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    • Focusing on perfection in one specific thing leads to excellenceVince Lombardi's Green Bay Packers and Apple during Steve Jobs' tenure illustrate the power of a clear vision and relentless pursuit of perfection in achieving excellence.

      Having a clear, well-articulated vision and focusing on perfecting one specific thing are key to achieving excellence. Vince Lombardi, the legendary football coach, instilled this mindset in the Green Bay Packers, leading them from a losing team to champions through relentless pursuit of perfection in their power sweep play. Similarly, at Apple during the golden age of Steve Jobs, a focus on intentionality and excellence drove the development of groundbreaking products. Effective communication of a vision and the determination to execute it are essential in any complex endeavor.

    • Steve Jobs' hands-on approach to product developmentSteve Jobs' intensity and clarity of thought drove Apple's success through hands-on product demos, unpredictable yet consistent passion, and unwavering vision for excellence.

      Steve Jobs' intensity and clarity of thought were instrumental in Apple's success. He didn't rely on company handbooks or lengthy meetings but instead preferred a hands-on approach, focusing on physical demos to evaluate and improve products. His unwavering vision and demand for excellence made him the Oracle of Delphi for Apple employees, whose demos were their questions, and his responses were the answers. Steve's clarity of thought was unparalleled, making it easy to understand his expectations and requests. Even though his opinions and moods could be unpredictable, his passion for creating great products was always consistent. Through demos, feedback, and revisions, Steve could foretell the future of Apple's products and ensure they met his high standards. This approach to product development, driven by Steve's intensity and clarity of thought, was the key to Apple's success.

    • Steve Jobs' intense focus during demos showcased his decisivenessSteve Jobs' scrutiny during demos was crucial for Apple's product development, as his attention and approval meant valuable insights and future collaboration opportunities.

      Steve Jobs' decisiveness was a pivotal part of Apple's product development process. During a demo presentation, Jobs' intense focus and unblinking gaze conveyed his determination to evaluate every detail carefully before making a decision. This moment, described as the "demo" in the text, was not mentioned in the index but rather labeled as an example of Jobs' decisiveness. Jobs' scrutiny and expectation for valuable insights from presenters were essential for earning his attention and securing future invitations to discuss products with him. The price of being in the room with Jobs was the ability to make substantive contributions to the product development process. This anecdote underscores the significance of Jobs' leadership and the unique approach Apple took in relying on the founder's taste and judgment to create groundbreaking products.

    • Steve Jobs' emphasis on demos and customer experience led to Apple's great softwareSteve Jobs prioritized simplicity, essentiality, and customer focus in software development, resulting in intuitive and user-friendly products that differentiated Apple from competitors.

      Apple's success in creating great software came from Steve Jobs' emphasis on demos and prioritizing the customer experience. Jobs believed in making software simple and essential, and he demanded action from his team. He attended demo reviews to provide feedback and keep progress moving. By putting himself in the customer's shoes, Jobs helped the team make better product decisions and focus on what was truly important. His actions expressed his priorities, and his involvement kept the team focused on creating intuitive and user-friendly software. This approach helped Apple differentiate itself from competitors and create products that resonated with customers.

    • Steve Jobs' focus on clear software and product evolutionSteve Jobs prioritized clear, intuitive software and continuous improvement through extensive rehearsals and demonstrations to create groundbreaking technologies

      Steve Jobs believed in creating clear, intuitive software and prioritizing speed to provide a great customer experience. He famously worked on the Safari browser, focusing on its speed to surpass competitors. Jobs' approach to product development was to rehearse extensively for product announcements and continuously strive for the next great achievement, whether following a success or a failure. Demonstrations played a crucial role in pushing the evolution of Apple's products, as they were expected to show progress in every major feature. By focusing on these principles, Jobs led Apple to create groundbreaking technologies like the iPhone.

    • The power of demos in bringing ideas to lifeDemos help transform intangible ideas into tangible successes by providing collaborative feedback and improving creative decision-making.

      Concrete and specific demos are essential for bringing ideas to life and driving creative decision-making. At Apple, the team relied heavily on demos to guide their work, using direct feedback to refine and improve their ideas. The psychological hurdle of creating demos can be daunting, but the benefits of collaborative feedback and the potential for transforming intangible ideas into tangible successes make it worth the effort. Great products, like the iPhone, make people happy almost all the time and rarely frustrate, and every interaction a customer has with a company can impact their opinion. Steve Jobs believed that every interaction was part of the Apple experience and worked to ensure that each one was excellent to build and maintain customer respect.

    • Design is more than just looks, it's about functionalityDesign values function and user-friendliness as much as aesthetics, and a strong design sense can be developed through study and experience.

      Design goes beyond aesthetics; it's about how a product functions. Steve Jobs famously said, "Design is how it works." While visual appeal is important, the true value of design lies in its ability to make a product intuitive and user-friendly. Ken Meredith, the speaker in this text, emphasizes this idea and criticizes the "anti-Steve Jobs model," which prioritizes data over taste and function over form. He argues that having good taste, which is essential for creating great products, is difficult to define and can be developed through studying past work and gaining practical experience. Douglas Bowman, a former designer at Google, provides an example of this flawed approach, describing a product development path at Google that he found unsatisfying. In contrast, Apple's approach, which emphasizes both function and aesthetics, has produced iconic products like the iPhone. Ultimately, design requires a deep understanding of user needs and a strong point of view, which can't be derived solely from data.

    • Design leadership and personal tasteEffective design decisions require a strong leader with design knowledge and personal taste to balance data and subjectivity, avoiding data overload and product development traps.

      A strong design leader with a deep understanding of principles and elements of design is crucial for making effective decisions and avoiding data overload. The absence of such a leader can lead a company to rely solely on data, losing touch with subjectivity and taste. Apple, under Steve Jobs, was an example of a company that trusted his personal taste and instincts, making quick and decisive design choices. Conversely, Google factored out taste from its design process, leading to excessive testing and data analysis. Focusing on what not to do and consistently applying this approach helped Apple avoid common product development traps and yield successful results.

    • Steve Jobs' hands-on leadership style and intersection of technology and liberal artsSteve Jobs' leadership style involved deep involvement in every decision, emphasizing the intersection of technology and liberal arts for innovative products

      Steve Jobs' leadership style was the opposite of a "seagull manager." He was deeply involved in every decision, no matter how small, and this hands-on approach prevented creative blocks and allowed Apple to create innovative products. The intersection of technology and liberal arts was a fundamental idea at Apple, and Jobs emphasized this notion both within the company and in public forums. He believed that combining advanced technology with ease of use and intuitiveness was key to creating great products. Jobs learned this idea from Edwin Land, and it became a core part of Apple's philosophy. By focusing on this intersection, Apple was able to produce products like the iPad that were both technologically advanced and user-friendly.

    • Stay focused on creating great productsSeek industry feedback, collaborate with experts, and optimize learning with effective tools and resources to create exceptional products.

      That great products come to the user, rather than the other way around. This idea was emphasized throughout the text, with Steve Jobs being a prime example of a visionary leader who focused on creating exceptional products. The impact of Steve Jobs' single-minded dedication to innovation and excellence continues to inspire and motivate entrepreneurs and product builders to this day. Another significant point from the text is the importance of seeking feedback and collaboration from industry leaders, even if they are no longer actively involved in the project. In the story, Ken's suggestion to have another demo with Steve Jobs to discuss multitasking gestures led to valuable insights and ultimately contributed to the success of the product. Additionally, the text highlights the importance of using tools and resources to optimize the learning and productivity process. The author recommends the book "Innovation and Entrepreneurship" by Peter Drucker and the app Readwise to help users get the most out of their reading experience. Overall, the text emphasizes the importance of staying focused on creating great products, seeking feedback from industry experts, and utilizing effective tools and resources to enhance the learning and productivity process.

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

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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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    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.

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    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: 

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    If you want me to speak at your company go 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

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    (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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    If you want me to speak at your company go here

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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 

    ----

    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) 

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

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    (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.
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    —  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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    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) 

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

    Get access to Founders Notes here

    ----

    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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    Relationships run the world: Build relationships at Founders events

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

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

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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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    #346 How Walt Disney Built Himself

    #346 How Walt Disney Built Himself

    What I learned from rereading Walt Disney: The Triumph of the American Imagination by Neal Gabler. 

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    (2:00) Disney’s key traits were raw ingenuity combined with sadistic determination.

    (3:00) I had spent a lifetime with a frustrated, and often unemployed man, who hated anybody who was successful. 

    Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)

    (6:00) Disney put excelence before any other consideration.

    (11:00) Maybe the most important thing anyone ever said to him: You’re crazy to be a professor she told Ted. What you really want to do is draw. Ted’s notebooks were always filled with these fabulous animals. So I set to work diverting him. Here was a man who could draw such pictures. He should earn a living doing that. 

    Becoming Dr. Seuss: Theodor Geisel and the Making of an American Imagination by Brian Jay Jones. (Founders #161)

    (14:00) A quote about Edwin Land that would apply to Walt Disney too:

    Land had learned early on that total engrossment was the best way for him to work. He strongly believed that this kind of concentrated focus could also produce extraordinary results for others. Late in his career, Land recalled that his “whole life has been spent trying to teach people that intense concentration for hour after hour can bring out in people resources they didn’t know they had.”  A Triumph of Genius: Edwin Land, Polaroid, and the Kodak Patent War by Ronald Fierstein. (Founders #134)

    (15:00) My parents objected strenuously, but I finally talked them into letting me join up as a Red Cross ambulance driver. I had to lie about my age, of course. 

    In my company was another fellow who had lied about his age to get in. He was regarded as a strange duck, because whenever we had time off and went out on the town to chase girls, he stayed in camp drawing pictures.

    His name was Walt Disney.

    Grinding It Out: The Making of McDonald's by Ray Kroc. (Founders #293)

    (20:00) Walt Disney had big dreams. He had outsized aspirations.

    (22:00) A quote from Edwin Land that would apply to Walt Disney too: 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.

    (24:00) Walt Disney seldom dabbled. Everyone who knew him remarked on his intensity; when something intrigued him, he focused himself entirely as if it were the only thing that mattered.

    (29:00) He had the drive and ambition of 10 million men.

    (29:00) I'm going to sit tight. I have the greatest opportunity I've ever had, and I'm in it for everything.

    (31:00) He seemed confident beyond any logical reason for him to be so. It appeared that nothing discouraged him.

    (31:00) You have to take the hard knocks with the good breaks in life.

    (32:00) Nothing wrong with my aim, just gotta change the target. — Jay Z

    (35:00) He sincerely wanted to be counted among the best in his craft.

    (43:00) He didn't want to just be another animation producer. He wanted to be the king of animation. Disney believed that quality was his only real advantage.

    (47:00) Walt Disney wanted domination. Domination that would make his position unassailable.

    (49:00) Disney was always trying to make something he could be proud of.

    (50:00) We have a habit of divine discontent with our performance. It is an antidote to smugness.

    Eternal Pursuit of Unhappiness: Being Very Good Is No Good,You Have to Be Very, Very, Very, Very, Very Good by David Ogilvy and Ogivly & Mather.  (Founders #343)

    (53:00) While it is easy, of course, for me to celebrate my doggedness now and say that it is all you need to succeed, the truth is that it demoralized me terribly. I would crawl into the house every night covered in dust after a long day, exhausted and depressed because that day's cyclone had not worked. There were times when I thought it would never work, that I would keep on making cyclone after cyclone, never going forwards, never going backwards, until I died.

    Against the Odds: An Autobiography by James Dyson (Founders #300)

    (56:00) He doesn't place a premium on collecting friends or socializing: "I don't believe in 50 friends. I believe in a smaller number. Nor do I care about society events. It's the most senseless use of time. When I do go out, from time to time, it's just to convince myself again that I'm not missing a lot."

    The Red Bull Story by Wolfgang Fürweger (Founders #333)

    (1:02:00) Steve was at the center of all the circles.

    He made all the important product decisions.

    From my standpoint, as an individual programmer, demoing to Steve was like visiting the Oracle of Delphi.

    The demo was my question. Steve's response was the answer.

    While the pronouncements from the Greek Oracle often came in the form of confusing riddles, that wasn't true with Steve.

    He 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.

    He was always trying to ensure the products were as intuitive and straightforward as possible, and he was willing to invest his own time, effort, and influence to see that they were.

    Through looking at demos, asking for specific changes, then reviewing the changed work again later on and giving a final approval before we could ship, Steve could make a product turn out like he wanted.

    Much like the Greek Oracle, Steve foretold the future.

    Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

    (1:07:00) He griped that when he hired veteran animators he had to “put up with their Goddamn poor working habits from doing cheap pictures.” He believed it was easier to start from scratch with young art students and indoctrinate them in the Disney system.

    (1:15:00) I don’t want to be relagated to the cartoon medium. We have worlds to conquer here.

    (1:17:00) Advice Henry Ford gave Walt Disney about selling his company: If you sell any of it you should sell all of it.

    (1:23:00) He kept a slogan pasted inside of his hat: You can’t top pigs with pigs. (A reminder that we have to keep blazing new trails.)

    (1:25:00) Disney’s Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow.

    (1:33:00) It is the detail. If we lose the detail, we lose it all.

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    Related Episodes

    #286 Warren Buffett and Charlie Munger

    #286 Warren Buffett and Charlie Munger

    What I learned from reading All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. 

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    [2:01] Buffett and Munger have a remarkable ability to eliminate folly, simplify things, boil down issues to their essence, get right to the point, and focus on simple and timeless truths.

    [3:00] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson.  (Founders #191)

    [4:00] Warren Buffet or Charlie Munger are the very wise grandfather figure that I never had.

    [5:00] To try to live your life totally free of mistakes is a life of inaction. —Warren Buffett

    [5:00] The sign above the players' entrance to the field at Notre Dame reads ´Play Like a Champion Today.' I sometimes joke that the sign at Nebraska reads 'Remember Your Helmet.' Charlie and I are 'Remember Your Helmet' kind of guys.' We like to keep it simple. (You must structure your life and business to be able to survive the inevitable bad decisions you’re going to make.)

    [5:00] Wisdom is prevention. —Charlie Munger

    [6:00] We make actual decisions very rapidly, but that's because we've spent so much time preparing ourselves by quietly sitting and reading and thinking. —Charlie Munger

    [7:00] If you get into the mental habit of relating what you're reading to the basic underlying ideas being demonstrated, you gradually accumulate some wisdom. —Charlie Munger

    [7:00] At Berkshire, we don't have any meetings or committees, and I can think of no better way to become more intelligent than sit down and read. I hate meetings, frankly. I have created something that I enjoy: I happen to enjoy reading a lot, and I happen to enjoy thinking about things. —Warren Buffett

    [7:00] We both hate to have too many forward commitments in our schedules. We both insist on a lot of time being available to just sit and think. —Charlie Munger

    [8:00] I need eight hours of sleep. I think better. I have more energy. My mood is better. And think about it: As a senior executive, what do you really get paid to do? You get paid to make a small number of high-quality decisions. — Invent and Wander: The Collected Writings of Jeff Bezos, With an Introduction by Walter Isaacson. (Founders #155)

    [9:00] I think people that multitask pay a huge price. When you multitask so much, you don't have time to think about anything deeply. You're giving the world an advantage you shouldn't do. Practically everybody is drifting into that mistake. I did not succeed in life by intelligence. I succeeded because I have a long attention span. —Charlie Munger

    [9:00] Jony Ive on Steve Jobs: Steve was the most remarkably focused person I’ve ever met. (Video)

    [11:00] It is just that simple. We've had enough good sense when something was working well, keep doing it. The fundamental algorithm of life: repeat what works. —Charlie Munger

    [13:00] ALL THE BUFFETT AND MUNGER EPISODES:

    Berkshire Hathaway Letters to Shareholders 1965-2018 by Warren Buffett. (Founders #88) 

    The Snowball: Warren Buffett and the Business of Life by Alice Schroeder. (Founders #100)

    The Tao of Warren Buffett by Mary Buffett & David Clark. (Founders #101) 

    Buffett: The Making of an American Capitalist by Roger Lowenstein. (Founders #182) 

    A Few Lessons for Investors and Managers From Warren Buffett by Warren Buffett and Peter Bevelin. (Founders #202) 

    The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227) 
     

    Tao of Charlie Munger by David Clark (Founders #78) 

    Charlie Munger: The Complete Investor by Tren Griffin. (Founders #79) 

    Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90) 

    Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe. (Founders #221) 

    [14:00] Buffett: It's an inversion process. Start out with failure, and then engineer its removal.

