Management from our mistakes because if we face difficulties

Management
in business is like organizing and oversees the work of other employees,
subordinates to get the effective and efficient outcomes. Mainly three types of
management styles are used in business that are Autocratic, Democratic and
Laissez-Fairel/Free Rain. Warren Buffet uses the Laisses-Fairel technique to
manage his organization that is allowing the employees to work on a given task
with freedom means employees require little guidance from their superiors. Buffet chooses the right employees and provides
them high degree of autonomy. If any employee make mistake then he does
not believe in firing the person instead he tries to motivate him/her to
perform better. He believes that reprimand should be short and manager should
praise the employee immediate after the reprimand because he thinks that in
this way the employee does not feel negative about the manager.  He also concentrates on selection of managers because
he believes in getting the things done by the other people so he follows the
rule that hire those people who love the things they do. Buffet
says that we should learn from our mistakes instead of moving far away from our
mistakes because if we face difficulties it is better to seek for better path
to go.(Management Secrets, Warren Buffet,2009)

As
management does not end by just organizing the work of others there are several
factors with the businessman deals. Investment is one out of those factors.
Warren buffet follows some rules while makes investments. According to him investors
should focus on the inner financial strength of the company rather than
focusing on the stock trading. He also likes to do home work before spending
money for a business. He and his team always know what information they require
and how they will get the information and after the collection of information
they integrate the information into clear opinion. Warren only makes investment
in those companies about which he knows what the company does to make profit.
The most powerful strength of him is his ability to take decisions quickly. He
does not waste time on setting up the decisions and does not waste good money
in worst business.( Sidney Kess and Edward Mendlowitz,CPA Journel, 2016)

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Many
people argue upon the Buffet style because they say that Berkshire struggled in
the textile company for twenty years so Buffet’s strategies would not fit to
every business but we cannot ignore the market position of Berkshire, over the
half-century of his management, Berkshire’s stock price has raised to
12,000 times and Warren has not been dealing in single industry he has invested
in various industries such as textile, sports products, jewelry, furniture and
etcetera. (Lowenstein, Roger, Fortune.com,
2015)

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