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    • Brunel's Impact on British HistoryBrunel's unwavering belief in his ideas and clear vision inspired economic and social change, impacting every person in the country and inspiring future leaders like James Dyson.

      Isambard Kingdom Brunel was an extraordinary figure in British history, whose vision, self-belief, and inner strength transformed the country through technological advancements during the 18th and 19th centuries. Despite being a small group of men, they brought about an economic and social upheaval that affected every single person in the country. Brunel, in particular, was an artist, visionary, and great engineer whose impact went beyond engineering, inspiring future generations like James Dyson with his persistence, doggedness, and perseverance. The biography of Brunel, written by LTC Rolette in 1957, highlights his unwavering belief in his ideas and the importance of having a clear vision and confidence in one's abilities. Brunel's example continues to inspire individuals to overcome self-doubt and obstacles, demonstrating the enduring impact of great leaders on future generations.

    • The Brunels' resilience and determination led to their success storiesDespite setbacks and hardships, the Brunels' positive mindsets and relentless pursuit of goals led to remarkable achievements. Perseverance, a warm heart, and unwavering commitment are essential for personal and professional growth.

      The personality traits of resilience, philosophical attitude towards adversity, and unyielding determination were instrumental in the success stories of both Marc and Isambard Brunel. Despite facing numerous setbacks and hardships, their positive mindsets and relentless pursuit of their goals ultimately led to their remarkable achievements. Marc Brunel, despite his financial struggles and the failure of his tunnel project, remained optimistic and continued to inspire his son, Isambard. Isambard, in turn, embodied the qualities of gaiety and intense internal drive, which enabled him to overcome disappointments and achieve great success in his career. The Brunels' stories serve as a reminder that perseverance, a warm heart, and an unwavering commitment to one's goals are essential ingredients for personal and professional growth.

    • Self-awareness and greatnessSelf-awareness of weaknesses is crucial for growth, even if it leads to foolish actions. Greatness comes from mastering faults through self-knowledge and determination.

      Greatness lies not in freedom from faults, but in the ability to transcend and master them. Self-knowledge is the key to this mastery, and being self-aware of one's weaknesses is crucial for growth. Young Isambard Brunel, a renowned engineer, was acutely self-conscious and aware of his own weaknesses, despite his love of glory and obsession with going down in history. His private journals reveal his self-awareness, which, though it may lead him to do foolish things, sets him apart and contributes to his greatness. Brunel's father, Marc, recognized his son's potential and set him up for an apprenticeship under a master craftsman, inspiring future generations. This combination of self-awareness, determination, and sound judgment helped shape Brunel into the great engineer and adventurer he became.

    • Isambard Brunel's early experiences shaped him into a skilled engineerIsambard Brunel's early responsibilities at age 20 on the Thames tunnel project showcased his exceptional abilities and dedication, demonstrating the potential for young people to achieve remarkable feats

      Isambard Brunel's early experiences working under challenging conditions with his father, Louis, played a crucial role in his rapid development into a skilled and trusted engineer. At the age of 20, Isambard took charge of the Thames tunnel project when his father fell ill and the resident engineer resigned. Despite his young age, Isambard's exceptional abilities and dedication allowed him to lead this large-scale engineering project, which was a wonder of Europe at the time. This experience, which occurred during an era when practical knowledge was highly valued, demonstrates that placing significant responsibilities on young people can lead to remarkable achievements. Isambard's intense work ethic, which involved working for extended periods without rest, was a hallmark of his life and can be seen as a common trait among successful individuals throughout history.

    • The power of resilience and determinationHistorical figures like Bill Gates, James Dyson, Thomas Edison, and Isambard Brunel illustrate the importance of resilience and determination in overcoming adversity. Despite setbacks and personal danger, they refused to give up and continued to focus on their goals.

      Resilience and determination are crucial in overcoming adversity. The stories of young Bill Gates, James Dyson, Thomas Edison, and Isambard Brunel all illustrate this principle. When faced with setbacks or even near-death experiences, these individuals refused to give up and instead chose to persevere. Brunel, despite being seriously ill and nearly drowning in a tunnel accident, remained undaunted and continued directing the diving operations from his mattress. This unusual mindset allowed him to exclude all sense of personal danger or fear and focus on the task at hand. Similarly, Bill Gates' desire to be known as hardcore drove him forward, while Dyson and Edison famously bounced back from failures with renewed determination. So, when faced with challenges, remember the resilience and determination of these historical figures and give it another go.

