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    • Ralph Lauren's unwavering commitment to his visionRalph Lauren's self-confidence and ambition led him to break rules and build a successful apparel company despite financial struggles and pressure from retailers.

      Ralph Lauren's unwavering commitment to his vision and refusal to compromise, even when faced with financial struggles and pressure from retailers, played a crucial role in building his successful apparel company in the United States. Despite his guarded personal life and shyness, Lauren's self-confidence and ambition allowed him to break the rules and do things his own way, leading to his status as one of the richest self-made men in the country. The story of Ralph Lauren's career is not just about business success, but also about the impact of that success on his life. This unyielding determination to build his brand, which started with selling ties, is a common thread between him and other successful fashion designers like Coco Chanel.

    • Calvin Klein and Ralph Lauren's Success through LicensingCalvin Klein and Ralph Lauren turned their struggling fashion companies around by shifting from manufacturing to licensing, which helped them build immense wealth and save their businesses from bankruptcy.

      The licensing business played a crucial role in saving Calvin Klein's company from bankruptcy in the 1970s and helped build their immense wealth. Ralph Lauren, like Calvin Klein, also faced financial struggles and transformed his company from a manufacturing firm to a design, marketing, and licensing company, which proved to be a game-changer. Both designers, despite their different approaches to business, benefited significantly from this shift. Early in Ralph Lauren's life, he grew up in humble circumstances as a son of immigrants and had to share a room with his brothers. His father, a house painter and muralist, dreamed of becoming an artist but had to prioritize providing for his family. These experiences likely influenced Ralph Lauren's determination to succeed and eventually build a fashion empire.

    • Ralph Lauren's Journey: From Humble Beginnings to Millionaire StatusDespite growing up in poverty, Ralph Lauren's self-confidence, passion, and resourcefulness led him to create a unique fashion brand worth millions

      Ralph Lauren's success story is a testament to the power of determination, dreams, and resourcefulness, even in the face of adversity. Born into a financially struggling family, Ralph was "glued to the realities" but harbored dreams of soaring higher. He took inspiration from his father, Frank, who also had a keen eye for taste and color. Ralph's self-confidence and passion for his work propelled him to great heights, despite growing up in a cramped apartment and wearing hand-me-downs. His single-minded focus on becoming a millionaire was evident from his high school yearbook. By combining ideas from his past with his own creativity, Ralph Lauren created a unique brand that continues to inspire and captivate audiences today.

    • Ralph Lauren's passion for fashion and sales led him to create a lifestyle brandRalph Lauren's intense interest in fashion and sales, combined with his determination and first-hand experience, fueled his success in creating a lifestyle brand despite skepticism.

      Ralph Lauren's early influences and intense interest in style led him to create a lifestyle brand, as seen in his admiration for fine men's stores like Brooks Brothers and his desire to sell more than just clothes. He couldn't find what he wanted, so he designed it himself. This intense interest and enthusiasm for fashion, combined with his first-hand experience in sales, fueled his success in the industry despite facing skepticism from others. Coco Chanel's idea of providing a magical experience for customers also influenced Ralph's approach, and his determination to work in a field of intense interest, as advised by Charlie Munger, played a significant role in his journey.

    • Passion and persistence lead to success despite resistancePassion exposes mediocrity and drives success, even when faced with opposition or criticism.

      Differentiation and passion are key to overcoming obstacles and achieving success. Ralph Lauren, despite being seen as an outsider due to his unique sense of style, was able to turn his passion for clothes into a successful business. However, he faced resistance from those around him, including his boss, who didn't believe in his vision. Mel, the son-in-law who took over the company after the founder's death, saw Ralph as an amateur and was unwilling to change the business model. Ralph's persistence and passion, however, eventually won out. He continued to push for his ideas, even when met with resistance, and was able to introduce new colors to the tie line, which scared the other employees but ultimately helped the business grow. The quote "Mediocrity is always invisible until passion shows up and exposes it" highlights the importance of having a clear vision and the drive to see it through, even when faced with criticism or opposition.

    • Selling to doubtersEntrepreneurs need self-confidence to sell their vision to investors, employees, and even skeptics, which can be crucial for starting and growing a successful business.

      Determination and self-belief are crucial for entrepreneurs. Ralph Lauren, despite facing skepticism and financial constraints, persisted in pursuing his vision of creating elegant wide ties. He sold his ideas and personal commitment to potential investors, even before he had started his company. His enthusiasm and belief in expanding the market and adding value to the product drove him to push up prices and create more desirable designs. Entrepreneurship requires selling not just to customers but also to investors, employees, and even doubters. Ralph's story illustrates that self-confidence, even if perceived as delusional by others, can be a powerful driving force in starting and growing a successful business.

    • Ralph Lauren's focus on uniqueness and controlRalph Lauren grew his brand by maintaining control, collaborating strategically, and emphasizing uniqueness.

      Ralph Lauren's success in the fashion industry came from his commitment to difference and total control over his brand. Despite starting out with low prices and selling to small, high-end stores, he aimed to make his brand appear larger and gain exposure. When he couldn't get the attention of larger retailers like Bloomingdale's, he found a way to collaborate with them while maintaining his own brand identity. This focus on uniqueness and control, as well as his understanding of the power of creating a crowd, helped Ralph Lauren grow his small brand into a corporation.

    • Staying true to vision and valuesRalph Lauren and Akio Morita prioritized brand integrity over short-term gains, leading to long-term success for their companies.

      Maintaining brand integrity was a priority for both Ralph Lauren and Akio Morita, even when faced with significant business opportunities that could have boosted their sales. They both understood the importance of staying true to their vision and values, and were willing to pass up short-term gains for long-term success. This determination paid off, as their companies went on to become renowned global brands. In Ralph's case, his cold outreach to the men's fashion editor at Playboy led to a crucial early endorsement, and Akio's refusal to compromise Sony's name led to a strong foundation for the company. Ultimately, their unwavering commitment to their brands helped them build successful businesses that continue to inspire entrepreneurs today.

    • Ralph Lauren's unwavering commitment to quality and exclusivityRalph Lauren's success hinged on his unyielding dedication to quality and exclusivity, even if it meant passing up profitable opportunities, which helped him build a loyal customer base and eventually form a long-term partnership with Bloomingdale's.

      Ralph Lauren's success in the fashion industry was built on his unwavering commitment to quality and exclusivity, even when it meant turning down potential business opportunities. This intransigence, as demonstrated by his refusal to compromise on his vision, helped him establish a loyal customer base and eventually lead to a long-lasting partnership with Bloomingdale's. Despite not having a master plan, his ability to understand his consumer and create products that resonated with them set the foundation for his expanding lifestyle brand. Additionally, his decision to switch business partners, leaving behind Brower and later Hilton, was driven by the need for financial resources to grow beyond ties and the belief that their partnership could not move forward without him.

    • Staying true to your vision despite going against the normChallenging the status quo and staying consistent with your vision can lead to great success for a trailblazer.

      Being a trailblazer often means going against the norm and resisting the pressure to conform. Ralph Lauren, for example, refused to set up shop where all other designers were, choosing Ralph's unique identity over the convenience of being in a crowded building. He also challenged the industry's conventional approach to designing for men and women, starting with men's clothes before expanding to women's fashion. Despite facing skepticism, Ralph remained consistent in his vision and eventually succeeded in creating a lifestyle brand that resonated with consumers. His story serves as a reminder that staying true to your vision and pushing for what you believe in, even when it goes against the status quo, can lead to great success.

    • Ralph Lauren's Financial StrugglesDespite popular brand and soaring sales, Ralph Lauren faced financial difficulties due to lack of cost controls and manufacturing issues. He negotiated to buy out partner, but needed cash for down payment and was deeply in debt.

      That Ralph Lauren's rapid growth led him to a precarious financial situation despite his popular brand and soaring sales. He found himself in debt and on the brink of bankruptcy due to a lack of cost controls and manufacturing issues. To buy out his partner and gain full control of his company, he had to negotiate with Norman Hilton, who owned half the business but didn't have the same level of involvement. Hilton eventually agreed to sell for $683,000, but Ralph had to borrow the cash for the down payment and was still deeply in debt. This situation highlights the importance of effective financial management and the potential risks of rapid growth without proper planning and control.

    • Ralph Lauren's Polo struggled with financial instability despite public successRapid business growth can hide internal financial struggles, leading to personal embarrassment and potential bankruptcy.

      Rapid growth in business can lead to financial instability and even bankruptcy, despite appearances to the contrary. This was the case for Ralph Lauren in the early days of his company, Polo, in the 1970s. Despite bringing in large sales, the company was operating at a loss due to unpaid bills and cash flow issues. Ralph's own personal finances were also put on the line to keep the business afloat. The lack of financial transparency and accounting procedures within the company led to unexpected losses and the need for emergency advances from suppliers and friends. The public perception of Polo's success masked the internal financial struggles, leading to embarrassing encounters for Ralph when asked about the state of his business. Ultimately, the financial realities of running a nearly bankrupt business were a daily personal embarrassment for Ralph, despite the continued success of his fashion line.

    • Fear and uncertainty during success lead to departures of associatesSuccess can bring fear and uncertainty, causing trusted associates to leave and emphasizing the importance of having a financial cushion

      Success can bring fear and uncertainty, leading to the departure of close associates. This was evident in the case of Ralph Lauren, who experienced a significant drop in his company and personal reputation. Despite considering some of his employees as family, they left for better opportunities during this time of crisis. This phenomenon is not unique to Ralph Lauren and has been observed in other successful individuals, such as Jeff Bezos. Warren Buffett, in his essays, emphasizes the importance of having a cash reserve during uncertain times, as only cash is legal tender when bills come due. The fear and uncertainty that come with success can result in the departure of trusted associates and the need for a strong financial foundation to weather the storm.

    • Unexpected events can change the course of a business, financial prudence is crucialUnexpected events can lead to financial hardship, having cash on hand and making sound financial decisions are essential for survival and success in business.

      Unexpected events can drastically change the course of a business, and being prepared financially is crucial for survival and success. Ralph Lauren, a successful fashion entrepreneur, faced such a turning point in his thirties when his business was on the brink of bankruptcy. He learned the hard way that having cash on hand and making sound financial decisions are essential, as no one in business cares about your taste, feelings, or even your past successes. Dave Goldberg, one of his creditors, provided a simple yet effective solution to save Polo Fashions. Goldberg advised the company to license the women's wear business, invest more capital, work out a deferral program, and renegotiate repayment terms. By focusing on these areas and transitioning from a manufacturing to a licensing company, Polo began making profits within two years. This experience underscores the importance of financial prudence in entrepreneurship, as even brilliant individuals can fail if they neglect the cost side of their business. As Sam Walton once said, "The importance of paying attention to the expense side of your business is the most common theme in the history of entrepreneurship."

    • Staying focused and efficient in businessRalph Lauren's success shows the importance of a single-minded purpose, creating new categories, increasing prices, and leveraging talent and licensing deals in business.

      Having a single-minded purpose and running an efficient operation are crucial for entrepreneurs, even if they make mistakes or face difficult times. Ralph Lauren is a prime example of this, as he created new categories and increased prices despite facing financial struggles in the past. Talent is also a significant asset in business, and Ralph's unique talent set him apart in the apparel industry. Additionally, licensing deals can bring in substantial revenue, as evidenced by the success of designers like Ralph Lauren, Bill Blass, and Pierre Cardin. Overall, these lessons highlight the importance of staying focused, being efficient, and leveraging talent and licensing opportunities to succeed in business.

    • From humble beginnings to billion-dollar empiresSuccessful entrepreneurs like Ralph Lauren, Coco Chanel, and Michael Jordan built their fortunes through unique deals and continued hard work, driven by a fear of losing status and deep passion for their work.

      Successful businesspeople, like Ralph Lauren, Coco Chanel, and Michael Jordan, have made their fortunes through unique and lucrative deals that continue to generate significant royalties long after the initial agreement. These individuals did not inherit wealth or graduate from college, but instead worked hard to build their empires from the ground up. Their motivations go beyond money, recognition, or celebrity. Instead, they are driven by a fear of losing their status and a deep passion for their work. Despite their immense success, they remain anxious and insecure, constantly striving to maintain their position at the top. Ralph Lauren, for instance, started out selling ties and built a fashion empire that spans across continents. He never aspired to manage a billion-dollar company but instead focused on earning money, luxury, and recognition. His success, however, is not without its challenges, and he continues to work meticulously to keep his name at the forefront of the industry.

    • Sign up for exclusive contentListeners can access free exclusive AMA episodes and weekly book highlights through the podcast's premium feed and email newsletter

      The podcast host invites listeners to engage more deeply with his content by signing up for his premium feed or joining his email newsletter. The premium feed offers exclusive AMA (Ask Me Anything) episodes where listeners can submit questions for the host to answer. The host has already recorded two such episodes and plans to record the third soon. The email newsletter, on the other hand, provides listeners with the top 10 highlights from each book the host reads, which is currently at 288 and counting. The best part? Both the premium feed and email newsletter are free. So, if you're looking to gain more insights from the host and stay updated on his book reviews, consider signing up for these free offerings. And, of course, you can find these options on the podcast's website, founderspodcast.com.

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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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    (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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    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

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    #349 How Steve Jobs Kept Things Simple

    #349 How Steve Jobs Kept Things Simple

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

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

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

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

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

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

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

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

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

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

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

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

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

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    Michael Jordan In His Own Words

    Michael Jordan In His Own Words

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

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    Episode Outline: 

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

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

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

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

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

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

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

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

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

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

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    Founders
    en-usMay 12, 2024

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

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

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

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    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

    #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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    #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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    #330 Les Schwab (Charlie Munger recommended this book)

    #330 Les Schwab (Charlie Munger recommended this book)

    What I learned from rereading Les Schwab Pride In Performance: Keep It Going! by Les Schwab. 

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    (8:00) I didn't know how to ride a bike. We never had one. All the other young kids delivered newspapers on a bike. 

    He's got no money. He doesn't have a bike. So he ran his routes for two months in order to get enough money to buy his first bike. He’d run nine or 10 miles a day. 

    (8:00) I was too proud to complain.

    (10:00) For a poor boy, money was much more important than pride.

    (10:00) Am I Being Too Subtle?: Straight Talk From a Business Rebel by Sam Zell. (Founders #269)

    (13:00) I was young. I was cocky. But the same cockiness helped me a lot in going through life.

    (15:00) The very first sentence describing his very first day in business is mind blowing: I had never fixed a flat tire in my life.

    (15:00) the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger (Founders #329)

    (29:00) Sam Walton: The Inside Story of America's Richest Man by Vance H. Trimble (Founders #150)

    (35:00) I always knew that if we fixed all the flat tires in town, we'd have all the tire business in town.

    (40:00) If we become complacent, then brother, it's all over with.

    (52:00) Grinding It Out: The Making of McDonald's by Ray Kroc (Founders #293)

    (56:00) If you’re not serving the customer, or supporting the folks who do, we don’t need you. —Sam Walton

    (1:00:00) The company paid low wages and had a lower overhead. The flaw was they didn’t get —with the low pay— near the quality of employees we had.

    (1:01:00) Life is hard for the man who thinks he can take a shortcut.

    (1:06:00) Decision making should always be made at the lowest possible level.

    (1:08:00) Whatever you do, you must do it with gusto, you must do it in volume. It is a case of repeat, repeat, repeat.

    (1:08:00) Charlie Munger analyzes why Les Schwab was successful.

    (1:11:00) Extreme success is likely to be caused by some combination of the following factors:

    1 Extreme maximization or minimization of one or two variables. Think Costco.

    2 Adding success factors so that a bigger combination drives success, often in nonlinear fashion, as one is reminded by the concept of breakpoint and the concept of critical mass in physics. Often, results are not linear. You get a little bit more mass and you get a lollapalooza result. And, of course, I've been searching for lollapalooza results all my life, so I'm very interested in models that explain their occurrence.

    3 An extreme of good performance over many factors. Example, Toyota or Les Schwab.

    4 Catching and riding some sort of big wave. Example, Oracle.

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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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    #289 Brunello Cucinelli

    #289 Brunello Cucinelli

    What I learned from reading The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli.

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    [4:00] I am reminded of Machiavelli: during his exile, he too spent his afternoons playing board games and drinking wine, while at night, in the austere silence of his studio, he engaged in solitary, literary conversations with the ancient scholars.

    [6:00] The true meaning of my life seems to be a spontaneous drive and energy.

    [7:00] I am driven by an immense desire: that my life, when it reaches its end, will not have been useless.

    [7:00] Brunello Cucinelli by Om Malik 

    [8:00] God assigns to all of us a mission to fulfill. Our task is first to discover the nature of our summons, then to follow it.

    [11:00] We schedule time to think. Most people schedule themselves like a dentist. It's so easy to get so busy that you no longer have time to think- and you pay a huge price for that. —— 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. (Founders #286)

    [14:00] Try to be your son's teacher until he's ten years old; his father, until he's twenty; and his friend, for the rest of his life.

    [14:00] The problem is not getting rich, it's staying sane. —Charlie Munger

    [18:00] What an astonishing thing a book is. It's a flat object made from a tree with flexible parts on which are imprinted lots of funny dark squiggles. But one glance at it and you're inside the mind of another person, maybe somebody dead for thousands of years. Across the millennia, an author is speaking clearly and silently inside your head, directly to you. Writing is perhaps the greatest of human inventions, binding together people who never knew each other, citizens of distant epochs. Books break the shackles of time. A book is proof that humans are capable of working magic. —Carl Sagan

    [23:00] Postponing the reward increases the appreciation, a fact that has been forgotten in the current culture of impatience.

    [29:00] I could see the humiliation in my father's eyes. His teary eyes were the source of inspiration for my life.

    [33:00] I have always been firmly convinced that in order to successfully stand out you need to focus on one single project representing the dream of your life.

    [36:00] A young man with no money and tons of enthusiasm.

    [41:00] Ralph Lauren: The Man Behind the Mystique by Jeffrey Trachtenberg. (Founders #288) 

    [43:00] 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. — Sam Walton: Made In America by Sam Walton. (Founders #234)

    [48:00] Invention: A Life by James Dyson. (Founders #205)

    [49:00] The greatest minds can convey deep and complex thoughts with words that are understandable to everyone.

    [50:00] Enthusiastically build an extraordinary reality day after day.

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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