Many years ago, I worked for a company owned by billionaire Warren Buffet’s Berkshire Hathaway. Our company’s executives and marketing department personnel — that’s where I came in — had traveled to a nearby state for the grand opening of a new retail location.
As was often the case, the unfamiliar surroundings of a hotel room kept me awake, and as dawn’s early light broke through the not-very-effective blackout drapes, I gave up my quest for sleep, quickly showered and headed for the hotel’s coffee shop. As I entered, I saw Buffet seated alone in a booth at the back of the very quiet restaurant — also unable to sleep, I surmised. He beckoned me to join him, and we had a very pleasant 30-minute conversation before others from our company joined us.
During the course of our chitchat, I had the occasion to suggest that he must receive baskets full of offers for him to buy this company or that, as he had ours a few years earlier. I wondered what the secret was to his success in picking those that would flourish under his ownership.
Buffet very succinctly answered something to the effect of, “Really successful people say ‘no’ to almost everything.”
That phrase has stuck with me over the intervening three decades. Since that day in the Marriott Boise’s coffee shop, I’ve seen Buffet quoted many times expressing similar sentiment. It’s tough to argue with the wisdom of one of the world’s most successful investors.
So, let’s apply Buffet’s principle to Utah’s flourishing entrepreneurial climate.
When anyone starts a business, the goal seems to be to close as many deals as possible to grow the customer base and see the bottom line transition from red to black. But saying “yes” to every opportunity is seldom the best decision for long-term success.
Entrepreneurs — especially those new to the rat race — face endless requests and demands on time, energy and resources. Trying to strike a healthy balance is a constant struggle. Learning to say “no” — to set healthy boundaries — allows the startup CEO to focus on important tasks and avoid all-too-common burnout.
Barnaby Lashbrooke, founder and CEO of Time etc and author of The Hard Work Myth, suggests that a simple “no” can go a long way toward saving your new business — and you — from the death trap spawned by the inability to turn someone down. He submits for our consideration a list of reasons that “no” may be the better reply.
Here are some of his and some of mine:
• It’s no secret that the better you take care of yourself, the better you can run your business. Running a successful venture requires some boundaries and discipline, Lashbrooke said. You need to set limits on how much you can and cannot do. Saying “no” allows you to put boundaries in place so that neither you nor your business are overextended or overwhelmed by too many tasks.
• The most important asset for any business owner is his or her time, and it’s crucial to use it in ways that will yield the greatest return. Saying “no” to additional workload allows a boss to prioritize the tasks that are most important for the company’s growth and maintain better control over time and schedule.
• There can be no more stressful occupation than that of an entrepreneur — the very definition of a risk-taker. You just have to say “no” occasionally to avoid the stress inherent in launching a new venture.
A study by business data website ResearchGate found that “role overload” — when the demands of a leader’s role exceed available time, energy and the capabilities to meet them — is easily the leading cause of deadly stress in entrepreneurs. Further research also ties role overload to anxiety and depression.
• In any new business, resources are always limited. The only secret to protecting and preserving those valuable assets — including all-important capital — is the ability to tell certain folks to go pound sand. Maybe today isn’t the day to succumb to the sales pitch for new acoustic privacy pods and ergonomic adjustable workstations.
• As fun as it sounds, this may also not be the time for that Alaskan fishing trip. In other words, find a way to say “no” to distractions. And they don’t have to be big distractions to get you off track. Maybe it’s just a 15-minute perusal of your Instagram page. Data from the website lifehacker.com says that, on average, it takes 23 minutes to get back on track after getting distracted by something. Even switching tasks too often disrupts workflow, preventing people from maintaining that focused state of mind where they can do their best work.
There are plenty of opportunities to say “yes” in the evolution of a new business, but it’s vital to recognize when “no” is the preferred option. “No” doesn’t necessarily mean “no forever.” It can simply be “no for now.”
So, take the advice of first lady Nancy Reagan during the 1980s War on Drugs and “Just say no.”
John Rogers is a 50-year veteran of Utah media. He retired as managing editor of the Salt Lake Business Journal in 2025 and is now a part-time contributor to the paper. He can be reached at john.r@thecityjournals.com.