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    • Steve Jobs' communication skillsEffective communication and storytelling are crucial for business success. Learn from Steve Jobs' approach of focusing on the customer experience, using simple language, and having a clear, compelling purpose.

      Effective communication and storytelling are essential skills for business success, as demonstrated by Steve Jobs. The book "The Presentation Secrets of Steve Jobs" provides insights into how Jobs sold products and ideas by focusing on the customer experience and using simple, memorable language. Jobs considered his presentations a competitive weapon and believed that a person can have a great idea but still fail without the ability to convince others. The book outlines three key areas: understanding what you're really selling, how Jobs crafted his presentations, and the importance of having a messianic sense of purpose. By following Jobs' approach, you can effectively communicate the value of your product or idea and engage your audience.

    • Effective communication in businessSimplify your message and focus on the benefits or improvements your product/service provides to effectively communicate in business and increase chances of success.

      Effective communication in business, whether it's pitching to investors, employees, or customers, requires explaining what you will do with their resources in simple and clear terms. Ivar Kreuger, a financial genius from Europe, understood this concept when he came to America to pitch investors in the 1920s. He explained his business model using the phrase "government loans for match monopolies," which was easy for investors to understand and repeat. This simplicity led to a significant portion of securities traded in America being for his companies. Similarly, Juan Tripp, the founder of Pan Am Airways, understood the importance of selling the improvement rather than the product itself. He pitched the value of his service by offering a 48x improvement in time savings, allowing companies to work much faster. Effective communication is crucial in business, and it's essential to remember that people don't care about your product; they care about what it does for them. By focusing on the benefits and improvements your product or service provides, you can better connect with your audience and increase the chances of a successful pitch or sale.

    • Problem solvingEffective entrepreneurs and marketers focus on solving real customer problems, not just selling products. They identify their main idea, succinctly describe it, and repeat it consistently. Planning presentations with key points, organized into three main ideas, and adding stories, facts, metaphors, and social proof can help make ideas stick.

      Successful entrepreneurs and marketers focus on solving real problems for their customers, rather than just selling a product. Steve Jobs, for instance, didn't just sell an iPod with 1,000 songs or a MacBook Air that was thin. He sold the idea of having a vast music library in your pocket or the world's thinnest notebook. To be effective, entrepreneurs must identify their main idea and succinctly describe it. Repetition is key to making the idea stick. Apple's tagline for the MacBook Air, "it's the world's thinnest notebook," was repeated consistently in presentations, marketing materials, and press releases. Planning presentations in analog, using pen and paper or a whiteboard, can also help clarify ideas and make them more memorable. To create an impactful presentation, entrepreneurs should make a list of key points, organize them into three main ideas, and add stories, facts, metaphors, and social proof to each point. This approach, as demonstrated by Steve Jobs' famous Stanford commencement speech, effectively engages and persuades audiences.

    • Rule of 3 and storytellingEffective communication relies on the rule of 3 and storytelling to keep presentations simple, focused, and memorable. Presenters should use clear messaging, minimal words, and relatable stories to engage audiences and make complex information accessible.

      Effective communication, particularly in business presentations, relies on the rule of 3 and the power of storytelling. The author emphasizes that humans can only hold a limited amount of information in their short-term memory, so it's crucial to keep presentations simple and focused on a few key points. Steve Jobs, a master communicator, used this strategy in his presentations, which were known for their clear messaging and minimal use of words. He also started with the problem his product solved rather than just presenting the product itself. Jobs' hero, Edwin Land, used similar storytelling techniques to sell his polarizing sunglasses by demonstrating their effectiveness through a simple yet memorable experiment. Effective communication through storytelling not only helps the audience remember the information but also allows the presenter to engage with them instead of just reading from slides. By adding context and reframing numbers, presenters can make complex information more accessible and memorable.

    • Effective Business PresentationsUse relatable analogies to make complex numbers understandable, uncommon words for memorability, and social proof to build trust and credibility. Practice extensively to deliver engaging presentations.

