Warren Buffett’s Five Secrets of Success

 

BCS07606_ReadersResponse

Readers respond to “Before Changing Your Business Model, Consult a Direct Marketer” published June 29, 2006, which commented on Zale Jewelers changing the business model without testing. * ”For a test cell to be a clear winner, the number of responses must be more than double the square root of total orders.” —Axel Andersson Q. Do I need a slide rule or an abacus to implement this technique? —Andrew Bartholomew DH replies Example: You have two tests that bring in 100 orders. The square root of 100 is 10. Thus if test A brings in 60 orders and test B brings in 40 orders, test A is the winner by


Warren Buffett’s Five Secrets of Success

By David Garfinkel As the world’s richest investor (and second-richest person after Bill Gates), Warren Buffett attracts a lot of attention for his stock-market savvy. Unfortunately, most people in business do not have the time, the skill or the money to follow in his financial footsteps. But just about anyone could learn and profit from Buffett’s business skills and philosophy. He’s unusually open about how he runs his business and lives his life. Buffett’s business philosophy and his own persona have been achieved by his adherence to five not-so-secret secrets. Secret #1: Know your strengths and weaknesses; admit your likes and dislikes. “I was wired at birth to