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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!
 

Speaking of giving your people tools, share Bigg Success with them.
Just click on “Share This” below to E-mail, Digg, Stumble, Mixx and more

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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Live Your Dream With Purpose – Part 2

Yesterday, we discussed why defining your core values helps you live your dream life. You won’t have peace of mind if your life isn’t consistent with your values. Knowing your values invigorates you. You see the bigg picture – your current situation may not be all you dream of, but you can see how it’s getting you where you want to be.

We’re working toward a written statement of values. Having your values in writing makes them more tangible. It keeps them in front of you. You’re forced to analyze them more thoroughly than if you just keep them in your head.

Let’s look at two techniques you can use to discover your core values – yours, not someone else’s. Whichever technique you use, you’ll want to find a place that’s conducive to creative thinking.

  • The List
  • Select the ten things you think are most important from our list of values. It’s not easy, but that’s the point – discovering what you value the most. Keep in mind that this list is by no means exhaustive. Feel free to add your own values.

    Once you’ve done that, up the ante. Choose the five values that are most important to you. Then four … three … two … one. You’ve just created an ordered ranking of your five most important values!

  • The Blank Sheet
  • Start with a blank sheet of paper (or a blank word processing document, if you prefer to type). Write “What’s most important to me?” at the top. Now brainstorm.

    Write freely – don’t analyze. Anything and everything that comes to mind. Now get away from it. Come back to it again. Don’t worry if a couple of days pass.

    When you return, look at your list. Do you want to add anything? Cross something off? Have at it – it’s your list.

    Next, look at each word. Ask yourself what it means to you. For example, maybe your wrote down money. Money can mean income, wealth, freedom, security …. what does it mean to you? You’ll often find that what you value is underlying the word you wrote. Dig deep.

    Now, start eliminating values so you end up with an ordered ranking.

You may find that combining the two techniques works best. Start with the first. Look over the list. Then get away from it. Return to a blank sheet and start brainstorming.

Visualizing your dream life, free of constraints, helped you uncover your passions. Now we’re bringing beliefs to those passions, which defines your values. That’s the life you want. In a couple of weeks, we’ll bring in the constraints; we’ll assess where you are. Then we’ll develop strategies to link the two together.

Our quote today is by the French writer and philosopher Michael de Montaigne.

“The value of life is not in the length of days, but in the use
we make of them; a man may live long but yet very little.”

So seize today. Value your life and live your values.

Next time, we’ll talk about success snake oil – know when you’re getting scammed. We’ll recount some recent experiences. Until then, here’s to your bigg success!

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Live Your Dream With Purpose – Part I

About thirty days ago, we asked you to visualize the life you want. Specifically, we asked you to remove the two constraints – time and money – and answer this question:

If neither time nor money was an issue,
how would you spend your time and money?

Mary-Lynn said that, as a long-time broadcaster, her dream is to develop her own content that helps people. She’s doing that with Bigg Success. George says his dream is to travel more, especially spending more time on the beach.

Dreaming is great, but we all have responsibilities. Money is limited. Time even more so. How does it help to dream without considering that fact?

Understand that this is a process. We’ll bring the two constraints back in … but not just yet. First, find your passions by dreaming about the life you want. But you won’t have peace of mind if you’re not living your values.

And, if you remember, we defined success as peace of mind. You’ll never feel successful without it. So, now we want to define our core values.

What’s most important to you? You’ll find your core values at the point where your passions and your beliefs intersect. They’re the combination of what you want and what you believe (i.e. your morals).

Everyone lives according to a set of values. Sometimes consciously, sometimes subconsciously. We have all sorts of values … our own, things our parents taught us, influences of our society …

The question is NOT, “Are you living by a set of values?”
The question is, “Are you living by YOUR core values?”

Many people default to a subconscious set of mostly external values. Defining your core values should be extremely personal. What is most important to YOU? If you don’t live your life in line with your answer to that question, you’ll never achieve peace of mind. You’ll experience frustration, stress, burnout … all things diametrically opposed to peace of mind!

If you’re like a lot of people, you may say that your core values interfere with pursuing your passions. For example, supporting your family may be an overriding value of yours. You’re not happy but you have to do what you have to do, right? 

Keep in mind that seeing the big picture – aligning your core values with your passions – energizes you. You may come to see your current situation as a stepping stone to the future of which you dream. Doesn’t that change how you look at things as they are now?

We’ll revisit this topic next time. Between now and then, think about what’s most important to you, given your passions and beliefs. Tomorrow, we’ll talk about two techniques that will help you discover your core values so you can live your dream life with purpose. 

Our quote today is by Steven Covey. 

“Personal leadership is the process of keeping your vision and your
values before you and aligning your life to be congruent with them.”

So values your values and your vision … and live your life with purpose, on purpose.
Next time, we’ll continue on this track. You’ll get two techniques to discover your core values so you can live your dream life with purpose. Until then, here’s to your bigg success!

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