07-26-2009, 09:46 PM
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Warren Buffet's top 10 guide to being a photographer
Quote:
Warren Buffet’s top 10 tips for being a photographer
I’ve adapted Warren Buffet’s top 10 list for being successful in business to that of being a photographer. I think they are apt.
1. Reinvest Your Profits: When you first make money, you may be tempted to spend it. Don’t. Instead, reinvest the profits.
Photog translation - Every and all sales dollars should be immediately spent on new, fancy and obscure gear!
2. Be Willing To Be Different: Don’t base your decisions upon what everyone is saying or doing. To Warren Buffett, the average is just that — what everybody else is doing. to be above average, you need to measure yourself by what he calls the Inner Scorecard, judging yourself by your own standards and not the world’s.
Photog translation – We’ve all seen your cat pics, they are boring and no one cares. Find a dog to take a picture of.
3. Never Suck Your Thumb: Gather in advance any information you need to make a decision.
Photog translation – Take critiques like a man. Suck up your pride and be willing to own your major suckage from time to time.
4. Spell Out The Deal Before You Start: Your bargaining leverage is always greatest before you begin a job — that’s when you have something to offer that the other party wants.
Photog translation – Get contracts. Even if you think you won’t need them.
5. Watch Small Expenses: Warren Buffett invests in businesses run by managers who obsess over the tiniest costs.
Photog translation – Sure lens babies are fun, but in the long run are worthless and customers won’t care what it “can” do.
6. Limit What You Borrow: Living on credit cards and loans won’t make you rich.
Photog translation – If you are a clutz, don’t borrow your friends shiny new 300mm f/2.8 especially if you can’t afford it.
7. Be Persistent: With tenacity and ingenuity, you can win against a more established competitor.
Photog translation – The photography business can be a bitch. With a cad-zillion (I just made that word up) new DSLR owners out there, competition is hotter than ever. Sure, your work may suck now… but with that new lens baby, it won’t suck for long!
8. Know When To Quit: Once, when Warren Buffett was a teen, he went to the racetrack. He bet on a race and lost. To recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. He felt sick — he had squandered nearly a week’s earnings. Warren Buffett never repeated that mistake. Know when to walk away from a loss, and don’t let anxiety fool you into trying again.
Photog translation – Sometimes that photo just isn’t going to work, no matter how much PP’ing you dump into it.
9. Assess The Risk: In 1995, the employer of Warren Buffett’s son, Howie, was accused by the FBI of price-fixing. Warren Buffett advised Howie to imagine the worst-and-bast-case scenarios if he stayed with the company. His son quickly realized that the risks of staying far outweighed any potential gains, and he quit the next day. Asking yourself “and then what?” can help you see all of the possible consequences when you’re struggling to make a decision — and can guide you to the smartest choice.
Photog translation – Lying in the middle of the road may sound like a great idea to get the perfect angle for a car race, but chances are, you’ll end up being photographed being carted off the track on a stretcher.
10. Know What Success Really Means: Despite his wealth, Warren Buffett does not measure success by dollars. “I know people who have a lot of money,” he says, “and they get testimonial dinners and hospital wings named after them. But the truth is that nobody in the world loves them. When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.”
Photog translation – Sometimes those critiques you get are from pretty dumb people who are just full of themselves. If you like the work you’ve done, then to hell with them.
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