Buffett and Gates - the key to success

Steve Jobs and Bill Gates

Warren Buffett and Bill Gates both agree on the same key factor to achieving success in anything you do.

It may not be what you jack-of-all-trades want to hear but according to Warren Buffett and Bill Gates , focus is the most important factor to success.

Both men agree that relentlessly focusing on one specific passion or problem leads to achievement. And that means pushing aside other ideas and interests until a goal is reached, according to TIME.

Buffett biographer Alice Schroeder writes, "He ruled out paying attention to almost anything but business-art, literature, science, travel, architecture-so that he could focus on his passion."

Read More Big-hearted Warren Buffett's guide to giving

Steve Jobs knew this too. He took Apple from a company with hundreds of products to one with a simple 10 products when he returned to the company in 1998.

But focus alone is not enough. Putting in the time to commit to something is also crucial to achieving success.

In the past Buffett has said that, "successful investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: you can't produce a baby in one month by getting nine women pregnant."

Read the coverage from TIME.

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts