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The Billionaire and the Batboy: What Warren Buffett Learned from Eddie Bennett

Warren Buffett, the great investor who is the chairman of Berkshire Hathaway and now the richest person in the world according to Forbes, told a story about a batboy in Berkshire Hathaway’s 2002 annual report.

The batboy was Eddie Bennett, who was 19 years old in 1919. He began his career with the Chicago White Sox, who went to the World Series that year.

The next year, Eddie moved to the Brooklyn Dodgers. He had the Midas touch. They also won their league title that year. Two in a row for Eddie.

But once again, Eddie saw a better opportunity. So he joined the Yankees in 1921. They won their first pennant ever. Eddie knew he was in the right place so he stayed put. The Yankees won five American League titles in the next seven seasons. 

What did this mean to Eddie? He made as much during the World Series as he made all year. So by choosing the right team with whom to associate, he doubled his income.

And he became perhaps the best known batboy in baseball history.

5 lessons Eddie Bennett teaches us

#1 – Sometimes it pays to switch teams.
If you’re with a team that doesn’t look like a bigg winner, and you see a better one, then go for it!

#2 – Don’t have a scarcity mentality.

People who think like this can’t work with others because they don’t think there’s enough to share. Eddie shows us that we may actually make more money BY working with others than we could on our own.

#3 – You don’t have to be the star to be a star.

Eddie became famous in his own right. He’s written about just like Babe Ruth and Lou Gehrig. In fact, he’s the first of that great trio that we’ve blogged about!

#4 – Every job is important.

A supporting role is just as important as the starring role. Eddie knew his place and the importance of what he did. He knew that if he did a good job in his role, other people would thrive in theirs. And he would reap the benefits along with them!

#5 – He had a passion for what he did.
The fans knew it and the players knew it. They respected him for the role that he played. It’s reported that Eddie and Babe Ruth became good friends because they were both at the top of their game.

What Warren Buffett learned from Eddie

In the annual report we referenced earlier, Warren Buffett describes himself as the batboy for Berkshire Hathaway. He turns the heavy-hitting over to the leaders of the businesses in which he invests. He plays a supporting role so they can step up to the plate and hit home runs.

It’s a lesson in management and leadership – give your people the tools they need when they need them and watch them succeed bigg!
 

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We thought it only fitting for our bigg quote today to come from Warren Buffett.

“To be a winner, work with winners.”

Otherwise, you risk striking out!

Next time, we’ll discuss tips for spotting your bigg opportunity. Until then, here’s to your bigg success!

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(Image by kelp,CC 2.0)

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Teacher Turns $3,000 into a $700 Million Business

By Bigg Success Staff
05-06-08

Success Stories

Doris Christopher is the quintessential successful career mom. This former home economics teacher started The Pampered Chef in 1980 with $3,000 borrowed from a life insurance policy. At the time, she was a 34-year old wife and mother of two who had no business experience.

Her goals were simple:
 – to help families struggling to make meals at home special
 – to spend as much as possible with her children, while working
 – to make enough money to put her kids through college

Her plan worked – bigg time!

Starting from the basement of her home, she decided that the best way to display her wares was through in-home parties. However, on the way to her first party, she got so nervous that she almost gave up before she started! She talked herself into pressing on.

As friends, and friends of friends, hosted parties, Doris received requests from people wanting to join her in the business. That wasn’t necessarily part of her plan, but she figured out how to make it work. Today, the Pampered Chef has over 60,000 in-home consultants, mostly women who work from their homes.

That growth hasn’t always been easy. At one time, The Pampered Chef had grown so fast that Doris decided to stop taking on new consultants so she could make sure the company could fully support them. That commitment to quality is one thing that attracted the attention of a famous investor.

The Pampered Chef became part of Warren Buffet’s Berkshire Hathaway in 2002. His endorsement is considered to be the ultimate stamp of approval in the business world.

By then, Doris Christopher’s little business was doing over $700 million in sales. She started in her basement and built the largest branded kitchenware company and largest direct seller of housewares in the world!

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Hear today's lesson and laugh on The Bigg Success Show. 

Sources 

The Pampered Chef: The Story of One of America’s Most Beloved Companies, by Doris Christopher  

The Pampered Chef web site 

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