While my list of entrepreneurs and business people that I admire and follow is quite a long one, Warren Buffett is one of my favorites to read quotes from. His spirit and personality, in relation to business and life, is very real and often quite comical as well. Many of his quotes have brought a smile to my face and inspiration to my busy day. So, here are my Top 10 Warren Buffett Quotes!

1. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

In the realm of business and entrepreneurship, reputations are often thrown out the window with little thought and wrongly called “innovation”. While taking a chance on something that others deem foolish might be the way to go in some cases, being a fool is never the right answer. Never be afraid to risk it all for something that you truly believe in, but always consider how it will change the way others see you.

2. “After all, you only find out who is swimming naked when the tide goes out.”

To me, this means that things often appear better on the surface than they actually are in reality. It also reminds me to be careful when looking longingly at the success of others. While an operation, person, or business may appear to flying high, only time will truly show what it is really made of.

3. “I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

Every time I read this one, it makes me laugh a little. Not only because it is so true, but because I completely agree. In the world of business, things – and people – are constantly evolving and changing and we have to plan accordingly. I remind myself of this on a regular basis so that I do not get sucked into the hype that surrounds a new CEO, President, or company face. While one person can drastically change an organization for the better, one replacement can tear it to pieces just as quickly.

4. “In the business world, the rearview mirror is always clearer than the windshield.”

I am often tempted to put my foot to the gas pedal, and speed into the future with little or no thought to the past. This can be a dangerous way to go, in some cases, though, because the past is much more reliable in predicting outcomes. Great entrepreneurs are the ones that know how to properly split their focus and make their understanding of the past work with their future expectations. Part of being a good driver – and a great businessperson – is keeping your eye on the things going on behind you.

5. “Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.”

In my life, I have seen this proved true more than once. While some people are convinced that money will change them for the better, it simply amplifies what is already there. A poor gambler who wins big simply becomes a high roller; individuals who mismanage $20 will mismanage $20 million; someone who is charitable and giving with their small paycheck will be just as quick to give away millions if they have it. That being said, I always try to surround myself with people who will be faithful, smart, and generous no matter what their current financial state.

6. “Never invest in a business you can’t understand.”

One of the worst things that someone can say to me when presenting a business investment is “just trust me”. While I may not have to understand or even know every complex detail of how a business works, I want to be able to see for myself why it will shine and flourish before I jump onboard. If my educated and business savvy mind doesn’t get it, I don’t expect a consumer or buyer to find value there either.

7. “My two rules of investing: Rule one – never lose money. Rule two – never forget rule one.”

While losing some money may very well be a part of an entrepreneur’s life story, don’t go into any deal with the expectation that you will lose anything. Keep your mindset on perfection and don’t settle for anything less. If you end up losing a little, just learn from it and purpose to get it back quickly!

8. “Without passion, you don’t have energy. Without energy, you have nothing.”

Passion is like the fuel that propels us forward in life and in business. Without this essential element, even the smartest entrepreneurs with the most amazing of ideas will usually end up burnt out and going nowhere. The secret to success and longevity? Finding your passion and doing your passion, plain and simple.

9. “Someone’s sitting in the shade today because someone planted a tree a long time ago.”

Sometimes as we are cruising through life, taking advantages of our gadgets and comforts, we forget that someone somewhere made these things possible. Try to take time each day to be thankful for those who have gone before us and for the legacies that they have left. When looking at our own lives, purpose to do something that will help future generations live a little better as well.

10. “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”

If I had to sum up why I love Warren Buffett, this would be the quote to do it. His determination, drive, and absolute refusal to be less than the best is what I strive for in my own life. As entrepreneurs, we have to stop limiting ourselves and just reach for the stars. So go out today and be successful…be rich…and don’t doubt the possibility of it happening for even a second.

[Image via Art Comments/Flickr]