    • Maintaining a Positive Attitude During AdversityEngineer Isambard Brunel remained optimistic during the Thames Tunnel project's challenges, using motivation from the rushing water and potential loss to fuel future goals, including building ships, a new London Bridge, and tunnels.

      Isambard Brunel, a renowned 19th-century engineer, demonstrated an extraordinary mindset during his experiences working on the Thames Tunnel project. Despite facing near-death situations and the failure of the project, Brunel remained optimistic and focused on his future goals. He used the grandeur of the rushing water and the potential loss of his friends as motivation to dream of building a fleet of ships, a new London Bridge, and tunnels. Despite the setbacks, Brunel refused to be negative and instead found equilibrium in the possibility of mediocre success. His motto, likely developed during this time, became a guiding principle for his life. Brunel's story highlights the importance of maintaining a positive attitude and continuing to pursue goals in the face of adversity.

    • Perseverance in the face of setbacksSuccess often comes after enduring many challenges and setbacks, so it's essential to stay focused and keep pushing forward.

      Perseverance and never giving up, even in the face of repeated disappointments and dead ends, are essential for success. This is evident in the lives of figures like Ernest Shackleton, Stan Lee, and Isambard Brunel. Brunel, in particular, faced many challenges and setbacks before achieving greatness. He continued to experiment and push forward despite the failures, recognizing that each setback was a valuable learning experience. Brunel's quote, "never despair," reflects his unwavering determination to keep going. Similarly, the author in the text faced his own struggles and setbacks on his path to becoming an engineer. He learned to view his time and the value of each moment, recognizing that wasted time was a significant loss. Ultimately, the key takeaway is that success often comes after enduring many challenges and setbacks, and it's essential to stay focused and keep pushing forward.

    • Learn from setbacks and adaptMaintain self-confidence, keep pushing forward, and learn from failures to adapt and succeed

      Resilience and adaptability are key to success. Brunel and James Dyson, despite facing numerous setbacks and moments of despair, never lost faith in themselves and continued to learn from their experiences. They hid their feelings behind a bold front of self-confidence, impressing those they met and contributing significantly to their ultimate success. As Nolan Bushnell advised Steve Jobs, pretending to be completely in control can help others perceive you as such. Brunel treated every experience as a learning opportunity, adding tools to his toolbox and disposing of those that no longer worked. His versatility in engineering projects, from railways to ships, allowed him to build a foundation of success. So, when faced with challenges and failures, keep pushing forward, learn from your mistakes, and maintain a confident exterior.

    • An accident led Isambard Brunel to design the Clifton Suspension BridgeEven seemingly trivial events can have significant consequences. Stay curious and focused on your passions to create meaningful change.

      Life is an unpredictable adventure, and even seemingly trivial events can have significant consequences. This was evident in the life of Isambard Brunel, who, after an accident, found himself in the right place at the right time to design the Clifton Suspension Bridge. Brunel's passion for engineering and creating beautiful structures led him to pour all of his energy into his designs, turning engineering drawings into works of art. His dedication paid off, and the bridge was completed after his death. This story serves as a reminder that we should approach life with excitement and a willingness to learn, as even the most mundane days could lead to significant turning points. It's essential to stay curious and focused on our passions, as the world has the potential to reconfigure itself around us if we put in the effort and energy.

    • Learning from setbacks and perseveringInnovators face setbacks but those who persist and believe in their abilities can turn adversity into opportunity

      Isambard Brunel, like many innovators, learned from the successes and failures of those who came before him. Despite facing setbacks, such as the abandonment of the Clifton Bridge project due to civil unrest, Brunel remained persistent and believed in his abilities. Unknown to him, this period of despair marked the beginning of his most significant opportunity – the creation of the Great Western Railway. Despite the intense workload and long hours, Brunel's extraordinary powers of endurance and unwillingness to accept limitations drove him to push boundaries and make history.

    • Building the Great Western Railway: Brunel's Unyielding DeterminationEngineer Isambard Brunel's unwavering dedication and belief in his project led him to overcome obstacles and build the Great Western Railway, inspiring future generations with his legacy

      Isambard Brunel, a 29-year-old engineer in the early 1800s, was determined to build the Great Western Railway, which would span from England to New York. Despite naysayers doubting its feasibility, Brunel's ambition knew no bounds. He worked tirelessly, barely sleeping and constantly smoking, often waking his colleagues in the middle of the night to discuss plans. His magnetic personality and unwavering belief in his project drove him forward, even when faced with immense challenges. Through his hard work and determination, Brunel transformed his life from obscurity to success, leaving behind a legacy that continues to inspire. This tale serves as a reminder that with unyielding dedication and a strong sense of purpose, one can overcome obstacles and achieve great things.

