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The Joys of Compounding by Gautam Baid

Living Life According To The Inner Scorecard

The Inner Scorecard comes from within and speaks your truth. It defines who you are and how you operate based on your values and beliefs. In a nutshell, it's taking the higher road to success.

 

Buffett lives by his Inner Scorecard, which is one of his defining characteristics. He also believes that living with our Inner Scorecard can bring us happiness. 

 

1. Make sure that it is passed down to your children

The author emphasizes to learn from Buffett the importance of teaching your children the Inner Scorecard principle, which his father taught him.

 

2. Surround yourself with people who are better than you

One of the most valuable lessons the author has learned is the opportunity to learn from my mentors, who are more experienced entrepreneurs and leaders further down the road. 

 

3. Recognized when to walk away

The author shares his learnings from Buffett that he learned to say no to things and opportunities that did not speak his truth. He then concentrated on saying yes to the few things that were truly important to him. "The difference between successful people and really successful people is that really successful people say no to almost everything.”

 

4. Make the most important decisions with integrity

When leaders make decisions with integrity, you can see their true character. You don't question who they are or whether they are looking out for your best interests (because they always do).

 

Another lesson he learned from Buffett was that he would agree that integrity is the most essential trait to look for in a job candidate, especially during the interview process. 


As he has previously stated, "When we hire people, we look for three things. We look for intelligence, initiative, or energy, as well as integrity. And if they lack the latter, the first two will kill you because if you're going to get someone without integrity, you want them to be lazy and stupid."

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Units 11/35