation and leveraging strengths in your endeavors.
There are two types of motivation, according to George: extrinsic motivation, like receiving a comfortable salary, and intrinsic motivation, like enjoying a job that allows you to help others every day. Both impact the longevity of a career. If your motivation is solely money-driven, it will fade quickly, leaving you feeling hollow and devoid of the happiness you thought it would bring.
Buffett’s extrinsic motivation is likely fulfilled – at 93 years old, he ranks as the seventh wealthiest person globally with a net worth of around $135.6 billion, according to Forbes.
George suggests that Buffett’s intrinsic motivation – sharing knowledge and wealth with others, including explaining his investment strategies in detail and committing to donate 99% of his wealth to charitable organizations – may be what truly drives his work.
Buffett did not immediately respond to CNBC Make It’s request for comment.
To become more successful, George advocates starting with understanding your intrinsic and extrinsic motivations. An article by job platform Indeed in March 2023 states that comprehending both types of motivations can help you find better ways to motivate yourself.
“The ability to self-motivate is a valuable skill that can help you improve work efficiency and work toward achieving career goals,” Indeed says, emphasizing the significance of understanding your motivations. “Ask yourself what matters to you and why you are taking action. These motivations can be diverse, such as making a living or contributing to the progress of a field or industry. When you understand why you want to accomplish something, you can use it to motivate yourself.”
Having motivation alone is not enough; you also need to find ways to apply your greatest strengths to your work to stand out.
An analysis released by Gallup, a performance management consulting company in October 2015, found that professionals who use their strengths every day are six times more likely to be engaged at work, three times more likely to say they have an excellent quality of life, 8% more productive than those who don’t, and 15% less likely to resign.