    • The Power of Visualization and Dedication in Extraordinary AchievementsRelentless dedication and visualization helped Brunel, Arnold Schwarzenegger, Bob Noyce, and Kobe Bryant overcome challenges and leave lasting legacies.

      Relentless dedication and visualization played a significant role in the success of extraordinary figures like Brunel, Arnold Schwarzenegger, Bob Noyce, and Kobe Bryant. Brunel, despite his demanding work and personal sacrifices, remained committed to his goals and saw his projects in their completed form before they even existed. Similarly, Arnold Schwarzenegger and Bob Noyce used visualization to manifest their dreams, and Kobe Bryant saw himself achieving success on the basketball court before he even stepped onto it. These individuals' unwavering determination and ability to see their goals in their minds helped them overcome challenges and leave lasting legacies. History holds no record of engineering adventures on the scale of Brunel's Great Western Railway, and these pioneers' stories serve as reminders that the power of visualization and dedication can lead to extraordinary achievements.

    • The Pursuit of Excellence: Uncompromising Standards and Surrounding Oneself with the BestSuccess requires unyielding standards and surrounding oneself with excellence, even if it means cutting mediocre individuals from your team. This relentless pursuit of excellence, often hidden from customers, leads to remarkable outcomes.

      Having high standards and surrounding oneself with excellence, as demonstrated by figures like Brunel and Ogilvy, is crucial for success. Mediocrity and lackadaisical attitudes cannot be tolerated, even if individuals are otherwise likable. This relentless pursuit of excellence, often hidden from customers, leads to remarkable outcomes. Buffett echoes this sentiment, emphasizing the importance of cutting mediocre people from management roles. Brunel's approach, as seen in his correspondence with underperforming employees, was uncompromising. This mindset, when applied to various industries, can lead to significant advancements and improvements, as seen in the evolution of the railway industry.

    • Thinking and acting from first principles leads to groundbreaking innovationsBernoulli and Brunel's determination to question the status quo and blaze new trails paved the way for progress, inspiring the concept of thinking differently to secure monopolistic profits and overcome challenges.

      Both Bernoulli and Brunel rejected precedents and chose to think and act from first principles, leading to groundbreaking innovations. This mindset, which is now a common concept, allowed them to confidently design what they believed to be the perfect railway and other significant projects, despite criticism and challenges. Dyson later emphasized the importance of being different for the sake of it, even if there's a better way, to secure monopolistic profits. Brunel's diaries reveal his agony and terror in undertaking large-scale projects, which were unlike anything done before. Despite the difficulties, he had no regrets and saw his career as a tremendous adventure. In essence, these pioneers' determination to question the status quo and blaze new trails paved the way for progress.

    • Bringing ambitious projects to life through bold decisions and personal responsibilityGreat leaders like Isambard Brunel and Steve Jobs have brought ambitious projects to life by making bold decisions and taking personal responsibility, despite facing challenges and opposition.

      The ability to make bold, unequivocal decisions and take personal responsibility are crucial for bringing ambitious projects to life. This was evident in the life of Isambard Brunel, who against all odds, completed the construction of a railway tunnel using only the strength of men and horses, and an immense amount of gunpowder and candles. His determination and vision, despite facing numerous challenges and opposition from bureaucracy, ultimately led to the successful completion of the project. Similarly, great entrepreneurs and leaders throughout history, such as Steve Jobs, have faced resistance to their unequivocal decisions but have ultimately driven progress and innovation. The importance of individual initiative and decision-making cannot be overstated in the face of seemingly impossible projects.

    • Leading with vision and controlVisionary leaders like Steve Jobs and Isambard Brunel took full responsibility and had complete control over their projects, making bold decisions and leading to groundbreaking innovations despite challenges

      Both Steve Jobs and Isambard Brunel were visionary leaders who believed in taking full responsibility and having complete control over their projects. They were unwilling to share decision-making power and were known for their unequivocal decisions. Brunel even went as far as threatening to resign if he didn't have complete authority. Their bold and unyielding approach to their work led to groundbreaking innovations, despite the challenges they faced. As Jobs famously said, "It doesn't make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do." Similarly, Brunel's unwavering commitment to his projects, even in the face of adversity, resulted in the creation of unprecedented structures and technologies. Their stories serve as reminders that taking bold risks and having full control over one's work can lead to extraordinary achievements.

    • Isambard Brunel's unwavering dedication to his projectIsambard Brunel's relentless focus on completing his ambitious project, despite challenges, inspired Dyson's own determination and work ethic.

