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Warren Buffett is the entrepreneur that all budding entrepreneurs aspire to be. Not only has he made billions in his chosen field of investments, but he is now the richest man in the world with a fortune standing at $62 billion as of 2008. One of the main reasons why he is such an inspiration though is because his fortune is entirely self made. As such, he has proved that it is entirely possible to go from nothing to $62 billion within the space of a lifetime.

The Ultimate Investor

Warren Buffett was born in Omaha, Nebraska on August 30, 1930. His father was a fairly successful stockbroker in the years following the Depression and inspired the young Buffett to pursue entrepreneurial ventures from a young age. Like any boy, Buffett started out by delivering newspapers locally. He began building a neighbourhood empire and actually filed a tax return when he was 13 as a result of the money he was making. He moved on to better things as he got older and even considered skipping college, although his father made sure that was one plan that did not come to fruition.

Instead, Warren Buffett the young entrepreneur headed to Columbia University, which was where he met his mentor. Benjamin Graham’s teachings made such an impact on Buffett that he still lives by Graham’s philosophies to this day. Graham advocated the need for a safety net and using fluctuations in the stock market to your own advantage. It is those two principles that have brought Buffett such success. He never took a risk that he could not recover from if the need arose, unlike other failed entrepreneurs of his generation. This is primarily the reason why Buffett now tops the rich list.

Upon leaving Columbia University, Buffett worked for a number of companies in an investing capacity. He was initially a Wall Street stockbroker but managed to build his personal savings up to $140,000 by the age of 26. At the same age, he founded Buffett Partnership Ltd, which was an investment partnership. It was to be the first of many full-scale entrepreneurial ventures. However, it was his takeover of Berkshire Hathaway, a textile company, in 1965 that cemented his fortune, and he is still CEO today.

Warren Buffett has interests in a number of industries today including insurance, utilities, food and jewellery. His entrepreneur’s investment portfolio is extremely substantial, but it will be his philanthropic ventures that consolidate his legend.

Philosophy And Philanthropy

Warren Buffett has always lived a frugal life, which is perhaps what has ultimately allowed him to accrue such a fortune. However, his philanthropic pledge to give his fortune to charity upon his death is one of the largest donations to ever be made. In 2006, he gave away $30 billion in Berkshire Hathaway shares to the Bill & Melinda Gates Foundation and plans to donate more stock to charitable foundations that are led by his children.

Unlike other entrepreneurs, he has vowed not to transfer any of his wealth to his children because he made his own way in the world and he expects them to do the same. It is a principle that he has long advocated and will undoubtedly follow through. In death, Warren Buffett will become a truly great man but in life he is a great investor and has proved that effort and a little thought can go a long way. The lack of complete risk has also proved that taking chances with what you already have is not necessary. As such, he is an inspiration to men and women alike today.