Fortune's March 21, 2005 issue asks the question I have been dying to ask those successful entrepreneurs who have gone before us.

At 74, Warren Buffet says the best advice he ever received was to understand what truly makes you "right". It's not because others say you are right; it's because your information and facts are correct.

This advice also came from people who discouraged him from originally going into the securities business. Buffet heard what they advised, but went after securities anyway, following his heart.

BRAIN STORM!

Be honest...how many of you have trouble with being wrong - especially when you are? Sometimes I find myself arguing over the stupidest things, all because I have this need to prove that what I am saying is right, even if it doesn't make any difference. I like this advice because it goes beyond culture, it goes beyond concensus. It's based on cold, hard facts - the issue is the facts, and the facts determine what's right.
• How many times have you defended as right some issue you have not researched yourself, but relied upon the hearsay of others?
• Being informed and educated is the best way to ensure that you make the right decisions that can stand against popular opinion, which can often be wrong.
• Take time to locate consistently well-informed people and resources, and keep their information handy, so you can utilize their knowledge when you need to verify information.


As a side note, this tells me that good advice can come from sources that may not have a 100% track record. We often tend to ignore the advice, suggestions and influence of people who have offered erroneous judgments in the past. But we should never rule out truth, regardless of where it originates.
• Is there someone who has offered you mixed advice, but you know also holds a lot of wisdom?
• Go after them and ask them for help. Weigh all the evidence carefully, and extract what is helpful.

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At 54, Richard Branson, founder of Virgin Atlantic Airways and the Virgin Group, received some very unusual, but very keen advice. If he was to start an airline and go up against British Airways, he would have to be ready for everything they threw at him, including being prepared to sue them. But more importantly, he was going to have to win over customers with his own personality. That's why the advice given to him was, "Make a fool of yourself."

BRAIN STORM!

When you're up against the big players, they will play hard, and play to keep, as British Airways did in an attempt to crush Virgin Atlantic Airways. Branson was ready to fight back, blow for blow.
• How have you prepared yourself for the eventual onslaught of competitor tactics?
• You need to think through what you might do in attempt to overcome your business if you were the opposition.


Note that Branson did not try to become someone he was not - instead, he based his business (and his advertising) on who he was. It was an intensely personal undertaking, which a thin-skinned person would not have survived.
• Could you build an advertising scheme around you and your own individuality, or even quirks?
• Remember other entrepreneurs who used their own face and personality to carry the day. Dave Thomas of Wendy's comes to mind.
• Do you have what it takes, thick-skin-wise as well as character-wise?
• Make a list of characteristics, qualities and quirks that define you.
• Is there something in that list (or a combination of "somethings") that could cause you to stick out in the crowd and be remembered?
• If you get stuck, ask some personal associates and friends - they may see you better than you do.

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