      Isambard Brunel, despite facing numerous challenges and setbacks, remained relentlessly dedicated to completing his ambitious project, inspiring Dyson with his unwavering determination. Brunel's philosophy of sticking to one point of attack, no matter the resistance, resonated deeply with Dyson, who saw in Brunel a personal god and a reflection of his own aspirations. This unyielding focus led Brunel to work himself to death, ultimately succumbing to a stroke on board his completed ship, two days after the launch. This story of Brunel's unwavering commitment to his vision not only showcases his incredible perseverance but also deepens our understanding of Dyson's character and motivations.

    • Brunel's Last Hours: Determination Amid DisasterIsambard Brunel's unwavering commitment to his work led to groundbreaking innovations, despite the financial strain and personal hardships he faced, including the tragic explosion and sinking of his greatest creation, the SS Great Eastern.

      Isambard Brunel, a renowned English engineer, demonstrated immense determination and confidence in his work until the very end, even as his greatest creation, the SS Great Eastern, met with disaster. Despite being paralyzed and unable to move, Brunel eagerly awaited news of the ship's success, believing it would atone for any misfortunes. Tragically, he learned that an explosion had occurred, causing deaths and damage to the ship. The news proved to be the final straw for Brunel, who died shortly thereafter. His friend Daniel, in a private diary entry, poignantly noted Brunel's loss as a significant one for England and its engineering world. Brunel, known for his originality and bold plans, was often seen as extravagant by the commercial world. However, as Daniel pointed out, great things are not achieved by those who constantly calculate the cost of every thought and action. This story serves as a reminder of Brunel's unwavering commitment to his work and the impact of his legacy.

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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.

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    "Learning from history is a form of leverage." — Charlie Munger. 

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    You can also ask SAGE (the Founders Notes AI assistant) 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: 

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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.

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    (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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    (34:00) Example is the best means to instruct or inspire others.

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    (51:00) There is always something wrong everywhere.

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

    Get access to Founders Notes here

    You can also ask SAGE (the Founders Notes AI assistant) 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?

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    (2:00) Vice President Nelson Rockefeller did me the honor of saying that my entrepreneurial success in the oil business put me on a par with his grandfather, John D. Rockefeller Sr. My comment was that comparing me to John D. Sr. was like comparing a sparrow to an eagle. My words were not inspired by modesty, but by facts.

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

    (20:00) Entrepreneurs are people whose mind and energies are constantly being used at peak capacity.

    (28:00) Advice for fellow entrepreneurs: Don’t be like William Randolph Hearst. Reinvest in your business. Keep a fortress of cash. Use debt sparingly.

    (30:00) The great entrepreneurs I know have these traits:

    -Devoted their minds and energy to building productive enterprises (over the long term)

    -They concentrated on expanding

    -They concentrated on making their companies more efficient 

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

    -Always personally involved in their business

    -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.

    (38:00) A hatred of failure has always been part of my nature and one of the more pronounced motivating forces in my life.  Once I have committed myself to any undertaking, a powerful inner drive cuts in and I become intent on seeing it through to a satisfactory conclusion.

    (38:00) My own nature is such that I am able to concentrate on whatever is before me and am not easily distracted from it.

    (42:00) There are times when certain cards sit unclaimed in the common pile, when certain properties become available that will never be available again. A good businessman feels these moments like a fall in the barometric pressure. A great businessman is dumb enough to act on them even when he cannot afford to. — The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

    (47:00) [On transforming his company for the Saudi Arabia deal] The list of things to be done was awesome, but those things were done.

    (53:00) Churchill to his son: Your idle and lazy life is very offensive to me. You appear to be leading a perfectly useless existence.

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

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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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    #351 The Founder of Rolex: Hans Wilsdorf

    #351 The Founder of Rolex: Hans Wilsdorf

    What I learned from reading about Hans Wilsdorf and the founding of Rolex.

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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.

    (16:00) Clearly, the companies for whom the economics of twenty-four-hour news would have made the most sense were the Big Three broadcasters. They already had most of what was needed— studios, bureaus, reporters, anchors almost everything but a belief in cable.   —  Ted Turner's Autobiography (Founders #327)

    (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.

