The Secret to Success—According to One of America's Wealthiest Men
Berkshire Hathaway CEO Warren Buffett knows a thing or two about entrepreneurship and customer satisfaction. With a net worth of US$66.8 billion, the second-wealthiest man in America started his holding company from scratch and slowly built his empire from the ground up. Berkshire Hathaway now wholly owns GEICO, Dairy Queen, Fruit of the Loom, Helzberg Diamonds and more, in addition to having significant minority holdings in Coca-Cola, American Express, and Apple, among others.
While Buffett may not be an idolised role model in the eyes of young female entrepreneurs, the billionaire investment mogul has some insightful wisdom for those looking to start their own business. "Tomorrow morning, when you look in the mirror, write—or just put it in lipstick or whatever you want—'delight my customer,' not 'satisfy my customer,'" said Buffett while addressing a crowd of students at the Goldman Sachs 10,000 Small Businesses graduation ceremony on Tuesday. "I don't remember how much I paid for my last car, but I remember the experience," he finished, emphasising the importance of customer service. The 85-year-old CEO likened delighted customers to an "unpaid salesforce" of sorts, encouraging the young graduates to harness the power of word-of-mouth advertising.
Buffett went on to compliment Amazon founder Jeff Bezos as the "classic example" of going above and beyond for your customers. Although Bezos's reputation took a dive after The New York Times published a scathing expos on Amazon's alleged workplace culture, the self-made e-commerce mogul undoubtedly values customer satisfaction. "Here's a guy who 20 years ago had a very, very small business. But he set out every day to delight his customers by fast delivery, by lower prices, whatever it took. And today, he is still thinking about how to delight his customer. He never quits," concluded Buffett.
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