Warren Buffett’s Key to Success: ‘Say No to Almost Everything’
Warren Buffett is one of the most successful businessmen and investors of all time, and one of the keys to his success is his ability to prioritize and use his time wisely. Time is limited, so if you want to make the most of it, you have to be able to say “no” to people and opportunities that don’t directly benefit your personal or professional growth.
“The difference between successful people and really successful people is that really successful people say ‘no’ to almost everything,” Buffett said.
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But how do you say “no” in a tactful way? And does saying “no” really help you get ahead in your career? GOBankingRates spoke to entrepreneurs and other top professionals to find out how and why they’ve taken Warren Buffett’s advice to heart.
Take a Moment
Before you say “no” or “yes” to an opportunity or request, take a moment to decide which is the better option.
“I ask two questions for every decision I make: ‘Why?’ and ‘Why not?'” said Helen Yu, founder and CEO at Tigon Advisory Corp, a startup strategy firm. “Going through this process prior to saying ‘no’ will ensure it is a well thought out response.”
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How To Say ‘No’ More
Sometimes it seems easier to just say “yes” to a meeting or task that you know isn’t necessarily beneficial to you. It avoids the awkwardness of potentially hurting someone’s feelings or ruining a business relationship. But mastering how to say “no” is the first step in taking back your time for the things that matter most for your success. Here’s how to do it.
Find Out If the Person Asking for Your Help Really Needs It
Oftentimes people will ask you to do something they can do themselves — though they might not realize it.
“I ask questions that help the other person realize he/she already knows the answer or how to do the task,” said Gloria Feldt, founder of Take the Lead, a nonprofit dedicated to achieving gender parity by 2025.
Once the person asking for help realizes they are capable of helping themselves, it takes the burden off you.
Put Yourself in the Asker’s Position
“A meaningful ‘no’ response can be formulated once you put yourself in the asker’s shoes,” Yu said. “Why are they interested in you? What is their expectation for your commitment? [Can] your experience add value to the engagement? Does that align with your personal passion? Once you figure that out, you can explain to the asker why it is best not to get engaged tactfully.”
It’s OK To Be Blunt
If you know someone is asking you to do something that has no benefit to you, it’s fine to just be straightforward.
“Sometimes I am blunt and say truthfully, ‘This is not where I need to be spending my time. It’s more important for me to focus on raising money or making partnerships. So you take care of it,'” Feldt said.
The more you practice being honest and saying “no,” the easier it will become.
Explain Your Decision
Saying no is an essential skill, and providing reasons for your refusal can be a good idea. Explaining your decision — whether by pointing out that the request falls outside your immediate priorities, highlighting your commitment to maintaining a manageable workload or expressing the need for rest and recovery at the moment — allows the other person to grasp your thought process.
“Provide a brief explanation without over-explaining, only when necessary,” advised therapist and coach Jennifer Gray. “Always practice empathy, but stay firm. Suggest alternatives when they align with your true intentions.”
Suggesting an alternative solution instead of a direct rejection demonstrates your willingness to be helpful and collaborative. In essence, offering explanations when saying no not only promotes understanding but also strengthens communication and maintains positive relationships.
Why You Should Say ‘No’
Saying “no” is the ultimate way to kill busywork, which has helped Buffett get ahead. This means he has eschewed all of the nonessential tasks that usually come with being CEO of a company — he doesn’t talk to analysts, he rarely speaks to media, he does not attend industry events and he skips out on most internal meetings, according to Medium. This allows him to focus on the tasks that provide the biggest outcomes.
It Allows You To Stay Focused on Your Mission
“I am very mission focused,” Feldt said. “I could never have successfully run large, complex organizations without separating the important from the urgent and doing the important first. The important things are what allow you to achieve your big vision goals to achieve the mission.
“I liken my growing ability to do that to peeling an onion. Practicing focusing on the important allows you to get down to the core of things quickly, so you can make decisions and keep the organization moving forward on its mission. So, I don’t see it as saying ‘no’ but rather as saying ‘yes’ to what is important.”
It Helps You See Your Priorities More Clearly
“Time is our most valuable asset, and to give it away without thinking about it is a cost,” said Bryan Rosenblatt, partner at the venture fund Craft Ventures. “I try to spend time on the most important things, but also leave room for opportunistic meetings that may not be a priority today, but could be down the road.
“For example, when an entrepreneur wants to pitch their startup for investment and it’s not an area of our expertise, I’ll share that directly, as I don’t want to waste their time, either. If it’s a company that is too early on but I think could be interesting, I may stay in touch via email and meet with them at a later time. And if I’m not sure if it’s a good use of time, I’ll get more context on the meeting request so I can make an informed decision about whether it’s a good use of both parties’ times.”
It Gives You More Time To Pursue Your True Passions
As Buffett himself said, “You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.”
Buffet also said, “Never give up searching for the job that you are passionate about.”
He’s passionate about people finding their passions.
Each of us has only so much time. In order to manage the limited time you have effectively and make meaningful progress toward your goals, you must be willing to say “no” to distractions or requests that don’t align with your priorities. This is why it’s important to maintain your personal agency and to set boundaries.
“Saying ‘no’ helped me stay focused on what matters the most to me,” Yu said, “[It] allowed me to expand my skillset and opened up opportunities I am passionate about.”
With more time available if you turn a few things down, you can easily focus on those tasks and problems you truly want to work on and solve.
It Guards Your Mental Space
“I insist on a lot of time being spent, almost every day, to just sit and think,” Buffett said. “That is very uncommon in American business. I read and think.”
Buffett’s quote emphasizes the value of taking time to reflect about his business approach, which is quite rare in the fast-paced world of American business.
When he talks about “reading and thinking,” he means he invests time in learning and then carefully analyzing information before making decisions. This helps him make informed choices and spot opportunities and risks that others might miss in their rush to act.
In essence, Buffett’s quote reminds us that patience, careful thinking and a curious mind are key to his successful investment and business strategies. It’s a reminder that taking time to reflect and think can be the key to making wise choices and achieving long-term success, even when everyone else is in a hurry.
“Successful people recognize the significance of mental bandwidth,” said John Grace, president and founder of Investor’s Advantage Corporation. “Every commitment, project or task occupies not just their time but also their mental space and cognitive resources. By saying ‘no’ to unnecessary obligations, they preserve their mental clarity and creativity. This enables them to focus deeply on their priorities, problem-solve effectively and innovate — all of which are critical components of their success.”
In other words, saying “no” clears up room to tackle the things that really matter. Successful people understand the value of safeguarding this mental bandwidth.
It Helps You Avoid Burnout
When you say “no,” you’re protecting yourself from the dreaded B-word: burnout.
“Burnout is a persistent drought in your garden of success, muddied and withering, from a lack of firm boundaries and overloaded commitments,” Gray said.
When you consistently turn down most things, you’re safeguarding your overall well-being, preserving the energy required to excel and flourish.
It Can Help You Get Out of a Rut
A lot of us often cruise through life on autopilot, accepting whatever comes our way without much thought. Buffett, however, suggests a different approach. He warned, “Chains of habit are too light to be felt until they are too heavy to be broken.”
In other words, by taking the time to truly consider the offers and opportunities that come our way and refusing those that don’t align with our goals, we can begin to see our path more clearly.
Gabrielle Olya contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Warren Buffett’s Key to Success: ‘Say No to Almost Everything’