      Effective communication in business presentations involves making complex numbers relatable, using uncommon and memorable words, and leveraging social proof. The speaker in this discussion used the example of Steve Jobs, who sold 20,000 iPhones a day by putting the number into perspective with a relatable analogy. Jobs also used uncommon words like "screams" and "bitching" to make his presentations more memorable and engaging. Social proof was another important tactic Jobs used, as he frequently showcased testimonials and positive reviews from customers to build trust and credibility. The speaker emphasized the importance of practicing these techniques, with the best presenters reportedly practicing 90 hours for every 1 hour they need to be on stage. Jobs himself was known for his meticulous preparation and rehearsals. Additionally, the speaker highlighted the influence of psychology on effective communication, specifically the social proof phenomenon, which can make audiences more likely to trust and buy into a product or idea if they see others doing the same.

    • Passion in SalesTo sell effectively like Steve Jobs, identify and share your passion for the product or service you're offering to inspire others to join you on your journey.

      To sell effectively like Steve Jobs, it's essential to have a deep passion and belief in what you're offering. Steve Jobs' success as a salesman came from his genuine enthusiasm for the products he created and the people he was trying to reach. He believed that his technology could change the world, and this belief was infectious, inspiring others to join him on his mission. Jobs' presentations were not just well-rehearsed; they were poetic and purposeful. He saw marketing as theater and put in countless hours to perfect his performances. His messianic sense of purpose drove him to create new experiences for his customers, and he saw himself as an evangelist for these tools. Furthermore, Jobs' passion was contagious. People like Phil Knight, who were initially unsuccessful in sales, found success when they sold something they truly believed in. Belief and passion are irresistible, and they can be transferred to others. So, to sell like Steve Jobs, identify what you're most passionate about and share that enthusiasm with your audience. Whether you're speaking to customers, recruits, or investors, your belief and passion can inspire them to join you on your journey.

    • Clear purpose and effective sellingHaving a clear, single idea that describes why your product or service matters is crucial for success. Effectively communicating this vision can lead to meaningful relationships and remarkable results.

      Steve Jobs and Phil Knight understood the power of having a clear purpose and effectively selling their vision. Jobs saw computers as the most remarkable tool for the human mind, while Knight built a successful business around selling shoes. They both believed in the importance of building tools that enhance our abilities and improve our lives. A key lesson from this discussion is the importance of having a clear, single idea that describes why your product or service matters. Applying this idea, the Founders Conference aims to help build relationships between high-value individuals in the industry. By creating an inclusive, all-inclusive event where everyone shares the same interest, attendees can quickly form meaningful connections. Jobs' emphasis on making things easy for others also influenced the conference's structure, with all lodging, food, and access to the event taken care of. The smaller, intentionally limited size of the event has led to numerous successful relationships, partnerships, and opportunities. Overall, the takeaway is that having a clear, well-communicated purpose, combined with effective selling and relationship-building, can lead to remarkable results.

    • Founders Notes eventThe Founders Notes event offers valuable opportunities to build relationships and learn from high-achieving individuals, leading to unexpected discoveries and potential business growth.

      The Founders Notes event is an opportunity to build valuable relationships with other high-achieving individuals. This event, created in partnership with successful entrepreneurs and educators Rick Burnham and Paul Busser, aims to help attendees learn from each other and expand their networks. The power of these relationships was illustrated through the story of how the founder discovered Readwise, a tool he uses daily to catalog and access the knowledge of history's greatest entrepreneurs. This discovery came from an email in 2018, demonstrating the potential for unexpected opportunities that can arise from building relationships. The event itself offers ample opportunities for attendees to lead breakout sessions and engage in meaningful conversations, making it an invaluable resource for those seeking to learn and grow. To attend, simply apply on the Founders Podcast website. Additionally, the Founders Notes product, which allows users to access and search the collective knowledge of history's greatest entrepreneurs, is a testament to the power of relationships and the importance of having a clear, single idea expressed clearly.