    (28:00) It's tempting during recession to cut back on consumer advertising. At the start of each of the last three recessions, the growth of spending on such advertising had slowed by an average of 27 percent. But consumer studies of those recessions had showed that companies that didn't cut their ads had, in the recovery, captured the most market share. So we didn't cut our ad budget. In fact, we raised it to gain brand recognition, which continued advertising sustains. — Four Seasons: The Story of a Business Philosophy by Isadore Sharp. (Founders #184)

    (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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    #350 How To Sell Like Steve Jobs

    #350 How To Sell Like Steve Jobs

    What I learned from reading The Presentation Secrets of Steve Jobs: How to Be Insanely Great in Front of Any Audience by Carmine Gallo 

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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:

    Albert Lasker (Founders #206)

    Claude Hopkins (Founders #170 and #207)

    David Ogilvy (Founders #82, 89, 169, 189, 306, 343) 

    (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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    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) 

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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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    Related Episodes

    #194 Ernest Hemingway (Writer, Sailor, Soldier, Spy)

    #194 Ernest Hemingway (Writer, Sailor, Soldier, Spy)

    What I learned from reading Writer, Sailor, Soldier, Spy: Ernest Hemingway's Secret Adventures, 1935-1961 by Nicholas Reynolds. 

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    #254 John D. Rockefeller: The Founding Father of the Rockefellers

    #254 John D. Rockefeller: The Founding Father of the Rockefellers

    What I learned from reading John D: The Founding Father of the Rockefellers by David Freeman Hawke.

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    [0:07] He transmitted messages in code and secrecy covered all of his operations.

    [0:39]  Rockefeller compared himself to Napoleon.

    [2:20] He could think quicker and along more individual and original lines than any of them.

    [2:35] It is always hard to successfully control what you don't understand.

    [3:32] Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)

    [7:27] By the time I was a man — long before it —I had learned the underlying principles of business and the rules of business as well as many men acquire them by the time they are 40. I needed no one to advise me about the nature of transactions with which I had been carrying on since childhood.

    [8:59] Random Reminiscences of Men and Events by John D. Rockefeller. (Founders #148)

    [10:55] You should try to expose yourself to experiences that are slightly ahead of your skillset or understanding and you should do so constantly.

    [13:48] A veteran of long-distance provider MCI, Price came to Amazon in 1999. He blundered early by suggesting in a meeting that Amazon executives who traveled frequently should be permitted to fly business-class. Bezos often said he wanted his colleagues to speak their minds, but at times it seemed he did not appreciate being personally challenged. “You would have thought I was trying to stop the Earth from tilting on its axis,” Price says, recalling that moment with horror years later. “Jeff slammed his hand on the table and said, ‘That is not how an owner thinks! That’s the dumbest idea I’ve ever heard.’ — The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone (Founders #179)

    [18:42] He saw that posted rates, supposedly fixed, could also be negotiated. All was not as it seemed on the outside.

    [20:45] He was the greatest borrower I ever saw.

    [22:12] What if the president of a bank refused to make me a loan? That was nothing. That made no difference to me; simply meant that I must look elsewhere until I got what I wanted.

    [26:07] Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson (Founders #140)

    [26:41] Lost from view is the Rockefeller that Cleveland knew in the 1860s— a vigorous, alert gentleman with a quiet, but extraordinary personality.

    [29:10] Small egos do not build giant companies.

    [30:23] When Money Was In Fashion: Henry Goldman, Goldman Sachs, and the Founding of Wall Street by June Breton Fisher. (Founders #255)

    [33:10] The customer-experience path we've chosen requires us to have an efficient cost structure. The good news for shareowners is that we see much opportunity for improvement in that regard. Everywhere we look we find what experienced Japanese manufacturers would call muda, or waste.* I find this incredibly energizing. I see it as potential-years and years of variable and fixed productivity gains and more efficient, higher velocity, more flexible capital expenditures. — Invent and Wander: The Collected Writings of Jeff Bezos (Founders #155)

    [34:54] Other refiners groused about these restrictions, but in general they accepted them as facts to live with. Rockefeller refused to do so.

    [38:55] Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford. (Founders #247)

    [40:15] You don’t want turnover on your core product team. Knowledge compounds. Don’t interrupt the compounding. — Softwar: An Intimate Portrait of Larry Ellison and Oracle by Matthew Symonds (Founders #124)

    [47:47] 1. You raise money so you can increase production. 2. Use your increased production to get better rates on transportation than other refiners. 3. Use your increased profits —because you have better transportation —to buy your competitors. 4. You continue to find secret sources of income.

    [55:23] Most simply doubted that Rockefeller's plan would work. John, it cannot be done, they said.

    [56:13] It was ruthless efficiency and hyper competence.

    [1:00:07] Rockefeller loves secret allies.

    [1:00:31] The secret ownership of other companies was so well preserved that often a refiner enraged by Standard’s ruthless tactics would refuse its offer to buy him out and sell instead to a local competitor—unaware that he had in fact sold out to Standard.

    [1:02:01] He believed that Standard Oil stock is the most valuable thing in the world to own and always bought more of it.

    [1:05:57] Check out how Rockefeller turns an expense into a profit center: Standard purchased a half interest in Chess, Carley & Company, the largest distributor of refined oil to the South and Southwest. Together they purchased a number of the newly introduced bulk tank cars. Chess-Carley shipped turpentine from southern pine forests to Cleveland, where the cars were emptied and the turpentine was sold in the local market. The tank cars were then filled with kerosene and sent back to Louisville for distribution. In a single swoop the huge expense of shipment by barrels had been eliminated.

    [1:09:22] He proceeded in the same steady, methodical way that a farmer plowed a field.

    [1:13:47] The danger Potts and the Pennsylvania railroad posed to his creation convinced Rockefeller that the time had come to pick a fight with the world's largest industrial corporation.

    [1:23:20] Rockefeller would have horse-drawn carriages drive up and down the streets and sell oil directly.

    [1:28:28] I think it is fair to say that the strong men who were competitors in the oil refining business, the aggressive men in the best financial condition, and the most intelligent, indeed the class of men who would be most likely to survive in the competitive struggle, were the men who were most likely to take up our idea of cooperation.

    [1:33:09] Dark Genius of Wall Street: The Misunderstood Life of Jay Gould, King of the Robber Barons by Edward J. Renehan Jr.

    [1:35:38] Jay Gould was the single most unsettling force ever to appear on the American industrial scene.

    [1:36:22] Among wheelers and dealers of his day Gould had no peer.

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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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    #249 Steve Jobs In His Own Words

    #249 Steve Jobs In His Own Words

    What I learned from reading I, Steve: Steve Jobs In His Own Words by George Beahm.

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    [1:05]

    On Steve Jobs

    #5 Steve Jobs: The Biography
    #19 Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader
    #76 Return To The Little Kingdom: Steve Jobs and The Creation of Apple
    #77 Steve Jobs & The NeXT Big Thing
    #204 Inside Steve Jobs' Brain
    #214 Steve Jobs: The Exclusive Biography
    #235 To Pixar And Beyond: My Unlikely Journey with Steve Jobs to Make Entertainment History

    Bonus Episodes on Steve Jobs

    Insanely Simple: The Obsession That Drives Apple's Success (Between #112 and #113)
    Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs (Between #110 and #111)

    On Jony Ive and Steve Jobs

    #178 Jony Ive: The Genius Behind Apple's Greatest Products

    On Ed Catmull and Steve Jobs

    #34 Creativity Inc: Overcoming The Unseen Forces That Stand In The Way of True Inspiration

    On Steve Jobs and several other technology company founders

    #157 The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution

    #208 In the Company of Giants: Candid Conversations With the Visionaries of the Digital World

    [3:13] We're not going to be the first to this party, but we're going to be the best.

    [4:54] Company Focus: We do no market research. We don't hire consultants. We just want to make great products.

    [5:06] The roots of Apple were to build computers for people, not for corporations. The world doesn't need another Dell or Compaq.

    [5:52] Nearly all the founders I’ve read about have a handful of ideas/principles that are important to them and they just repeat and pound away at them forever.

    [7:00] You can oftentimes arrive at some very elegant and simple solutions. Most people just don't put in the time or energy to get there.

    [8:09] I think of Founders as a tool for working professionals. And what that tool does is it gets ideas from the history of entrepreneurship into your brain so then you can use them in your work. It just so happens that a podcast is a great way to achieve that goal.

    [8:48] Tim Ferriss Podcast #596 with Ed Thorp

    [8:50] A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders 222)

    [10:43] In most people's vocabularies, design means veneer. It's interior decorating. It's the fabric of the curtains and the sofa. But to me, nothing could be further from the meaning of design. Design is the fundamental soul of a man-made creation that ends up expressing itself in successive outer layers of the product or service.

    [12:05] The Essential Difference: The Lisa people wanted to do something great. And the Mac people want to do something insanely great. The difference shows.

    [14:21] Sure, what we do has to make commercial sense, but it's never the starting point. We start with the product and the user experience.

    [15:57] Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader by Brent Schlender and Rick Tetzeli. (Founders #19)

    [16:41] We had a passion to do this one simple thing.

    [16:51] And that's really important because he's saying I wasn't trying to build the biggest company. I wasn't trying to build a trillion dollar company. It wasn't doing any of that. Those things happen later as a by-product of what I was actually focused on, which is just building the best computer that I wanted to use.

    [17:14] In the Company of Giants: Candid Conversations With the Visionaries of the Digital World by Rama Dev Jager and Rafael Ortiz.  (Founders #208 )

    [17:41] It comes down to trying to expose yourself to the best things that humans have done and then try to bring those things in to what you're doing. Picasso had a saying: good artists copy, great artists steal. And we have always been shameless about stealing great ideas.

    [20:29] Our belief was that if we kept putting great products in front of customers, they would continue to open their wallets.

    [21:06]  A Mind at Play: How Claude Shannon Invented the Information Age by Jimmy Soni and Rob Goodman (Founders #95) “A very small percentage of the population produces the greatest proportion of the important ideas. There are some people if you shoot one idea into the brain, you will get half an idea out. There are other people who are beyond this point at which they produce two ideas for each idea sent in.”

    [22:29] Edwin land episodes:

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

    The Instant Image: Edwin Land and The Polaroid Experience by Mark Olshaker. (Founders #132)

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

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

    [25:01] Macintosh was basically this relatively small company in Cupertino, California, taking on the goliath, IBM, and saying "Wait a minute, your way is wrong. This is not the way we want computers to go. This is not the legacy we want to leave. This is not what we want our kids to be learning. This is wrong and we are going to show you the right way to do it and here it is and it is so much better.

    [27:47] Jony Ive: The Genius Behind Apple's Greatest Productsby Leander Kahney. (
    (Founders #178)

    [29:00] Enzo Ferrari: Power, Politics, and the Making of an Automobile Empire by Luca Dal Monte (Founders #98)

    [34:39] On meeting his wife, Laurene: I was in the parking lot, with the key in the car, and I thought to myself: If this is my last night on earth, would I rather spend it at a business meeting or with this woman? I ran across the parking lot, asked her if she'd have dinner with me. She said yes, we walked into town, and we've been together ever since.

    [37:26] It's not about pop culture, and it's not about fooling people, and it's not about convincing people that they want something they don't. We figure out what we want. And I think we're pretty good at having the right discipline to think through whether a lot of other people are going to want it, too. That's what we get paid to do.

    [41:29] Constellation Software Inc. President's Letters by Mark Leonard. (Founders #246)

    [42:30] Made in Japan: Akio Morita and Sony by Akio Morita. (Founders #102)

    [44:36] Victory in our industry is spelled survival.

    [45:21] Once you get into the problem you see that it's complicated, and you come up with all these convoluted solutions. That's where most people stop, and the solutions tend to work for a while. But the really great person will keep going, find the underlying problem, and come up with an elegant solution that works on every level.

    [48:15] Churchill by Paul Johnson (Founders #225)

    [48:25] I would trade all my technology for an afternoon with Socrates.

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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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    #132 Edwin Land (Steve Jobs's Hero)

    #132 Edwin Land (Steve Jobs's Hero)

    What I learned from reading The Instant Image: Edwin Land and the Polaroid Experience by Mark Olshaker. 

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    [1:42] The word “problem” had completely departed from Edwin land's vocabulary to be replaced by the word “opportunity”. 

    [2:01] What was it about this man and his company that allowed such confidence and seeming lack of concern with the traditional top priorities of American business? 

    [2:38] There is something unique about Polaroid having to do both with the human dimension of the company, and with a unity of vision of its founder and guiding genius.  

    [3:36] Perhaps the single most important aspect of Land's character is his ability to regard things around him in a new and totally different way.  

    [4:14] Right from the beginning of his career Land had paid scant attention to what experts had to say, trusting his own instincts instead.  

    [4:49] Land has always believed that for any item sufficiently ingenious and intriguing, a new market could be created. Conventional wisdom has little capacity with which to evaluate a market that did not exist prior to the product that defines it. 

    [5:21] He feels that creativity is an individual thing. Not generally applicable to group generation. 

    [5:52] Land is a man deeply caught up in the creative potential of the individual. 

    [6:33] An institution is the lengthened shadow of one man. 

    [7:43] Apple founder Steve Jobs once hailed Edwin Land, the founder of Polaroid and the father of instant photography, as "a national treasure" and once confessed to a reporter that meeting Land was "like visiting a shrine." By his own admission, Jobs modeled much of his own career after Land’s. Both Jobs and Land stand out today as unique and towering figures in the history of technology. Neither had a college degree, but both built highly successful and innovative organizations. Jobs and Land were both perfectionists with an almost fanatic attentiveness to detail, in addition to being consummate showmen and instinctive marketers. In many ways, Edwin Land was the original Steve Jobs.  

