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A small business can apply Warren Buffett's independent thinking for its growth by focusing on its own goals and not being swayed by external pressures or popular opinion. This could mean making decisions that may not be popular or conventional, but are in the best interest of the business. For example, Buffett believed in the importance of not automatically passing on wealth to the next generation, a stance that was not popular but aligned with his values. Similarly, a small business might choose to reinvest profits back into the business for growth, rather than distributing them as dividends, if it believes this is the best strategy for long-term success.
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If Buffett cared about his outer scorecard, he would have realized many losses. His belief that inheritance tax should be increased, ruffled many feathers. Calling it the "Ovarian Lottery," he didn't believe that children should automatically win their family's wealth. Not only did he alienate the business world with this campaign, but he divided his family, applying the same principle to his own children and siblings. He shunned his adopted granddaughter in a letter saying that he had "not legally or emotionally adopted" her as a grandchild.
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When a group of economists came up with the Efficient Market Hypothesis, to explain how it was impossible for multi-billionaire investor Warren Buffet...
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