There is a lot of wisdom that Charlie Munger, the Vice Chairman of Berkshire Hathaway and long-time business partner of Warren Buffett, had to share. In his honour today, I have picked up a few of his quotes which are relevant to our journey here in LEC. Let's start with these two. “Go to bed smarter than when you woke up.”
― Charlie Munger And
“Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.”
― Charlie Munger LEC is about gaining the business insights that facilitate doing things in a smarter and more effective way. Let’s remember Charlie and constantly continue to improve.
The concepts on organisation design and practices that we learn in LEC are novel, not commonly seen around us though conceptually strong and proven in practice. Let’s get inspired by Charlie here:
“Most people don't grab the right ideas or don't know what to do with them.”
― Charlie Munger You do get the right ideas in LEC, but then we need something else: “If you can get really good at destroying your own wrong ideas, that is a great gift.”
― Charlie Munger
In the process of learning and implementing the insights gained at LEC, we also need to break down structures that are based on outdated concepts of work, motivation and teams.
“I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.”
― Charlie Munger The concepts and tools shared in LEC has been well researched and have been implemented by entreprenuers in LEC. A lot of figuring out has already happened now just go ahead and take the next steps.
He was one of the richest people on earth, but he got there the right way.
“I'm proud to be associated with the value system at Berkshire Hathaway; I think you'll make more money in the end with good ethics than bad.”
― Charlie Munger
And he believes:
“If you're glued together right and honourable, you will succeed. Get in there and get rid of stupidities and avoid bad people. Try teaching that to your grandchildren. The best way is by example. Fix yourself.”
― Charlie Munger
The following quote reminded me of the way LEC is being built:
“It's a real pleasure to earn the trust of your customers slowly over time by doing what's right.”
― Charlie Munger
In LEC, we believe that a business needs to be built around the entrepreneur’s strengths and innermost drives. There is no one correct way to build a business. What one gains from LEC are simply concepts, tools, and peers to help make the journey smoother. This thought is echoed in the following quote:
“You need a different checklist and different mental models for different companies.”
― Charlie Munger Once you do know what your natural strengths are, you can take advantage of this understanding and make the most of your strengths. As for the rest, Charlie says it best: “There's just a whole lot of things that aren't going to work for you. Figure out what they are and avoid them like the plague.”
― Charlie Munger And finally: “Own your work and compound credibility.”
― Charlie Munger
Charlie Munger might have moved on, but his wisdom lives on.