    [15:00] Munger: I figure out what I don't like instead of figuring out what I like in order to get what I like.

    [15:00] Repetition is the mother of learning.

    [17:00] Munger: You can see the results of not learning from others' mistakes by simply looking about you. How little originality there is in the common disasters of mankind. (Business failures through repetition of obvious mistakes made by predecessors and so on.)

    [18:00] Munger: History allows you to keep things in perspective.

    [18:00] Everything that needs to be said has already been said. But since no one was listening, everything must be said again.

    [19:00] Berkshire was a small business at one time. It just takes time. It is the nature of compound interest. You cannot build it in one day or one week.

    [20:00] Pretend that every single person you meet has a sign around his or her neck that says, “Make me feel important.”

    [22:00] Buffett: In almost 60 years of investing we found it practically useless to give advice to anyone.

    [23:00] Munger: One of my favorite stories is about the little boy in Texas. The teacher asked the class, If there are nine sheep in the pen and one jumps out, how many are left? And everybody got the answer right except this little boy, who said, None of them are left. And the teacher said, You don't understand arithmetic. And he said No, teacher. You don't understand sheep.

    [25:00] Quite often Henry simply talked about his philosophy of running a corporation and the various financial strategies that he came up with as he sat in his corner office each day, often working at his Apple computer. He was a brilliant business strategist, just as he was a brilliant chess strategist and he came up with many creative ideas, ideas that were sometimes contrary to the currently accepted methods of managing a large corporation that prevailed in those days.

    “He always tries to work out the best moves," Shannon said, "and maybe he doesn't like to talk too much, because when you are playing a game you don't tell anyone else what your strategy is." — Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by Dr. George Roberts. (Founders #110)

    [28:00] Buffett: The difference between successful people and very successful people is that very successful people say no to almost everything.

    [29:00] If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you. — James J. Hill: Empire Builder of the Northwest by Michael P. Malone. (Founders #96)

    [31:00] Buffett: Life tends to snap you at your weakest link.

    [35:00] Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price (Founders #107)

    [38:00] Paul Graham’s essays (Founders #275-277)

    [39:00] I'm very suspect of the person who is very good at one business, who starts thinking they should tell the world how to behave on everything. —Warren Buffett

    [42:00] The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)

    [44:00] This life isn't a greenroom for something else. He went for it. —Bourdain: The Definitive Oral Biography by Laurie Woolever.

    [44:00] Buffett: We're here on the earth only one time so you ought to be doing something that you enjoy as you go along and you can be enthusiastic about.

    [48:00] Personal History by Katherine Graham. (Founders #152)

    [49:00] The problem is not getting rich, it is staying sane. —Charlie Munger

    [54:00] Learning is not memorizing information. Learning is changing your behavior. Most people can’t learn from the experiences of other people: Charlie and I don't expect to win you over to our way of thinking—we've observed enough human behavior to know the futility of that, but we do want you to be aware of our personal calculus.

    [57:00] We are individual opportunity driven. Our acquisition technique at Berkshire is simplicity itself: We answer the phone.

    [1:00:00] A brand is a promise. —Warren Buffett

    [1:01:00] Obsess over customers. Buffett said this about Amazon in 2012: Amazon could affect a lot of businesses who don't think they will be affected. For Amazon, it is very hard to find unhappy customers. A business that has millions and millions of happy customers can introduce them to new items, it will be a powerhouse and could affect a lot of businesses.

    [1:03:00] Munger: We should make a list of everything that irritates a customer, and then we should eliminate those defects one by one.

