Updated: Sep 30
In our previous article, we explored the early entrepreneurial endeavors of high school student Warren Buffett and how these experiences laid the groundwork for his future investment acumen.
While Warren's partner, Danley, was the first to graduate from high school, Warren Buffett secured a respectable 16th position out of a class of 350 graduates. His teacher even noted his affinity for stocks, predicting a promising future as a stockbroker.
The Remarkable Achievements of a Teenage Buffett
At just 17 years old, Warren Buffett delivered a staggering 600,000 newspapers and managed a successful pinball rental business. His entrepreneurial ventures earned him $6,000 in earnings, and he had voraciously read through 100 business books. Additionally, he immersed himself in the Philadelphia Stock Exchange, gaining real-world experience in the financial markets.
Following his father's advice, Buffett enrolled at the prestigious Wharton School of the University of Pennsylvania, renowned for its finance program. However, his experience there took an unexpected turn.
Buffett found the college curriculum uninspiring, often skipping classes to observe stock market movements at a securities firm. His neighbor, Marqueline, recalled his sentiments, revealing his disinterest in college learning.
Return to Entrepreneurship
Frustrated with college, Buffett decided to return to his entrepreneurial roots. His plan involved purchasing a used "Rolls-Royce" car to run a car rental business alongside Danley, similar to their previous pinball venture.
Buffett and Danley jointly acquired a 1928 Rolls-Royce used car for $350. However, their initial excitement turned into encounters with the police due to a lack of tail lights and a license plate.
Following the 1948 presidential election, Buffett's family moved back to their hometown of Omaha, as his father lost his job. This move marked a turning point for Warren's educational journey.
Buffett began a newspaper delivery business in Omaha and hired over 50 teenagers to work for him. He also ventured into a "golf store" business while continuing his extensive reading on finance.
The $9,800 Starting Capital
By the age of 19, Warren Buffett had amassed $9,800 in savings, which would become the foundation for his future endeavors.
Buffett's college classmate, Peterson, marveled at his photographic memory and rapid knowledge absorption. Despite this, Buffett recognized the importance of relationships and prestige in his career, which he felt he had not learned in college.
Inspired by his father's post-election experiences, Buffett decided to apply to Harvard Business School despite having already attended two universities. This decision marked a significant turning point in his educational journey.
Keep an eye out for the next part of this series as we journey into Warren Buffett's journey of learning and entrepreneurship.
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