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Introduction
Berkshire Hathaway is an iconic business empire that has survived economic hard times such as the Great Recession between 2007 and 2009. Everyone admires the business empire, and they wish their small startups to grow to become as big as Berkshire Hathaway. Warren Buffett, the CEO of Berkshire Hathaway, has remained a motivation to many people. However, few people have had an opportunity to meet him and ask specific individual questions on investment. A physical meeting with Warren Buffett offers a chance to ask questions, interact with him, and understand how it feels to be a billionaire. When meeting him, I would focus on two specific questions: what would Warren consider the most innovative business idea I can invest in with $1 million? Secondly, I would ask him about the particular measures he took for his company Berkshire Hathaway to remain profitable. The two questions would help in reflect on the most innovative business idea I could venture into and how I could ensure my new business stays afloat.
What is the Most Innovative Business?
With technological advancements and shifting consumer needs, business innovation is crucial. Big corporations such as Warren Buffetts Berkshire Hathaway invest in creative incubators. Warren Buffetts experience in the corporate world could shed some light on the criteria corporations use to identify innovative business ideas. Furthermore, he could give crucial information on how to set up a unique startup like Berkshire Hathaway. He could explain to me the criteria used by his company in selecting creative business ideas. As a follow-up question, I would like Warren Buffett to give me examples of business ideas that his company adopted and have remained significant in the industry. Getting the criteria for selecting an innovative business idea from Warren Buffett would motivate my startup journey.
Starting a company from scratch is costly, and a budget of $1 million may be insufficient. The new company would require office space, marketing, and new resources, among others. However, with an innovative idea, the fresh startup would have several advantages for its sustainability. The creative business idea would ensure the improved productivity of the startup. Furthermore, with an innovative business idea, the new business would present increased turnover and improved profitability. Given that the start capital might allow the acquisition of business assets and pay the employees in the first few months, venturing into an innovative and affordable business would be an excellent opportunity for the new company to grow without liquidation risks. Therefore, asking Warren Buffet what he would consider the most innovative business idea would help him sample the concepts at hand and choose the most innovative for the new business.
What are Berkshire Hathaways Survival tactics?
Berkshire Hathaway has a monumental history of failed partnerships and liquidated operations such as textile operations. Warren Buffett built the company from a fragile state, and it has grown to be one of the global companies with the highest stock prices. For instance, in 2020, the companys class A shares will cost about $350,000 each (Chen and Young, 2021). Although the company traces its origin from Hathaway Manufacturing Company, 1888, and Berkshire Cotton Manufacturing Company, 1889, Warren Buffetts investment and innovative ideas have transformed it over time. Warren Buffett came up with the companys survival tactics that have enabled the company to survive in the ever-evolving technological world. Understanding the companys survival strategy would help in sustaining the new business in the competitive industry.
An innovative business idea is not enough for the new business survival given the emergence of natural disasters such as Coronavirus and rapid climatic changes. Warren Buffetts sharing of Berkshire Hathaways survival tactics would help design a survival strategy for the new business. The plan would help identify the possible business weak areas s and the potential vital areas. Identifying the strengths and weaknesses in advance would help prepare for unprecedented natural calamities that severely affect the new business. Furthermore, having a well-planned survival tactic would offer an opportunity for sharing the business idea with potential investors and clients. Consequently, the company would have sufficient share capital to meet the routine costs.
Conclusion
Meeting Warren Buffet is a noble opportunity to learn from him and get business ideas for a new startup. As a CEO of a reputable company, Berkshire Hathaway, he would share the criteria used by the company in selecting an innovative business idea. Innovation is significant for a new business since it ensures sustainability, improved productivity, and increased profitability. Surviving is crucial for any business, given daily innovations and unprecedented disasters such as coronavirus pandemics. Warren Buffetts company has survived various global calamities such as World War II and The Great Recession. Therefore, getting to know the companys survival tactics would help design a survival strategy for the new business. The survival strategy would help identify the potential strengths and weaknesses of the new company. Thus, the new business would overcome unprecedented natural calamities and intense market competition. A meeting with Warren Buffett would be an opportunity to improve on new business innovativeness and survival.
Reference
Chen, A. S., & Yang, C. M. (2021). Optimal statistical arbitrage trading of Berkshire Hathaway stock and its replicating portfolio. Plos One, 16(1), e0244541. Web.
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