    [1:04:00] Most companies, when they get rich, get sloppy.

    [1:05:00] Munger: One of the models in my head is the 'Northern Pike Model. You have a lake full of trout. But if you throw in a few northern pike, pretty soon there aren't many trout left but a lot of northern pike. Wal-Mart in its early days was the northern pike. It figured out how the customer could be better served and just galloped through the world like Genghis Kahn.

    [1:09:00] Practice! Michael Jordan: The Life by Roland Lazenby. (Founders #212)

    [1:10:00] Market forecasters will fill your ear, but they will never fill your wallet.

    [1:11:00] We don't have any new tricks. We just know the old tricks better.

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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

    #234 Sam Walton: Made In America

    #234 Sam Walton: Made In America

    What I learned from rereading Sam Walton: Made In America by Sam Walton.

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    [1:56] The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone. (Founders #179)

    [5:45] We just got after it and stayed after it.

    [6:06] Foxes and Hedgehogs

    [6:39] Hedgehogs may not be as clever as foxes but they obsessively measure and track everything about their business, and over time, they acquire deep, relevant knowledge and expertise. Their single minded approach may appear risky at times but they are conservative by nature. Hedgehogs don’t speculate or make foolish bets. If all their eggs are in that one proverbial basket, they follow Mark Twain’s advice – and watch that basket very carefully.

    [7:17] The thing with Hedgehogs is that they never give up. They keep at it – and they don’t ever get bored because they just love what they do – and they have a lot of fun along the way.

    [7:28] Hedgehogs are the ones who build great, lasting companies. As entrepreneurs, they are the rarest of breeds – those who can start something anew, make it work, stick with it, and build something special, and ultimately, inspire others along the way, with their determination, dedication and commitment.

    [8:49] At first, we amazed ourselves. And before too long, we amazed everybody else too.

    [9:26] Think about how crazy this is. He died weeks after that writing this. His last days were spent categorizing and organizing his knowledge so future generations can benefit.

    [12:32] Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger(Founders #90)

    [12:56] "It's quite interesting to think about Walmart starting from a single store in Arkansas – against Sears, Roebuck with its name, reputation and all of its billions. How does a guy in Bentonville, Arkansas, with no money, blow right by Sears? And he does it in his own lifetime – in fact, during his own late lifetime because he was already pretty old by the time he started out with one little store. He played the chain store game harder and better than anyone else. Walton invented practically nothing. But he copied everything anybody else ever did that was smart – and he did it with more fanaticism. So he just blew right by them all. —Charlie Munger

    [17:11] What motivates the man is the desire to absolutely be on the top of the heap.

    [17:32] Practice your craft so much that you're the best in the world at it and the money will take care of itself.

    [18:44] We exist to provide value to our customers.

    [21:18] A Conversation with Paul Graham

    [22:32] It never occurred to me that I might lose; to me, it was almost as if I had a right to win. Thinking like that often seems to turn into sort of a self-fulfilling prophecy.

    [26:42] Time to Make the Donuts: The Founder of Dunkin Donuts Shares an American Journey by William Rosenberg. (Founders #231)

    [29:35] It didn’t take me long to start experimenting—that’s just the way I am and always have been.

    [30:56] Do things that other people are not doing.

    [33:13] The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233)

    [33:41] I think my constant fiddling and meddling with the status quo may have been one of the biggest contributions to the later success of Wal Mart.

    [34:10] Our money was made by controlling expenses. I gotta read that again because it's so important. Our money was made by controlling expenses.

    [37:49] Sam Walton: The Inside Story of America's Richest Man (Founders #150)

    [38:37] I’ve always thought of problems as challenges, and this one wasn’t any different. I didn’t dwell on my disappointment. The challenge at hand was simple enough to figure out: I had to pick myself up and get on with it, do it all over again, only even better this time.

    [42:47] Four Seasons: The Story of a Business Philosophy by Isadore Sharp. (Founders #184)

    [45:12] The Autobiography of Andrew Carnegie by Andrew Carnegie (Founders #74)

    [47:08] Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price. (Founders #107)

    [49:56] Sam had a really simple hypothesis for the first Wal Mart: We were trying to find out if customers in a town of 6,000 people would come to our kind of a barn and buy the same merchandise strictly because of price. The answer was yes.

