Warren Buffet is known for many things as the world’s most famous investor. One of them is his infamous reading habit. He is a voracious reader who spends 80 per cent of his day reading. Buffett suggests that anyone hoping to achieve similar success should read 500 pages per day.
While that suggestion may be unrealistic to non-billionaires, there’s something else of greater importance that many entrepreneurs and business leaders lack.
It’s much easier to pull off than reading stacks of books and could be a daily habit that may launch your success.
Thinking.
“I read and think,” Buffett once said. “So I do more reading and thinking and make less impulse decisions than most people in business. I do it because I like this kind of life.”
Think more, do less
In Michael Eisner’s book, Working Together: Why Great Partnerships Succeed, Buffett dispels the notion that he and his late partner, the great Charlie Munger, just sit all day obsessing over other people’s opinions.
“No,” says Warren. “We don’t read other people’s opinions. We want to get the facts, and then think.”
Munger also told a reporter, “Neither Warren nor I is smart enough to make the decisions with no time to think. We make actual decisions very rapidly, but that’s because we’ve spent so much time preparing ourselves by quietly sitting and reading and thinking.”
Buffett adds, “I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.”
He’s right. We’ve conditioned ourselves to the stimulus and dopamine drip our devices provide; if there’s silence or inactivity, we think we’re missing out and have to feed our digital addiction.
Buffett’s “sit and think” methodology creates a growth mindset. People who take the time to sit in their quiet and sacred spaces, free of digital or people interruptions, are able to process their thoughts more clearly and come up with sound solutions to important decisions. For Buffett, sitting and thinking is as natural as riding a bicycle.
Taking time for thoughtful reflection is crucial for leaders for several reasons:
1. It clarifies your vision
Leaders often have to navigate through a sea of information and make critical decisions. Taking time to think helps them clarify their vision and align it with organizational goals.
Steve Jobs, the co-founder of Apple, was known for his “think time” walking meetings. During these walks, he would reflect on challenges, envision future products, and strategize for the company’s success.
2. It helps you make good decisions
Effective leaders need to make well-informed decisions. Allocating time for thinking and reflection allows them to analyze situations from various perspectives and consider potential outcomes.
3. It leads to innovation and creative problem-solving
Leaders who encourage their teams to think innovatively often spend time contemplating new ideas and solutions. Bill Gates, for example, famously took “Think Weeks,” where he secluded himself twice a year in a secret cabin in the Pacific Northwest.
During this time, he read and pondered future trends and challenges while also reviewing papers written by Microsoft employees pitching innovations or potential investments.
4. It prevents burnout and promotes well-being
Leadership can be demanding, and constantly being engaged in hustle culture and taking action without taking time for reflection can lead to burnout.
Leaders need to take time to think, assess their work-life balance and well-being and prioritize self-care to sustain long-term success.
Incorporating dedicated thinking time into a leader’s routine is a practical strategy for enhancing leadership effectiveness.
It is not just about doing more but thinking more strategically and intentionally. The examples illustrate that thoughtful reflection has tangible benefits for leaders and their organizations.
Source: Inc.Africa