A good business is disciplined to do the little things right every day. This gives customers confidence in knowing that the product or service they are buying will be what they expect. Discipline and practice is important for individuals to succeed in life. If you do the little things right every day, then the big things will follow. For example, studying every day will make school a lot easier, and you will become smarter. Also, exercising every day helps you to stay healthy. So, remember, “If you want to be good at something you need to be disciplined, and practice – never cut corners and try to do things too fast – this is a recipe for disaster.”

A business will create a brand by associating their product with a “good experience."  When a good experience is reinforced through advertising, a branded product can gain a share of the consumers "emotional mind” – meaning people will go out of their way to buy a product because it gives them a good feeling, like making them happy. Your image is also like a brand that needs to be developed over time, and you want to always make sure you have a good reputation.  So remember, “Be different and unmatchable, and know that the best thing you can do to improve your image is to make someone feel good about themselves."

Every business supplies their merchandise at a price that is determined by the demand for a product. The greater the demand, the higher the price someone should expect to pay.  Individuals are also subject to the law of supply and demand – there are two things that everyone can give an unlimited supply of – knowledge and love. You should concentrate on sharing these with others – especially your family.  So remember, “Share your knowledge and be lovable – supply the good things in life to people, and your friendship will be in demand.”

For a business to stay competitive and to last many years, managers need to constantly learn – to learn more about customers, competitors and the constant changes that happen in the market place. Developing a “life-long pursuit of learning and educating oneself” is important for every individual. The best investment you can make is in yourself – constantly trying to learn something new every day. So remember, “Learn to learn to be better at what you like to do, and to be happy with yourself – and if you are happy with yourself, others will be happy with you.”

One of the most important things a business can do to stand out is to be nice to their customers and to care for them like friends. People prefer to do business with companies that treat them with respect. Being nice and making friends is also important for success in life. You should learn to be nice, care for others and to be friendly – if you do this you’ll always stand out. So remember, “The first rule of making a lot of friends is to be respectful, nice and to always care for others. The second rule of making a lot of friends is to pay attention to the first rule!”

A business requires many people to work together in order to be successful. Building good relationships and having first-rate partners is important. Our company, Berkshire Hathaway, has many partnerships in our businesses today. I have been fortunate to have a great partner in Charlie. Our partnership has helped me become more successful than if I did things alone. In life, you have to be able to build strong relationships and partnerships to be successful – especially in your family. They are your best partners of all. So remember, “A great partner makes any job easier.”

Many businesses were started by individuals who decided to pursue their dreams – like Mrs. B. Mrs. B and her family came from Russia with a dream to build a successful business in America. She had a simple approach; be honest, deal with integrity, and give people a bargain. She pursued her dream with passion – nothing stopped her. She built Nebraska Furniture Mart into a large retailer and worked at the store until she was 103 years old. If you have to work the rest of your life, you might as well do something you like. I love what I do and think everyone should pursue their dreams – and if your dreams change, that’s ok. A key to success is to be passionate about what you do, and to always have a dream. So remember, “The person who can’t be stopped, won’t be stopped – pursue your dreams.”

In business, it is important for managers to be responsible and dependable, and think of the long-term consequences of any actions that are taken today.  If a business borrows a lot of money in the short-term, and gets caught not being able to pay it back, the results can be dangerous.  Every individual should be very careful when borrowing money on credit cards to purchase things today, with the intention of paying later on.  Using too much credit and getting behind on payments can be financially devastating.  So remember, “Always be responsible and dependable – and think of the consequences of any actions you take today.”

Managers of a great business have an ability to truly understand their industry, the competitive landscape and what the customer wants. Successful businesses can also adapt to change. Understanding is important for success in life. You should learn to try to understand another person’s point of view, and be prepared to change your mind if their point of view makes good sense. So remember; “Learn to understand something before you do it, and to think things through before you act.”

Managers have to save to buy the equipment a business needs to grow in the future. If a business spends all the money it earns and doesn’t save money, then it can eventually go out of business.  Saving money is also important for you in your lifetime.  You should put aside some money from what you earn so you can buy the things you need later on.  So remember what Ben Franklin said; “A penny saved is a penny earned.”

Managers of every business need to develop a plan, and to make sure they complete a plan to be successful.  If a business doesn’t plan how to make and spend money, it could end up failing.  Planning is important in business and also in everyday life. You need to prepare for things if you want to be successful – like doing your homework every night so you can do well on a test.  So remember; “The will to prepare is just as important as your will to win.”

Just like a retail business needs a good location to attract customers to its store, you need to think of location too. When you are in a classroom, it is best to sit in a place where you can listen to the teacher. The better you are located, and able to pay attention, the better you will do in school. “So remember, location, location, location – pay attention and listen to learn the most you can.”