    [52:19] I have always been a Maverick who enjoys shaking things up and creating a little anarchy.

    [54:23] In business we often find that the winning system goes almost ridiculously far in maximizing and/or minimizing one or a few variables. —Charlie Munger

    [55:02] He does something really smart here. And this is something I missed the first time I read the book. He finds a way to force himself to know the numbers for every single store.

    [56:13] Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by Dr. George Roberts. (Founders #110)

    [58:11] Driven From Within by Michael Jordan and Mark Vancil. (Founders #213)  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. —Michael Jordan

    [58:43] We paid absolutely no attention whatsoever to the way things were supposed to be done, you know, the way the rules of retail said it had to be done.

    [1:03:15] Estée: A Success Story by Estée Lauder. (Founders #217)

    [1:04:00] One thing I never did—which I’m really proud of—was to push any of my kids too hard. I knew I was a fairly overactive fellow, and I didn’t expect them to try to be just like me.

    [1:06:38] I was never in anything for the short haul.

    [1:10:36] Michael Jordan: The Life by Roland Lazenby. (Founders #212) Like so many NBA players, Drexler was operating mostly off his great store of talent, absent any serious attention to the important details of the game. Jordan had been surprised to learn how lazy many of his Olympic teammates were about practice, how they were deceiving themselves about what the game required.

    [1:11:56] And you can think about Sam constantly learning from everybody else, visiting stores —that is a form of practice. Every single craft has a form of practice. It just is not as obvious as it is in sports.

    [1:13:26] He proceeds to extract every piece of information in your possession.

    [1:15:37]  He has just been a master of taking the best of everything everybody else is doing and adapting it to his own needs.

    [1:18:52] We were serious operators who were in it for the long haul, that we had a disciplined financial philosophy, and that we had growth on our minds.

    [1:19:54] Most people seem surprised to learn that I've never done much investing in anything except Walmart.

    [1:20:42] He's like I just figured out the Walmart's worked. And then all I did was focus on making more of them. You don't have to over-complicate it.

    [1:23:04] If you ask me if I'm an organized person, I would say flat out, no, not at all. Being organized would really slow me down. (Optimize for flexibility)

    [1:24:26] The Difference Between God and Larry Ellison: God Doesn't Think He's Larry Ellison by Mike Wilson (Founders #127): My view is different. My view is that there are only a handful of things that are really important, and you devote all your time to those and forget everything else. If you try to do all thousand things, answer all thousand phone calls, you will dilute your efforts in those areas that are really essential

    [1:26:15]  I think one of Sam's greatest strengths is that he is totally unpredictable. He is always his own person. He is totally independent in his thinking.

    [1:26:45] If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them. —Bruce Lee

    [1:28:40] You can’t possibly know the TAM. You are in the middle of inventing the TAM.

    [1:30:08] There is no speed limit by Derek Sivers

    [1:31:54] Built From Scratch: How A Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion (Founders #45)

    [1:41:35]  I like to keep everybody guessing. I don't want our competitors getting too comfortable with feeling that they can predict what we're going to do next.

    [1:42:25] He ties that investment int technology with the compounding savings and over the long-term, he's going to destroy his competition just off this one metric alone.

    [1:43:39] Big Brown: The Untold Story of UPS by Greg Niemann. (Founders #192)

    [1:47:56] Sam’s 10 Rules for Building A Business

    [1:48:04] One thing I don’t even have on my list is “work hard.” If you don’t know that already, or you’re not willing to do it, you probably won’t be going far enough to need my list anyway.

    [1:48:51] Commit to your business. Believe in it more than anybody else. I think I overcame every single one of my personal shortcomings by the sheer passion I brought to my work.

    [1:50:54] Control your expenses better than your competition. This is where you can always find the competitive advantage. For twenty-five years running—long before Wal-Mart was known as the nation’s largest retailer—we ranked number one in our industry for the lowest ratio of expenses to sales. You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient.

