The Importance Of Playing Tennis With Better Tennis Players.

"It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction." - Warren Buffett

Have you ever played tennis?

• Play with someone worse than you, you won’t push yourself at all and play at a much lower level than you usually do. You’ll coast.

• Play with an equal player, I promise your game will be boring as hell. Back and forth, you get one point, they get one point. BORING.

• Play with a better player and you'll be forced to play a better game. You’ll have to move faster, anticipate their moves, and push yourself harder than you ever have before.

Think of all the highly successful business people you know, whom do they hang around with? Who do they have lunch with? Why do you think they do that?

Because they play a better game. The easiest way for an adult to learn is to mimic other adults actions and behaviors. It could be a very apparent behavior or a very subtle action. But these cues are picked up (just like in tennis) and are absorbed.

So today, you need to play a better game. Hang with the big boys and girls. Watch what they do, how they react, how they take action. Set up that lunch, make that appointment, hire that new rising star — it’s time you play your ‘A’ game.

You might surprise yourself and serve that ace.

The One Mistake We All Make.

"In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don't have the first, the other two will kill you."— Warren Buffett

If you don't know Warren, he's an American industrialist and philanthropist widely regarded as one of the most successful investors in the world. Often called the "Oracle of Omaha", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is consistently ranked among the world's wealthiest people (third wealthiest person in the world as of 2011).

So he knows what he is talking about.

It's interesting Warren places integrity first. In today's work- and marketplace, the focus is centered on intelligence and energy. How much do you know? What experience do you have? What have you done? Are you willing to spend 10-12 hours a day (and more) knocking it out of the park for me?

But we always forget about integrity. A definition of integrity — "Adherence to moral and ethical principles; soundness of moral character; honesty."

Let's be honest — how many times do you experience a concerted effort by management to adhere to moral and ethical principles? Where everyone displays a powerful moral character? Where people don't lie and endeavor to tell the truth in their business dealings?

I'm not saying the marketplace or workplace is totally devoid of integrity. But it does take a back seat to profits, targets, stock price and power. Not even a back seat . . . it's in the trunk with the spare tire.

In the wake of all the turmoil with Wall Street, Washington, and many boardrooms, (and even on Twitter lately) we all need to begin to make harder choices based on integrity. Who we invest in, who we purchase from, who we do business with.

And sometimes we need to look within for our anchor to integrity — because sometimes we fall short. We need to also pay attention to our own actions and decisions and how they impact others.

Whatever we do, we will continue to face ethical challenges. It's how we react to them that counts.

What do you do to stay ethically anchored?

Things I learned from Warren Buffett.

I just went back to my notes from a video of Warren Buffett speaking his mind. Here are a few of his tips on investing, business, and life.

• There are no called strikes in the ballgame of investing. You do not lose a single penny by passing on any given investment. Even if someone else hits a homerun with it, doesn’t mean that you are missing out. That said, you will have to swing the bat if you ever want to get anywhere. Just make sure it is a good pitch.

• Do business with people you like and who share your objectives. Money should not be only consideration when making business decisions. We have all worked with some people who we would have paid any amount NOT to work with. If we could quantify joy and happiness, it would be easy to see that working with people you like would far outweigh the joy received by getting more money with bad business partners.

• Invest in companies selling products that consumers are not concerned with price.

• It’s not about the biggest motor, but the most efficient motor. A smaller company that is run efficiently is going to do better for their shareholders than a mammoth company with wasteful spending.

• Don’t worry about what the stock market will do, focus on what the company will do. Good companies can and will go up even in the middle of falling market.

• With stocks it is hard to know WHEN something will happen, but it is easy to know WHAT will happen. Everyone seems to be concerned with the WHEN, but focusing on the WHAT seems to yield a nice fruit.

• Find companies with endless demand for their products. Funeral homes will always be needed, because people are still dying.

• Leave your children enough money so they can do anything, but not enough that they don’t have to do anything.

• Decision making abilities fade as cash flow increases. If you only have $5 in your pocket until the end of the week, it is likely that you will make a good decision with it, because it is all you have. On the other hand, if you have $100 for the week, your decisions regarding a $5 purchase are far less critical since you have another $95. Therefore, people tend not to treat those decisions with the same respect they would if it was their last $5.