    [8:36] There's a rule that they don't teach you at the Harvard business school. It is, if anything is worth doing it's worth doing to excess

    [11:22] Steve Jobs: I always thought of myself as a humanities person as a kid, but I liked electronics. Then I read something that one of my heroes, Edwin Land of Polaroid, said about the importance of people who could stand at the intersection of humanities and sciences. And I decided that's what I wanted to do.  

    [12:51] In a world full of cooks, Edwin Land was a chef. [Link to The Cook and The Chef: Elon Musk’s Secret Sauce]  

    [19:34] Land was asked what he wanted to be when he was younger: I had two goals. To be the world's greatest scientist and to be the world's greatest novelist. 

    [21:28] Everyone acknowledged that the future of Polaroid corporation would be determined by what went on in the brain of Edwin Land. 

    [22:01] My motto is very personal and may not fit anyone else or any other company. It is: Don't do anything that someone else can do.  

    [22:54] Fortunately our company has been one which has been dedicated throughout its life to making only things which others can not make.  

    [25:06] Land had far more faith in his own potential, and that of the company he inspired, than did any of the experts looking in from the outside.  

    [27:30] Polaroid failed to build a successful company by selling to other businesses: Each [product] would have involved millions of dollars in revenue for the company, but each invention involved a certain degree of transformation of an existing industry controlled by an existing power structure. From this Land realizes he needs to control the relationship with the customer. He realizes he needs to sell directly to the end user

    [36:16] Edwin Land is inspired by, and learned from, people that came before him. One example of this is Alexander Graham Bell. Edwin Land is not worried about the marketing [of a new product] because Bell went through the same thing: Land apparently lost little sleep over the initial situation, calling to mind that the same sort of reaction had greeted the public introduction of Bell's telephone, 70 years earlier. The telephone had been a dominant symbol in Land's thinking. He began making numerous connections between his camera and the telephone.  

    [40:16] Over the years, I have learned that every significant invention has several characteristics. By definition it must be startling, unexpected, and must come into a world that is not prepared for it. If the world were prepared for it, it would not be much of an invention.  

    [40:46] It is the public's role to resist [a new invention, a new product/service]. 

    [41:29] It took us a lifetime to understand that if we're to make a new commodity —a commodity of beauty —then we must be prepared for the extensive teaching program needed to prepare society for the magnitude of our invention

    [45:12] Only the individual— and not the large group— can see a part of the world in a totally new and different way.  

    [48:08] Land's view is that a company should be scientifically daring and financially conservative. 

    [50:30] To understand more about every aspect of light, Edwin Land read every single book on light that was available in the New York City Public Library. That reminded me of one of my favorite lectures ever: Running Down A Dream: How to Succeed and Thrive in a Career You Love

    [51:59] Land on the problem with formal education: Young people for the most part —unless they are geniuses— after a very short time in college, give up any hope of being individually great. 

    [54:16] Among all the components and Land's intellectual arsenal, the chief one seems to be simple concentration.  

    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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    #98 Enzo Ferrari (the making of an automobile empire)

    #98 Enzo Ferrari (the making of an automobile empire)

    What I learned from reading Enzo Ferrari: Power, Politics, and the Making of an Automobile Empire by Luca Dal Monte.

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    [0:01] Ferrari was animated by an extraordinary passion that led him to build a product with no equal

    [3:52] Lee Iacocca on why Enzo Ferrari will go as the greatest car manufacturer in history: "Ferrari spent every dollar chasing perfection." 

    [8:50] Business lessons from his father  

    [11:47] Enzo Ferrari was not interested in school. He wanted to start working immediately. 

    [16:36] The deaths of his father and brother 

    [18:20] No job. No money. No connections. A young man desperate to succeed in life. 

    [23:06] He learned something that he would never forget for the rest of his life: Not even the best driver had any chance of victory if he was not at the wheel of the best car

    [24:20] Starting his first business which ends in bankruptcy.

    [28:31] Enzo learned from those who already accomplished what he was trying to do. 

    [31:10] He does the best possible job at whatever task he is given. Even if he doesn't want to do it. Enzo focuses on being useful. 

    [33:35] A young Enzo Ferrari is plagued with doubts and close to a nervous breakdown. 

    [38:28] The large leave gaps for the small: The start of Scuderia Ferrari. 

    [49:38] Enzo Ferrari at 33 years old. 

    [51:30] For Enzo Ferrari it was always day 1.

    [52:33] Alfa Romeo pulls the plug/the end of Scuderia Ferrari, the birth of Ferrari.

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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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