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    • Balancing Business Success and Personal ValuesYvon Chouinard, founder of Patagonia, emphasizes enjoying work, creating balance, and staying true to values while building a $750 million company

      Entrepreneurship and business success can be achieved while staying true to one's values and passions. Yvon Chouinard, the founder of Patagonia, shares his journey of becoming a reluctant businessman in his book "Let My People Go Surfing." He started as an outdoorsman, avoiding the corporate world, but eventually realized his responsibility to his employees and the need to get serious. Chouinard emphasized the importance of enjoying work and creating a work-life balance, allowing his employees to pursue their passions outside of work hours. Despite never taking outside investment and remaining the sole owner, Patagonia has become a successful $750 million company. Chouinard's philosophy of being an "80 percenter," focusing on proficiency instead of obsession, has contributed to the versatile and successful product line. This story highlights the possibility of balancing business success with personal values and passions.

    • Focus on making the best product, trust and rely on each otherSmall businesses often provide the best experiences, large corporations may fall short, best companies prioritize product quality over size

      According to Yvon Chouinard, the founder of Patagonia, the best companies focus on making the best product and letting everything else take care of itself. Chouinard shares his experience of ice climbing with Tom Brokaw and Yvonne, where they had to rely on each other and trust one another without ropes, which reflects his philosophy for business. He built Patagonia with a unique tradition and resisted the urge to conform to traditional corporate culture, even as the company grew. However, they still used textbook practices to expand, but nearly outgrew their niche market. Chouinard believed that a company cannot make the best quality product if it's too large, and he struggled to think of exceptions. The smallest, individually-owned businesses, like restaurants, often provide the best experiences, while large corporations like cell phone providers and Comcast often fall short. The only exception Chouinard could think of was Apple, which makes the best smartphone.

    • The Dangers of Focusing Solely on GrowthFocusing solely on growth can lead to a decline in service quality and loss of initial enjoyment. Allow your company to face challenges and grow on its own, and seek new ideas from outside sources.

      Focusing solely on growth and size can lead to a degradation of service quality and the loss of the initial enjoyment of using a product or service. Yvon Chouinard, the founder of Patagonia, shares his experiences with this phenomenon, having started using Uber when it was small and enjoying it, but eventually being disappointed by its large size and long wait times. Chouinard also emphasizes the importance of a company having someone to bring back new ideas and get the temperature of the world. He practices management by absence, taking time off to explore and allowing the company to face challenges and grow on its own. Chouinard also believes that stress is necessary for growth and that if he were the only one making decisions, the company wouldn't continue to grow and do good. When Patagonia faced serious problems during a recession, they sought advice from a consultant who asked why they were in business. Chouinard saw himself as a craftsman who had grown a successful business. These experiences and beliefs have shaped Chouinard's management style and philosophy.

    • Patagonia founder's personal values shaped businessThe founder of Patagonia used his deep-rooted personal values to create a successful business model focused on repairing and reusing products, inspiring simplicity and less consumption.

      Successful business owners, like the founder of Patagonia, can have deep-rooted personal values that influence their business decisions. The founder's dream was to sail off in search of perfect waves and bonefish flats, but he felt a responsibility to use his resources to make a positive impact on the world. He and his wife had given away over $1,000,000 in the past year to various organizations. However, a doctor challenged him to sell the company and start a foundation to give away more money each year. The founder was confused but eventually realized that he wanted to instill the lessons he had learned as an individual, such as simplicity and less consumption, into his company. Patagonia's unique business model reflects this philosophy, with a focus on repairing and reusing products instead of constantly buying new ones. The founder's personal values shaped the company's mission and philosophy, demonstrating that business success and personal values can go hand in hand.

    • Emphasizing long-term sustainability in businessBusinesses should prioritize long-term sustainability, learn from Zen philosophy and seven generation planning, and focus on quality and necessity to succeed.

      Businesses, like individuals, should not exceed their limits and strive for sustainable growth. This concept was emphasized by the speaker's personal experience and the lessons he learned from Zen philosophy and the Iroquois' seven generation planning. The focus on long-term sustainability led him to make different decisions for Patagonia compared to a typical public company. The speaker's entrepreneurial journey began with his desire to create high-quality equipment for mountain climbers, and he later expanded into clothing to support his business. Patagonia's success came from its commitment to quality and necessity, and the speaker's ultimate goal was to serve as a model for other businesses seeking environmental stewardship and sustainability.

    • Patagonia's Pursuit of the Best ProductPatagonia's mission to create the best product inspires them to excel in all areas, focusing on functionality and simplicity while also embracing innovation and invention.

      The importance of striving for the best in all aspects of business and life, as exemplified by Patagonia's product design philosophy. The company's mission to make the best product is the cornerstone of its business and inspires them to excel in all areas. Simplifying design and focusing on functionality are essential for creating high-quality products. Innovation and invention were also discussed, with the idea that innovation is building on existing ideas, while invention is creating something entirely new. The quote "how you do one thing is how you do all things" emphasizes the importance of putting in the effort to do things well in all areas, not just the easy or visible ones.

    • Innovation: Creating unique products for successSuccess in business relies on creating unique products, inspired by customer needs and experiences, through the innovation process. It requires significant resources but offers great rewards.

      Creating unique and innovative products is key to success in business, as opposed to trying to sell identical or inferior products in a crowded market. The process of innovation involves building upon existing ideas or designs, leading to the development of superior and functional products. Successful companies, such as Patagonia, thrive by staying close to their core customers and drawing inspiration from their needs and experiences. Innovation requires significant energy, time, and resources, but the potential rewards are great. It's important to note that successful inventions are rare, but the number of innovations that can stem from a single invention is vast. So, aim to create products that stand out and offer unique value to your customers.

    • Creating Authentic and Lasting ImagesAuthentic images come from living up to values and beliefs. Entrepreneurial approach is to take action and learn. Patagonia's success from authentic image, values, and quality.