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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

    #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

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

    #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

    Be like Gareth. Buy a book. It's good for you. It's good for Founders. A list of all the books featured on Founders Podcast.

    #265 Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader

    #265 Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader

    What I learned from rereading Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader by Brent Schlender and Rick Tetzeli

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    [3:11] His mind was never a captive of reality.

    [5:16] A complete list of every Founders episode on Steve Jobs and the founders Steve studied: Steve Jobs’s Heroes

    [7:15] Steve Jobs and The Next Big Thing by Randall Stross (Founders #77)

    [9:05] Steve Job’s Commencement Address

    [9:40] Driven and curious, even when things were tough, he was a learning machine.

    [10:20] He learned how to manage himself.

    [12:45] Anything could be figured out and since anything could be figured out anything could be built.

    [14:10] It was a calculation based on arrogance. — The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen (Founders #255)

    [18:00] We were no longer aiming for the handful of hobbyists who liked to assemble their own computers. For every one of them there were a thousand people who would want the machine to be ready to run.

    [17:40] He was a free thinker whose ideas would often run against the conventional wisdom of any community in which he operated.

    [19:55] He had no qualms about calling anyone up in search of information or help.

    [20:40] I've never found anybody who didn't want to help me when I've asked them for help.

    I've never found anyone who's said no or hung up the phone when I called. I just asked.

    Most people never pick up the phone and call. Most people never ask.

    [21:50] First you believe. Then you work on getting other people to share your belief.

    [24:55] All the podcasts on Edwin Land:

    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)

    [25:00] My friend Frederick’s newsletter I was interviewed for

    [30:20] He was an extraordinary speaker and he wielded that tool to great effect.

    [31:00] Never underestimate the value of an ally. — Estée Lauder: A Success Story by Estée Lauder. (Founders #217)

    [32:50] If you go to sleep on a win you’re going to wake up with a loss.

    [33:00] Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson (Founders #140)

    [34:20] Software development requires very little capital investment. It is basically intellectual capital. The main cost is the labor required to design and test it. There's no need for expensive factories. It can be replicated endlessly for practically nothing.

    [38:10] He cared passionately and he never dialed it in.

    [39:45] To Pixar And Beyond: My Unlikely Journey with Steve Jobs to Make Entertainment History by Lawrence Levy (Founders #235)

    [42:58] Time carries most of the weight.

    [43:30] People that are learning machines and then refuse to quit are incredibly hard to beat. Steve jobs was a learning machine who refused to quit.

    [44:17] Steve Jobs and The Next Big Thing by Randall Stross (Founders #77)

    [49:40] Creativity Inc by Ed Catmull

    [50:30] There were times when the reactions against Steve baffled Steve.

    I remember him sometimes saying to me: Why are they upset?

    What that said to me was that he didn't intend to get that outcome. It was a lack of skill as opposed to meanness. A lack of skill of dealing with other people.

    [55:50] Creative thinking, at its best, is chalk full of failures and dead ends.

    [56:40] Successful people listen. Those that don’t listen don’t last long. —Michael Jordan: The Life by Roland Lazenby. (Founders #212) 

    [58:40] You can't go to the library and find a book titled The Business Model for Animation. The reason you can't is because there's only been one company Disney that's ever done it well, and they were not interested in telling the world how lucrative it was.

    [1:01:20] The company is one of the most amazing inventions of humans.

    [1:02:25] The only purpose for me in building a company is so that the company can make products. One is a means to the other.

    [1:04:00] Personal History by Katherine Graham (Founders #152)

    [1:10:11] Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda

    [1:11:12] What am I focusing on that sets me apart from my competitors?

    [1:13:00] The channel? We lost $2 billion last year. Who gives a fuck about the channel?

    [1:15:21] Time carries most of the weight. Stay in the game as long as possible.

    [1:16:41] The information he'd glean would go into the learning machine that was his brain. Sometimes that's where it would sit, and nothing would happen. Sometimes he'd concoct a way to combine it with something else he'd seen, or perhaps to twist it in a way to benefit an entirely different project altogether. This was one of his great talents, the ability to synthesize separate developments and technologies into something previously unimaginable.

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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