Warren Buffett Profile and Analysis Essay

Pages: 11 (3569 words)  ·  Bibliography Sources: 12  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

SAMPLE EXCERPT . . .
Warren Buffet and his peers (the few that exist) have sat on the same stage more than once but that does not mean they get along or that they like one another (Drucker, 1999).

Something Drucker latched onto, and Buffett certainly did as well, is the concept of the knowledge worker. Being knowledgeable about one's work and industry is part and parcel of anything resembling the computer industry because releasing and adapting products in absence of that is a terrible idea. It's even more relevant and pressing for industries that are almost entirely knowledge-based like accounting/taxes and the law (Bang, Cleemann & Bramming, 2010).

Download full Download Microsoft Word File
paper NOW!
Another framework, different from the Drucker one noted above, that is worth mentioning in this work as well is the Timmons Model for Success, which is show in Appendix II of this report. This model is a little more free-form and complex than Drucker's management by objectives but a lot of the same pieces are there and are articulated more specifically. The model is a loose triangle formed by resources, opportunity and the personnel and the motivations behind them. Part of this dynamic are subjects like leadership, risk, uncertainty, creativity, asymmetries and context. Even things like market imperfections and the overall business plan are included in the calculus for this model. This is not unwise as all of those thing should be taken seriously. The center of the triangle shows fits vs. gaps, which speaks to getting the right people doing the right things at the right times and identifying any deficiencies or gaps in any of the above. Fits are situations where the right person or knowledge application is present and gaps are when something is missing (MatterPlanet, 2013).

Essay on Warren Buffett Profile & Analysis Assignment

Because the United States economy is so centered nowadays on knowledge amassing and building, it behooves anyone in a knowledge-based industry would be wise to keep on the cutting edge of technology and innovation, whether it be within one's own firm or outside of it. Failing to always evolve and improve is the death knell if a knowledge-based entrepreneurship venture. This is something that Drucker had right and it is also something that Buffett has proven to know quite well over the year. He got into computers in the 70's and 80's and then sought out to meet the needs and desires of future computer owners while at the same time realizing his own dreams and aspirations (Bang, Cleemann & Bramming, 2010).

Another lesson is that while organic and internal growth is preferable and probably best, acquiring companies on the ascent is also not a bad idea. Buffett is a notorious entrepreneur that does this and he in fact has done it over and over again. Buffett and his Berkshire group take established and rising companies that will easily and obviously stand to have a great market presence and wield their already vast resources to make that growth happen even faster (Salwan, 2009).

Alternatively, though, inorganic growth that leads to too much disparate operations and ventures in general outside of the core operations of a group is usually not a good thing. IBM, for example, has touched many realms of the computer and software market but they intentionally left the personal computer market by selling that division to another firm (Lenovo) so that they could focus more on their core competencies (Salwan, 2009).

Personal Profile

The author of this report took the GET and a few other self-assessment and came to a few conclusions. Before getting to those conclusions, the author will first describe the results. The test has five sections that each cover a different dimension of the author of this paper's business motivations, psyche and habits. They are, in order, need for achievement, need for autonomy/independence, creative tendency, moderate and calculated risk taking, and drive and determination.

On the need for achievement, the author of this paper scored a 10. The maximum score is 12 and the average is 9. The author of this paper greatly agrees with that score because the author is greatly motivated and driven to succeed and thrive and is not content to just spin the tires and stay in one place. The need for autonomy and independence was a score of 3, which is just below average and exactly half of the maximum. The author of this report would agree with that as well since the author does not have an aversion to autonomy but is also alright with subverting to a manager or leader so long as the leader is competent.

The creative tendency score was 5, which was fairly below average. The author of this report is not a terribly creative person but is willing to think outside the box if it's clear the current way of doing things is lacking or failing. The moderate and calculated risk taking score came in as a 7, which was slightly below average. The author of this paper is willing to take risks but is never itching to do so and will not do so unless there is a pressing need that exists.

The final dimension was drive and determination, which came in as a score of 11 under a maximum score of 12. This also dovetails nicely with the mindset that the author of this paper has and the author greatly agrees with that score and what it means. The author of this report believes that the basic foundations needed are there. One has to know the market that is potentially being entered, what the consumers of that market want and what/how they existing players in the market are (or are not) delivering what is desired by the consumers.

The key to becoming the next Warren Buffett, Bill Gates, Steve Jobs or other business and/or technology magnate is being able to pounce on an opportunity where a market need is not being fulfilled at all because it's in the nascent stages or because no existing player has made their move effectively. This is exceedingly difficult to do but it is not a matter of sheer luck. Becoming someone akin to Warren Buffett is not something that someone just falls into or does by accident.

It takes a lot of hard work, a lot of research and a lot of self-awareness. Even so, one does not have to be the next Warren Buffett to be successful and live a fulfilled life. Some people want to be the next Warren Buffett while others just want to be a CPA or a plumber. One can still have one's own enterprise in such a scenario, even if the enterprise is on the smaller size. In reviewing and recognizing that, the author of this paper realizes that one key is that the author has to define what success is and the determine what all will be required to get there. After all, not everyone wants or needs to be the next titan of industry but there has to be a calibration and synchronization between what is desired and what is deemed necessary to reach that desired end.

The author of this report will have to figure out what personal entrepreneurship goal that is desired to be achieved and then laying out a course to meet that. The author is prescient enough to know that the next Warren Buffett is not in the work but that is just fine because the author could fall well short of that and be perfectly happy. As long as the future enterprise is stable, successful and fulfilling, that is what really matters to the author of this report.

Another dimension in being a good entrepreneur and a good person is not to take the ambivalence about others' thoughts and viewpoints too far. It is possible to be too indifferent about the thoughts of others and there are situations where those feelings do matter. Obviously, customers should never be taken advantage of. It is indeed proper and decent to set a reasonable market price but to exploit people and take unfair (or illegal) advantage is not the right thing to do.

The same holds true for employees. Paying employees the market rate is one thing but taking advantage of bad circumstances is not a good thing. Just like taking advantage of customers in dire straits, doing the same with employees is also not a good thing. This is not to say that adjustments are not necessary and proper when times are tight, but there are two things that should be said. First, keeping costs manageable without being too tight is always a good habit, not just during times of recession and other economic travails. Similarly, staffing and spending has to be reasonable yet not too excessive. If something is simply not going to work, a decision has to be made as to how far down the proverbial rabbit hole that the money needs to go.

Conclusion

In conclusion, there are several points… [END OF PREVIEW] . . . READ MORE

Two Ordering Options:

?
Which Option Should I Choose?
1.  Download full paper (11 pages)Download Microsoft Word File

Download the perfectly formatted MS Word file!

- or -

2.  Write a NEW paper for me!✍🏻

We'll follow your exact instructions!
Chat with the writer 24/7.

Warren Buffett Thesis


Warren Buffet Essay


Warren Buffet Term Paper


Authentic Leadership Thesis


Warren Buffet, Reason and God Essay


View 200+ other related papers  >>

How to Cite "Warren Buffett Profile and Analysis" Essay in a Bibliography:

APA Style

Warren Buffett Profile and Analysis.  (2013, March 23).  Retrieved May 10, 2021, from https://www.essaytown.com/subjects/paper/warren-buffett-profile-analysis/2770352

MLA Format

"Warren Buffett Profile and Analysis."  23 March 2013.  Web.  10 May 2021. <https://www.essaytown.com/subjects/paper/warren-buffett-profile-analysis/2770352>.

Chicago Style

"Warren Buffett Profile and Analysis."  Essaytown.com.  March 23, 2013.  Accessed May 10, 2021.
https://www.essaytown.com/subjects/paper/warren-buffett-profile-analysis/2770352.