      Individuals and companies create unique images that shape public perception, but the most authentic and sustainable images come from living up to one's values and beliefs. The entrepreneurial approach to new ideas is to take action and learn by doing, rather than relying on outdated information from external sources. Patagonia's success lies in its authentic image, which stems directly from the values and passions of its founders and employees. While profit is necessary for a business to survive, it should not be the primary goal. Instead, making a profit is a result of doing everything else right, such as providing quality products and solutions. Authenticity, values, and quality are the keys to creating a lasting and meaningful image for individuals and companies alike.

    • Patagonia's Commitment to Quality and SustainabilityPatagonia's focus on quality and sustainability led to increased sales and profitability during the recession, while competitors suffered. The company's privately owned status allows for self-control and a goal of being the best, not the biggest.

      For Patagonia, quality is not a luxury but a necessity for business success. The company's philosophy prioritizes quality over finance and growth, as evidenced by data from the Strategic Planning Institute showing that high-quality companies have significantly higher return on investment rates. Patagonia's focus on organic cotton and sustainable practices during the recession led to increased sales, while competitors who cut corners suffered. The company's growth is natural and limited, with a goal of being the best, not the biggest. Patagonia's privately owned status allows for self-control and a focus on efficiency, leading to profitability even during slow growth. The company's pessimistic view of the future economy and desire for sustainability also means no debt and a goal of having no debt. In summary, Patagonia's commitment to quality and sustainability has proven to be a successful business strategy.

    • Rooted in commitment to quality and adaptabilityPatagonia's success stems from creating long-lasting products, strong customer relationships, hiring independent-minded employees, fostering a culture of questioning and improvement, and structuring teams like self-managed Seal Teams.

      Patagonia's success is rooted in their commitment to quality and adaptability. The founder values creating long-lasting products and maintaining strong relationships with customers over producing cheap, disposable goods. Patagonia's management philosophy reflects this, as they prioritize hiring independent-minded employees and fostering a culture that values questioning and continuous improvement. The company's structure is inspired by natural systems, which appear chaotic but are actually highly structured. Patagonia's self-managed teams, like Seal Team soldiers, align around a common mission and can adapt when leadership changes. The founder's approach to business is a reminder that the most responsive and successful organizations are those that can adapt to change.

    • Decentralized decision-making, risk-taking, and long-term vision are keys to effective business leadership.Hire true leaders, embrace change, and build a familial company culture for successful business growth.

      Effective leadership in business, much like in the military, requires decentralized decision-making, risk-taking, and a long-term vision. Yvonne emphasizes the importance of hiring true leaders instead of managers, who create and instigate change, rather than just following rules. She also highlights the benefits of small teams and a familial company culture built on trust and mutual respect. Evolution and change are essential for growth, but they can also bring stress and uncertainty. Embracing these challenges as opportunities for growth and development is crucial for both individuals and organizations. The principles outlined in books like "Extreme Ownership" can provide valuable insights for any business or individual creating something new.

    • Embrace Change for GrowthBusinesses should focus on the process of growth, not just the end goal, and embrace change to adapt and innovate.

      Businesses, like nature, should embrace change rather than fear it. Constantly stressing and challenging oneself, whether in business or personal life, leads to growth and adaptation. Yvon Chouinard, the founder of Patagonia, shares his experiences and philosophies on this topic in his book "Let My People Go Surfing." He emphasizes the importance of maintaining a sense of urgency and instigating change, even in the face of success. Comparing business to climbing mountains, Chouinard stresses that the process is just as important as the summit. Companies that compromise the process and focus solely on the end goal risk becoming complacent and non-adaptive, leading to eventual failure. Instead, businesses should strive for spiritual and personal growth, just as climbers should focus on the journey rather than just reaching the top. Embracing change and innovation is crucial for businesses to survive and thrive in the long run.

    • Strive for Simplicity in Navigating the FutureMastering endeavors through knowledge and simplifying life enriches us, allowing us to navigate uncertain futures with grace and resilience

      No matter what challenges the future holds, whether they're self-inflicted or external, people and their ways of living will continue to evolve. And as we navigate through these changes, it's essential to strive for simplicity. According to our guest, the key to mastering any endeavor is to replace complex technology with knowledge. The more we know, the less we need. From my own experiences, I've learned that simplifying our lives doesn't mean living in poverty. Instead, it enriches us in ways that truly matter. Whether it's through economic downturns, diversity, or new ways of doing things, the future may be uncertain, but by focusing on simplicity, we can navigate through it with grace and resilience.

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    (2:30) Sam Walton built his business on a very simple idea: Buy cheap. Sell low. Every day. With a smile.

    (2:30) People confuse a simple idea with an ordinary person. Sam Walton was no ordinary person.

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    (5:30) His dad taught him the secret to life was work, work, work.

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    (33:30) At the start we were so amateurish and so far behind K Mart just ignored us. They let us stay out here, while we developed and learned our business. They gave us a 10 year period to grow.

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    (2:00) My father was a self-made man who had known extreme poverty in his youth and had a practically limitless capacity for hard work.

    (6:00) I acted as my own geologist, legal advisor, drilling superintendent, explosives expert, roughneck and roustabout.

    (8:00) Michael Jordan: The Life by Roland Lazenby. (Founders #212) 

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    (20:00) Optimism is a moral duty. Pessimism aborts opportunity.

    (21:00) I studied the lives of great men and women. And I found that the men and women who got to the top were those who did the jobs they had in hand, with everything they had of energy and enthusiasm and hard work.

    (22:00) 98 percent of our attention was devoted to the task at hand. We are believers in Carlyle's Prescription, that the job a man is to do is the job at hand and not see what lies dimly in the distance. — Charlie Munger

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    (8:00) On his dad sending him to military school: The strict, regimented environment was good for me.

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    -They concentrated on making their companies more efficient 

    -They reinvest heavily in to their business (which can help efficiency and expansion )

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    -They know their business down to the ground

    -They have an innate capacity to think on a large scale

    (34:00) Five wives can't all be wrong. As one of them told me after our divorce: "You're a great friend, Paul—but as a husband, you're impossible.”

    (36:00) My business interests created problems [in my marriages]. I was drilling several wells and it was by no means uncommon for me to stay on the sites overnight or even for two days or more.

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    (54:00) My father's influence and example where the principle forces that formed my nature and character.

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    "Learning from history is a form of leverage." — Charlie Munger. Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand.

    Get access to Founders Notes here

    You can search all my notes and highlights from every book I've ever read for the podcast. 

    You can also ask SAGE any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

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    (0:01) At the age of twelve I was an orphan.

    (1:00) My uncles made me become self-reliant very early in life. Looking back, I believe that it is to this, that much of my success is due.

    (9:00) The idea of wearing a watch on one's wrist was thought to be contrary to the conception of masculinity.

    (10:00) Prior to World War 1 wristwatches for men did not exist.

    (11:00) Business is problems. The best companies are just effective problem solving machines.

    (12:00) My personal opinion is that pocket watches will almost completely disappear and that wrist watches will replace them definitively! I am not mistaken in this opinion and you will see that I am right." —Hans Wilsdorf, 1914

    (14:00) The highest order bit is belief: I had very early realized the manifold possibilities of the wristlet watch and, feeling sure that they would materialize in time, I resolutely went on my way. Rolex was thus able to get several years ahead of other watch manufacturers who persisted in clinging to the pocket watch as their chief product.

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    (20:00) Business Breakdowns #65 Rolex: Timeless Excellence

    (27:00)   Rolex was effectively the first watch brand to have real marketing dollars put behind a watch. Rolex did this in a concentrated way and they've continued to do it in a way that is simply just unmatched by others in their industry.

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    (32:00) Social proof is a form of leverage. — Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329)

    (34:00) What really matters is Hans understood the opportunity better than anybody else, and invested heavily in developing the technology to bring his ideas to fruition.

    (35:00) On keeping the main thing the main thing for decades: In developing and extending my business, I have always had certain aims in mind, a course from which I never deviated.

    (41:00) Rolex wanted to only be associated with the best. They ran an ad with the headline: Men who guide the destinies of the world, where Rolex watches.

    (43:00) Opportunity creates more opportunites. The Oyster unlocked the opportunity for the Perpetual.

    (44:00) The easier you make something for the customer, the larger the market gets: “My vision was to create the first fully packaged computer. We were no longer aiming for the handful of hobbyists who liked to assemble their own computers, who knew how to buy transformers and keyboards. For every one of them there were a thousand people who would want the machine to be ready to run.” — Steve Jobs

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

    Hodinkee: Inside the Manufacture. Going Where Few Have Gone Before -- Inside All Four Rolex Manufacturing Facilities 

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

    Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands by Jean Noel Kapferer and Vincent Bastien 

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

    Be like Gareth. Buy a book: All the books featured on Founders Podcast

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    Come build relationships at the Founders Conference on July 29th-July 31st in Scotts Valley, California

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    Learning from history is a form of leverage. —Charlie Munger. Founders Notes gives you the super power to learn from history's greatest entrepreneurs on demand.

    Get access to the World’s Most Valuable Notebook for Founders

    You can search all my notes and highlights from every book I've ever read for the podcast. 

    You can also ask SAGE any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

    What are the most important leadership lessons from history's greatest entrepreneurs?

    Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) 

    How did Edwin Land find new employees to hire? Any unusual sources to find talent?

    What are some strategies that Cornelius Vanderbilt used against his competitors?

    Get access to Founders Notes here

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    (1:00) You've got to start with the customer experience and work back toward the technology—not the other way around.  —Steve Jobs in 1997

    (6:00) Why should I care = What does this do for me?

    (6:00) The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy.  (Founders #348)

    (7:00) Easy to understand, easy to spread.

    (8:00) An American Saga: Juan Trippe and His Pan Am Empire by Robert Daley 

    (8:00) The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

    (9:00)  love how crystal clear this value proposition is. Instead of 3 days driving on dangerous road, it’s 1.5 hours by air. That’s a 48x improvement in time savings. This allows the company to work so much faster. The best B2B companies save businesses time.

    (10:00) Great Advertising Founders Episodes:

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    Claude Hopkins (Founders #170 and #207)

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    (12:00) Advertising which promises no benefit to the consumer does not sell, yet the majority of campaigns contain no promise whatever. (That is the most important sentence in this book. Read it again.) — Ogilvy on Advertising 

    (13:00) Repeat, repeat, repeat. Human nature has a flaw. We forget that we forget.

    (19:00) Start with the problem. Do not start talking about your product before you describe the problem your product solves.

    (23:00) The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders #292)

    (27:00) Being so well known has advantages of scale—what you might call an informational advantage.

    Psychologists use the term social proof. We are all influenced-subconsciously and, to some extent, consciously-by what we see others do and approve.

    Therefore, if everybody's buying something, we think it's better.

    We don't like to be the one guy who's out of step.

    The social proof phenomenon, which comes right out of psychology, gives huge advantages to scale.

    —  the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger (Founders #329)

    (29:00) Marketing is theatre.

    (32:00) Belief is irresistible. — Shoe Dog: A Memoir by the Creator of Nike by Phil Knight.  (Founders #186)

    (35:00) I think one of the things that really separates us from the high primates is that we’re tool builders. I read a study that measured the efficiency of locomotion for various species on the planet. The condor used the least energy to move a kilometer. And, humans came in with a rather unimpressive showing, about a third of the way down the list. It was not too proud a showing for the crown of creation. So, that didn’t look so good. But, then somebody at Scientific American had the insight to test the efficiency of locomotion for a man on a bicycle. And, a man on a bicycle, a human on a bicycle, blew the condor away, completely off the top of the charts.

    And that’s what a computer is to me. What a computer is to me is it’s the most remarkable tool that we’ve ever come up with, it’s the equivalent of a bicycle for our minds.

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    #349 How Steve Jobs Kept Things Simple

    #349 How Steve Jobs Kept Things Simple

    What I learned from reading Insanely Simple: The Obsession That Drives Apple's Success by Ken Segall. 

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    (1:30) Steve wanted Apple to make a product that was simply amazing and amazingly simple.

    (3:00) If you don’t zero in on your bureaucracy every so often, you will naturally build in layers. You never set out to add bureaucracy. You just get it. Period. Without even knowing it. So you always have to be looking to eliminate it.  — Sam Walton: Made In America by Sam Walton. (Founders #234)

    (5:00) Steve was always easy to understand. He would either approve a demo, or he would request to see something different next time. Whenever Steve reviewed a demo, he would say, often with highly detailed specificity, what he wanted to happen next.  — Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

    (7:00) Watch this video. Andy Miller tells GREAT Steve Jobs stories

    (10:00) Many are familiar with the re-emergence of Apple. They may not be as familiar with the fact that it has few, if any parallels.
    When did a founder ever return to the company from which he had been rudely rejected to engineer a turnaround as complete and spectacular as Apple's? While turnarounds are difficult in any circumstances they are doubly difficult in a technology company. It is not too much of a stretch to say that Steve founded Apple not once but twice. And the second time he was alone. 

    —  Return to the Little Kingdom: Steve Jobs and the Creation of Appleby Michael Moritz.

    (15:00) If the ultimate decision maker is involved every step of the way the quality of the work increases.

    (20:00) "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes. We just did the work. Processes came later. All of these things had never been done before. Walt had gathered up all these people who had never designed a theme park, a Disneyland. So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything. We just worked and Walt just walked around and had suggestions." — Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. (Founders #347)

    (23:00) The further you get away from 1 the more complexity you invite in.

    (25:00) Your goal: A single idea expressed clearly.

    (26:00) Jony Ive: Steve was the most focused person I’ve met in my life

    (28:00) Editing your thinking is an act of service.

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    Michael Jordan In His Own Words

    Michael Jordan In His Own Words

    What I learned from reading Driven From Within by Michael Jordan and Mark Vancil. 

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    Episode Outline: 

    Players who practice hard when no one is paying attention play well when everyone is watching.

    It's hard, but it's fair. I live by those words. 

    To this day, I don't enjoy working. I enjoy playing, and figuring out how to connect playing with business. To me, that's my niche. People talk about my work ethic as a player, but they don't understand. What appeared to be hard work to others was simply playing for me.

    You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. 

    Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. 

    I knew going against the grain was just part of the process.

    The mind will play tricks on you. The mind was telling you that you couldn't go any further. The mind was telling you how much it hurt. The mind was telling you these things to keep you from reaching your goal. But you have to see past that, turn it all off if you are going to get where you want to be.

    I would wake up in the morning thinking: How am I going to attack today?

    I’m not so dominant that I can’t listen to creative ideas coming from other people. Successful people listen. Those who don’t listen, don’t survive long.

    In all honesty, I don't know what's ahead. If you ask me what I'm going to do in five years, I can't tell you. This moment? Now that's a different story. I know what I'm doing moment to moment, but I have no idea what's ahead. I'm so connected to this moment that I don't make assumptions about what might come next, because I don't want to lose touch with the present. Once you make assumptions about something that might happen, or might not happen, you start limiting the potential outcomes. 

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    Founders
    en-usMay 12, 2024

    #348 The Financial Genius Behind A Century of Wall Street Scandals: Ivar Kreuger

    #348 The Financial Genius Behind A Century of Wall Street Scandals: Ivar Kreuger

    What I learned from reading The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy. 

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    Episode Outline: 

    1. Ivar was charismatic. His charisma was not natural. Ivar spent hours every day just preparing to talk. He practiced his lines for hours like great actors do.

    2. Ivar’s first pitch was simple, easy to understand, and legitimate: By investing in Swedish Match, Americans could earn profits from a monopoly abroad.

    3. Joseph Duveen noticed that Europe had plenty of art and America had plenty of money, and his entire astonishing career was the product of that simple observation. — The Days of Duveen by S.N. Behrman.  (Founders #339 Joseph Duveen: Robber Baron Art Dealer)

    4. Ivar studied Rockefeller and Carnegie: Ivar's plan was to limit competition and increase profits by securing a monopoly on match sales throughout the world, mimicking the nineteenth century oil, sugar, and steel trusts.

    5. When investors were manic, they would purchase just about anything. But during the panic that inevitably followed mania, the opposite was true. No one would buy.

    6. The problem isn’t getting rich. The problem is staying sane. — Charlie Munger

    7. Ivar understood human psychology. If something is limited and hard to get to that increases desire. This works for both products (like a Ferrari) and people (celebrities). Ivar was becoming a business celebrity.

    8.  I’ve never believed in risking what my family and friends have and need in order to pursue what they don't have and don't need. — The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)

    9. Great ideas are simple ideas: Ivar hooked Durant with his simple, brilliant idea: government loans in exchange for match monopolies.

    10. Ivar wrote to his parents, "I cannot believe that I am intended to spend my life making money for second-rate people. I shall bring American methods back home. Wait and see - I shall do great things. I'm bursting with ideas. I am only wondering which to carry out first."

    11. Ivar’s network of companies was far too complex for anyone to understand: It was like a corporate family tree from hell, and it extended into obscurity.

    12. “Victory in our industry is spelled survival.”   —Steve Jobs

    13. Ivar's financial statements were sloppy and incomplete. Yet investors nevertheless clamored to buy his securities.

    14. As more cash flowed in the questions went away. This is why Ponzi like schemes can last so long. People don’t want to believe. They don’t want the cash to stop.

    15. A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)

    16.  A summary of Charlie Munger on incentives:

    1. We all underestimate the power of incentives.
    2. Never, ever think about anything else before the power of incentives.
    3. The most important rule: get the incentives right.

    17. This is nuts! Fake phones and hired actors!

    Next to the desk was a table with three telephones. The middle phone was a dummy, a non-working phone that Ivar could cause to ring by stepping on a button under the desk. That button was a way to speed the exit of talkative visitors who were staying too long. Ivar also used the middle phone to impress his supporters. When Percy Rockefeller visited Ivar pretended to receive calls from various European government officials, including Mussolini and Stalin. That evening, Ivar threw a lavish party and introduced Rockefeller to numerous "ambassadors" from various countries, who actually were movie extras he had hired for the night.

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    #347 How Walt Disney Built His Greatest Creation: Disneyland

    #347 How Walt Disney Built His Greatest Creation: Disneyland

    What I learned from reading Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. 

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    (8:00) When in 1955 we heard that Disney had opened an amusement park under his own name, it appeared certain that we could not look forward to anything new from Mr. Disney.

    We were quite wrong.

    He had, instead, created his masterpiece.

    (13:00) This may be the greatest product launch of all time: He had run eight months of his television program. He hadn't named his new show Walt Disney Presents or The Wonderful World of Walt Disney.

    It was called simply Disneyland, and every weekly episode was an advertisement for the still unborn park.

    (15:00) Disneyland is the extension of the powerful personality of one man.

    (15:00) The creation of Disneyland was Walt Disney’s personal taste in physical form.

    (24:00) How strange that the boss would just drop it. Walt doesn’t give up. So he must have something else in mind.

    (26:00) Their mediocrity is my opportunity. It is an opportunity because there is so much room for improvement.

    (36:00) Roy Disney never lost his calm understanding that the company's prosperity rested not on the rock of conventional business practices, but on the churning, extravagant, perfectionist imagination of his younger brother.

    (41:00) Walt Disney’s decision to not relinquish his TV rights to United Artists was made in 1936. This decision paid dividends 20 years later. Hold on. Technology -- developed by other people -- constantly benefited Disney's business. Many such cases in the history of entrepreneurship.

    (43:00) Walt Disney did not look around. He looked in. He looked in to his personal taste and built a business that was authentic to himself.

    (54:00) "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes.

    We just did the work. Processes came later. All of these things had never been done before.

    Walt had gathered up all these people who had never designed a theme park, a Disneyland.

    So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything.

    We just worked and Walt just walked around and had suggestions."

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    Related Episodes

    #60 Yvon Chouinard: What We've Learned from Patagonia's First 40 Years

    #60 Yvon Chouinard: What We've Learned from Patagonia's First 40 Years

    What I learned from reading The Responsible Company: What We've Learned From Patagonia's First 40 Years by Yvon Chouinard and Vincent Stanley.

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    When I die and go to hell, the devil is going to make me the marketing director for a cola company. I’ll be in charge of trying to sell a product that no one needs, is identical to its competition, and can’t be sold on its merits. (0:01)

    What Patagonia was meant to be (8:25)

    Everyone wants to feel useful (11:00)

    a short history of companies (14:30)

    the definition of meaningful work (26:00)

    more human, less corporate (40:30)

    Yvon's ancestors and their working conditions (46:00)

    the benefits of long term thinking (49:00)

    build something useful and don't bullshit (57:00)

    Don't do things that have no useful purpose / being bold can lead to new discoveries / we need more small businesses (1:04:00)

    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #274 Jim Clark (Silicon Graphics, Netscape)

    #274 Jim Clark (Silicon Graphics, Netscape)

    What I learned from rereading The New New Thing: A Silicon Valley Story by Michael Lewis

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    [1:23] Maybe somewhere in a footnote, it would be mentioned that he came from nothing, grew up poor, dropped out of high school, and made himself three or four billion dollars.

    [7:41] She explained that the shares in Netscape that Clark had given them had made them rich.

    "And you have to understand," she said, “that when this happened, we were poor. I was ready to cook the cat."

    I assumed this was a joke, and laughed. I assumed wrong.

    [12:48] He was expelled from school and left town.  One time he came home talking about nothing but computers. No one in Plainview had even seen a computer except in the movies.

    [13:21] I remember him telling me when he came back from the Navy, ‘Mama, I’m going to show Plainview.’

    [14:42] In under eight years this person, considered unfit to graduate from high school, had earned himself a Ph.D. in Computer Science.

    [15:05] I grew up in black and white. I thought the whole world was shit, and I was sitting in the middle of it.

    [17:17] If you want to understand the entrepreneur, study the juvenile delinquent. The delinquent is saying with his actions, “This sucks. I’m going to do my own thing. — Yvon Chouinard

    [17:56] The most powerful paragraph in the book: One day I was sitting at home and, I remember having the thought ‘You can did this hole as deep as you want to dig it.’ I remember thinking ‘My God, I’m going to spend the rest of my life in this fucking hole.’ You can reach these points in life when you say, ‘Fuck, I’ve reached some sort of dead-end here. And you descend into chaos. All those years you thought you were achieving something. And you achieved nothing. I was thirty-eight years old. I’d just been fired. My second wife had just left me. I had somehow fucked up. I developed this maniacal passion for wanting to achieve something.

    [19:00] Two part series on Vannevar Bush

    Pieces of the Action by Vannevar Bush. (Founders #270) and Endless Frontier: Vannevar Bush, Engineer of the American Century by G. Pascal Zachary. (Founders #271) 

    [21:38] New Growth Theory argued that wealth came from the human imagination. Wealth wasn’t chiefly having more of old things; it was having entirely new things.

    [22:54] On creating new wealth/companies: A certain tolerance for nonconformism is really critical to the process.

    [24:31] The internet has massively broadened the possible space of careers, and most people haven't figured this out yet. —The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)

    [25:06] A master in the art of living draws no sharp distinction between his work and his play; his labor and his leisure; his mind and his body; his education and his recreation. He hardly knows which is which. He simply pursues his vision of excellence through whatever he is doing, and leaves others to determine whether he is working or playing. To himself, he always appears to be doing both.

    [27:36] George Lucas: A Life by Brian Jay Jones. (Founders #35) and Steven Spielberg: A Biography by Joseph McBride. (Founders #209)

    [33:10] The independence and the control is worth a lot more than the money.

    [33:32] These people could never build the machines of the future, but they could sell the machines of the present.

    [35:02] Clark on how to avoid being disrupted: For a technology company to succeed, he argued, it needed always to be looking to destroy itself. If it didn’t, someone else would. “It’s the hardest thing in business to do,” he would say. “Even creating a lower-cost product runs against the grain, because the low-cost products undercut the high-cost, more profitable products.” Everyone in a successful company, from the CEO on down, has a stake in whatever the company is currently selling. It does not naturally occur to anyone to find a way to undermine that product.

    [40:41] The young were forever eating the old. In this drama technology played a very clear role. It was the murder weapon.

    [40:55] The art of storytelling is critically important. Most of the entrepreneurs who come to us can't tell a story. Learning to tell a story is incredibly important because that's how the money works. The money flows as a function of the stories. —Don Valentine

    [42:53] The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)

    [45:48] What is the role I want to play in my company? I need to make sure to design my environment so I am always playing that role. Make sure you design the job you want. What is the point of being an entreprenuer if you don’t do that?

    [47:45] John Doerr had cleared $500 million in 18 months. 30 times his original investment.

    [49:13] You must find extraordinary people.

    I noticed that the dynamic range between what an average person could accomplish and what the best person could accomplish was 50 or 100 to 1.

    Given that, you're well advised to go after the cream of the cream. That's what we've done.

    A small team of A+ players can run  circles around a giant team of B and C players.

    In the Company of Giants: Candid Conversations With the Visionaries of the Digital World by Rama Dev Jager and Rafael Ortiz. (Founders #208)

    [52:03] Clark liked to say that human beings when they took risks, fell into one of two types, pigs or chickens. “The difference between these two kinds of people is the difference between the pig and the chicken in the ham-and-eggs breakfast. The chicken is interested, the pig is committed. If you are going to do anything worth doing, you need a lot of pigs.”

    [53:14] In our 10 days at sea the value of his holdings had nearly tripled. This is fantasy land he said.

    [53:54] There are vastly more conceivable possibilities than realized outcomes.

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    #299 Steve Jobs (Make Something Wonderful)

    #299 Steve Jobs (Make Something Wonderful)

    What I learned from reading Make Something Wonderful: Steve Jobs in his own words.

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    (3:48) He gave an extraordinary amount of thought to how best to use our fleeting time.

    (4:24) He imagined what reality lacked and set out to remedy it.

    (7:27) Steve Jobs: The Lost Interview Video and My Notes.

    (10:02) Edwin Land episodes:

    Instant: The Story of Polaroid by Christopher Bonanos. (Founders #264)

    Land's Polaroid: A Company and the Man Who Invented It by Peter C. Wensberg (Founders #263)

    A Triumph of Genius: Edwin Land, Polaroid, and the Kodak Patent War by Ronald Fierstein (Founders #134)

    Land's Polaroid: A Company and the Man Who Invented It by Peter C. Wensberg (Founders #133)

    The Instant Image: Edwin Land and the Polaroid Experienceby Mark Olshaker (Founders #132)

    Insisting On The Impossible: The Life of Edwin Land and Instant: The Story of Polaroid(Founders #40)

    (13:23) Think of your life as a rainbow arcing across the horizon of this world. You appear, have a chance to blaze in the sky, then you disappear.

    (14:10) One from Many: VISA and the Rise of Chaordic Organization by Dee Hock. (Founders #260)

    (15:42) Read Jeff Bezos's shareholder letters in book form: Invent and Wander: The Collected Writings of Jeff Bezos or for free online: Amazon Investor Relations(Founders #282)

    (19:45) If you want to understand the entrepreneur, study the juvenile delinquent. — Let My People Go Surfing: The Education of a Reluctant Businessman by Yvon Chouinard. (Founders #297)

    (30:47) How important product is based on how much time you spend with it: People are going to be spending two, three hours a day interacting with these machines—longer than they spend in the car.

    (39:02) Return to the Little Kingdom: Steve Jobs and the Creation of Appleby Michael Moritz. (Founders #76)

    (40:32) The real big thing is: if you’re going to make something, it doesn’t take any more energy—and rarely does it take more money—to make it really great. All it takes is a little more time. And a willingness to do so, a willingness to persevere until it’s really great.

    (45:07) Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration by Ed Catmull 

    (45:31) Steve’s enthusiasm kept him writing check after check to Pixar, ultimately investing some $60 million.

    (47:47) It is better to have fewer people even if it means doing less. Let's build our company slowly and carefully.

    (53:36) I’m not so dominant that I can’t listen to creative ideas coming from other people. Successful people listen. Those who don’t listen, don’t survive long. — Driven From Within by Michael Jordan (Founders #213)

    (54:40) You never achieve what you want without falling on your face a few times in the process of getting there.

    (1:00:11) There wasn’t a hierarchy of ideas that mapped onto the hierarchy of the organization.

    (1:03:33) Don’t be a career. The enemy of most dreams and intuitions, and one of the most dangerous and stifling concepts ever invented by humans, is the “Career.” A career is a concept for how one is supposed to progress through stages during the training for and practicing of your working life. There are some big problems here. First and foremost is the notion that your work is different and separate from the rest of your life. If you are passionate about your life and your work, this can’t be so. They will become more or less one. This is a much better way to live one’s life.

    (1:05:11) Make your avocation your vocation. Make what you love your work.

    (1:05:58) Think of your life as a rainbow arcing across the horizon of this world. You appear, have a chance to blaze in the sky, then you disappear.

    (1:09:27) In the Company of Giants: Candid Conversations With the Visionaries of the Digital World by Rama Dev Jager and Rafael Ortiz. (Founders #208)

    (1:10:52) Much of it is also drive and passion—hard work makes up for a lot.

    (1:13:28) A risk-taking creative environment on the product side required a fiscally conservative environment on the business side.

    (1:13:57) You've got to choose what you put your love into really carefully.

    (1:14:38) A remarkably consistent set of values that Steve held dear: Life is short; don’t waste it. Tell the truth. Technology should enhance human creativity. Process matters. Beauty matters. Details matter. The world we know is a human creation—and we can push it forward.

    (1:19:24) Steve Jobs speaking to Apple employees (Video) 

    (1:29:48) Apple is the world’s premier bridge builder between mere mortals and the exploding world of high technology.

    (1:30:14) Steve’s favorite quote: We are what we repeatedly do. Excellence, then, is not an act, but a habit. – Aristotle

    (1:32:29) The Man Behind the Microchip: Robert Noyce and the Invention of Silicon Valley by Leslie Berlin. (Founders #166)

    (1:42:27) That’s been the most important lesson I’ve learned in business: that the dynamic range of people dramatically exceeds things you encounter in the rest of our normal lives—and to try to find those really great people who really love what they do. 

    (1:43:00) Jony Ive: The Genius Behind Apple's Greatest Productsby Leander Kahney. (Founders #178)

    (1:47:27) It’s a circus world, and you never know what’s around the next corner.

    (1:53:40) Bourdain: The Definitive Oral Biography by Laurie Woolever. (Founders #219)

    (2:01:00) All glory is fleeting.

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    #297 Yvon Chouinard (Patagonia)

    #297 Yvon Chouinard (Patagonia)

    What I learned from rereading Let My People Go Surfing: The Education of a Reluctant Businessman by Yvon Chouinard.

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    [3:45] One of my favorite sayings about entrepreneurship is: If you want to understand the entrepreneur, study the juvenile delinquent. The delinquent is saying with his actions, “This sucks. I’m going to do my own thing.”

    [4:32] The original intent for writing Let My People Go Surfing was for it to be a philosophical manual for the employees of Patagonia. We have always considered Patagonia an experiment in doing business in unconventional ways.

    [7:48] MeatEater Podcast #188 Yvon Chouinard on Belonging to Nature

    [7:55] The first part of our mission statement, “Make the best product,” is the cornerstone of our business philosophy. “Make the best” is a difficult goal. It doesn’t mean “among the best” or the “best at a particular price point.” It means “make the best,” period.

    [9:58] When I die and go to hell, the devil is going to make me the marketing director for a cola company. I’ll be in charge of trying to sell a product that no one needs, is identical to its competition, and can’t be sold on its merits. I’d be competing head-on in the cola wars, on price, distribution, advertising, and promotion, which would indeed be hell for me. I’d much rather design and sell products so good and unique that they have no competition.

    [14:32] We were like a wild species living on the edge of an ecosystem: adaptable, resilient, and tough.

    [14:49] I believe the way towards mastery of any endeavor is to work towards simplicity. The more you know, the less you need.

    [15:49] The Little Prince by Antoine de Saint-Exupéry

    [17:59] Complexity is often a sure sign that the functional needs have not been solved. Take the difference between the Ferrari and the Cadillac of the 1960s. The Ferrari’s clean lines suites its high-performance aims. The Cadillac really didn’t have any functional aims. It didn’t have steering, suspension, aerodynamics, or brakes appropriate to its immense horsepower. All it had to do was convey the idea of power, creature comfort, of a living room floating down the highway to the golf course. So, to a basically ugly shape were added all manner of useless chrome: fins at the back, breasts at the front. Once you lose the discipline of functionality as a design guidepost, the imagination runs amok. Once you design a monster, it tends to look like one too.

    [21:29] Shoe Dog: A Memoir by the Creator of Nike by Phil Knight. (Founders #186)

    [28:02] Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys by Joe Coulombe. (Founders #188)

    [28:55] There are different ways to address a new idea or project. If you take the conservative scientific route, you study the problem in your head or on paper until you are sure there is no chance of failure. However, you have taken so long that the competition has already beaten you to market. The entrepreneurial way is to immediately take a forward step and if that feels good, take another, if not, step back. Learn by doing, it is a faster process.

    [31:33] Can a company that wants to make the best-quality outdoor clothing in the world be the size of Nike? Can a ten-table, three-star French restaurant retain its third star when it adds fifty tables? The question haunted me throughout the 1980s as Patagonia evolved.

    [35:47] I was still wondering why I was really in business.

    [38:17] We had to begin to make all of our decisions as though we would be in business for a hundred years.

    [39:02] Made in Japan: Akio Morita and Sony by Akio Morita. (Founders #102)

    [39:13] Jeff Bezos on what he learned from Akio Morita and how it influenced the building of Amazon:

    "Right after World War II, Akio Morita, the guy who founded Sony, made the mission for Sony that they were going to make Japan known for quality.

    And you have to remember, this was a time when Japan was known for cheap, copycat products. And Morita didn’t say we’re going to make Sony known for quality. He said we’re going to make Japan known for quality. He chose a mission for Sony that was bigger than Sony.

    And when we talk about earth’s most customer-centric company, we have a similar idea in mind. We want other companies to look at Amazon and see us as a standard-bearer for obsessive focus on the customer as opposed to obsessive focus on the competitor."

    [42:13] Keep your company in Yarak: Super alert, hungry but not weak, and ready to hunt.

    [42:45] Against The Odds: An Autobiography by James Dyson (Founders #200)

    [44:02] Jay Z: What am I here for? To be second best? I don’t think so.

    [44:13] The more you know, the less you need.

    [51:33] Teach, inform, and inspire. Do so relentlessly and the sales will follow.

    [53:04] I was taught by some wise people that if you manage the top line of your company-your customers, your products, your strategy-then the bottom line will follow. But if you manage the bottom line of the company and forget about the rest, you’ll eventually hit the wall because you'll take your eyes off the prize. — Steve Jobs

    In the Company of Giants: Candid Conversations With the Visionaries of the Digital World by Rama Dev Jager and Rafael Ortiz. (Founders #208)

    [56:03] Quality, not price, has the highest correlation with business success. Whenever we are faced with a serious business decision, the answer almost always is to increase quality.

    [56:59] Huberman Lab Podcast

    [57:19]  I cannot imagine any company that wants to make the best product of its kind being staffed by people who do not care passionately about the product.

    [57:39] One of my all time favorite quotes:

    A master in the art of living draws no sharp distinction between his work and his play; his labor and his leisure; his mind and his body; his education and his recreation. He hardly knows which is which. He simply pursues his vision of excellence through whatever he is doing, and leaves others to determine whether he is working or playing. To himself, he always appears to be doing both.

    [58:56] You should not see change as a threat, rather as an opportunity to grow and evolve to a higher level.

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    #266 Henry Ford's Autobiography

    #266 Henry Ford's Autobiography

    What I learned from rereading My Life and Work by Henry Ford.

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    [7:45] True education is gained through the discipline of life.

    [8:00] Land's Polaroid: A Company and the Man Who Invented It by Peter C. Wensberg. (Founders #263)

    [9:40] Reading this book is like having a one-sided conversation with one of the greatest entrepreneurs to ever live who just speaks directly to you and tells you, “Hey this is my philosophy on company building.”

    [12:40] His main idea is that business exists for one reason and one reason only —to provide service for other people.

    [12:50] Everything I do is serving my true end — which is to make a product that makes other people's lives better.

    [13:47] A sale is proof of utility.

    [15:00] The sense of accomplishment from overcoming difficulty is satisfying in a way that a life of leisure and ease will never be.

    [16:00] I think Amazon's culture is largely based on one thing. It's not based on 14. It's based on customer obsession. That is what Bezos would die on the hill for.  —Invest Like The Best: Ravi Gupta

    [20:04] Later Bezos recalled speaking at an all-hands meeting called to address the assault by Barnes & Noble. “Look, you should wake up worried, terrified every morning,” he told his employees. “But don’t be worried about our competitors because they`re never going to send us any money anyway. Let’s be worried about our customers and stay heads-down focused.” — The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone (Founders #179)

    [20:40] Henry Fords philosophy: Get rid of waste, increase efficiency through thinking and technology, drop your prices and make more money with less profit per car, watch your costs religiously, when needed bring that business process in house, and always focus on service.

    [21:15] Money comes naturally as the result of service.  —Henry Ford

    [21:56] Churchill by Paul Johnson. (Founders #225)

    [22:10] Churchill tells his son “Your idle and lazy life is very offensive to me. You appear to be leading a perfectly useless existence.”

    [23:45] 3 part series on the founder of General Motors Billy Durant and Alfred Sloan:

    Billy Durant Creator of General Motors: The Story of the Flamboyant Genius Who Helped Lead America into the Automobile Age by Lawrence Gustin. (Founders #120)

    Billy, Alfred, and General Motors: The Story of Two Unique Men, A Legendary Company, and a Remarkable Time in American History by William Pelfrey. (Founders #121)

    My Years with General Motors by Alfred Sloan. (Founders #122)

    [24:16] Henry Ford's ONE idea that was different from every other automobile manufacturer:

    He was determined to concentrate on the low end of the market, where he believed that high volume would drive costs down and at the same time feed even more demand for the product. It was a fundamental difference in philosophy.  — Billy, Alfred, and General Motors: The Story of Two Unique Men, A Legendary Company, and a Remarkable Time in American History by William Pelfrey. (Founders #121)

    [25:50] There must be a better way of doing that. And so through a thousand processes.

    [27:59] The only way to truly understand what you're doing is to do it for a long time and focus on it.

    [28:30] It's unbelievable how much you don't know about the game that you've been playing all your life. — Mickey Mantle

    [32:25] One idea at a time is about as much as anyone can handle.

    [35:45] Picking up horse shit used to be a job.

    [37:30] That is the way with wise people — they are so wise and practical that they always know to a dot just why something cannot be done; they always know the limitations. That is why I never employ an expert in full bloom. If ever I wanted to kill opposition by unfair means I would endow the opposition with experts. They would have so much good advice that I could be sure they would do little work.

    [38:20] I cannot say that it was hard work. No work with interest is ever hard.

    [40:45] None of this works unless you bet on yourself. And usually you are not in the best position when you have to make this decision.

    [49:59] The most beautiful things in the world are those from which all excess weight has been eliminated.

    [50:15] Rick Rubin: In the Studio by Jake Brown. (Founders #245)

    [54:10] I can entirely sympathize with the desire to quit a life of activity and retire to a life of ease. I have never felt the urge myself.

    [55:30] I don't wanna make a low quality cheap product. I wanna make a high quality cheap product. To do that he's literally got to invent the ability to mass produce cars —which did not exist before Henry Ford.

    [56:00] A principle rather than an individual is at work. And that the principle is so simple that it seems mysterious.

    [56:25] He says if we can save 10 steps a day for each of the 12,000 employees that I have, you will save 50 miles of wasted motion and misspent energy every day. The way Ford’s brain works is very similar to the way Rockefeller's brain works. — Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)

    [58:25] What a line! : No one ever considers himself expert if he really knows his job. A man who knows a job sees so much more to be done than he has done, that he is always pressing forward and never gives up an instant of thought to how good and how efficient he is. Thinking always ahead, thinking always of trying to do more, brings a state of mind in which nothing is impossible.

    [59:10] I refuse to recognize that there are impossibilities. I cannot discover that any one knows enough about anything on this earth definitely to say what is and what is not possible.

    [59:30] Not a single operation is ever considered as being done in the best or cheapest way in our company.

    [1:01:05] Continuous improvement makes your business likely to survive economic downturns.

    [1:05:27] “The definition of business is problems." His philosophy came down to a simple fact of business life: success lies not in the elimination of problems but in the art of creative, profitable problem solving. The best companies are those that distinguish themselves by solving problems most effectively. — Setting the Table: The Transforming Power of Hospitality in Business by Danny Meyer. (Founders #20)

    [1:06:38] The best companies are those that distinguish themselves by solving problems most effectively.

    [1:06:53] That is the point that Henry Ford is making. You should thank your stars for the problem that you're having because once you solve it, you will now have better problem solving abilities. And therefore it's likely over time, that your company becomes more successful as a result of you being forced into this very difficult position to actually grow and acquire these new skills, because business is problems.

    [1:08:45] Lucas unapologetically invested in what he believed in the most: himself. —George Lucas: A Life by Brian Jay Jones. (Founders #35)

    [1:12:35] Henry Ford distilled down to five words: maximum service at minimum cost.

    [1:18:52] Every advance begins in a small way and with the individual.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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