    • Founders NotesFounders Notes provides on-demand access to collective wisdom from history's greatest entrepreneurs, giving subscribers a significant edge and compounding tactical advantage over competition.

      Founders Notes, a subscription service that provides key insights and quotes from history's greatest entrepreneurs, can give you a significant edge in your business by providing on-demand access to collective wisdom. I was on my way to a board meeting and in need of leadership insights. I turned to Founders Notes for guidance and was not disappointed. The service provided me with a wealth of quotes and insights from successful entrepreneurs that I was able to use in the board meeting. Moreover, a subscriber shared with me that Founders Notes is giving him a compounding tactical advantage over his competition. If you're investing significant time into listening to entrepreneur podcasts, Founders Notes can make those lessons even more powerful. It's like having a superpower to tap into the collective knowledge of history's greatest entrepreneurs whenever you need it. To access this valuable resource, simply visit foundersnotes.com. In summary, Founders Notes is an essential tool for any entrepreneur looking to gain a competitive edge by learning from the experiences and insights of successful business leaders throughout history. It's a worthwhile investment that can save you time and provide you with actionable insights that you can apply to your own business.

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    Build relationships with other founders, investors, and executives at a Founders Event

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

    Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. 

    Get access to Founders Notes here

    You can also ask SAGE (the Founders Notes AI assistant) any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

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

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

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

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

    (12:00) Control as much of your business as possible. You don’t want to have to worry about what is going on in the other guy’s shop.

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

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

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

    (27:00) Entrepreneurs want to create their own security.

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

    (37:00) Long orders, which require much time to prepare, to read and to understand are the enemies of speed. Napoleon could issue orders of few sentences which clearly expressed his intentions and required little time to issue and to understand.

    (38:00) A Few Lessons for Investors and Managers From Warren Buffett by Warren Buffett and Peter Bevelin. (Founders #202) 

    (41:00) Two principles he repeats:

    Be where the work is happening.

    Get rid of bureaucracy.

    (43:00) Years ago, businessmen automatically kept administrative overhead to an absolute minimum. The present day trend is in exactly the opposite direction. The modern business mania is to build greater and ever greater paper shuffling empires.

    (44:00) Les Schwab Pride In Performance: Keep It Going!by Les Schwab (Founders #330) 

    (46:00) The primary function of management is to obtain results through people.

    (50:00) the truly great leader views reverses, calmly and coolly. He is fully aware that they are bound to occur occasionally and he refuses to be unnerved by them.

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

    (51:00) Don't interrupt the compounding. It’s all about the long term. You should keep a fortress of cash, reinvest in your business, and use debt sparingly. Doing so will help you survive to reap the long-term benefits of your business.

    (54:00) You’ll go much farther if you stop trying to look and act and think like everyone else.

    (55:00) The line that divides majority opinion from mass hysteria is often so fine as to be virtually invisible.

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

    Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. 

    Get access to Founders Notes here

    You can also ask SAGE (the Founders Notes AI assistant) any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

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

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

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

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

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

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

    -They concentrated on expanding

    -They concentrated on making their companies more efficient 

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

    -Always personally involved in their business

    -They know their business down to the ground

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

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

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

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

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

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

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

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

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

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

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

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

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

    Get access to Founders Notes here

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

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

     A few questions I've asked SAGE recently: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

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

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

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

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    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

    #350 How To Sell Like Steve Jobs

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

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

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

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

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

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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    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

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

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

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

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

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

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

    (10:00) Great Advertising Founders Episodes:

    Albert Lasker (Founders #206)

    Claude Hopkins (Founders #170 and #207)

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

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

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

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

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

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

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

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

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

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

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

    (29:00) Marketing is theatre.

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

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

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

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    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

    #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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    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) 

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

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

    Get access to Founders Notes here

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    (1:30) 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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    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?

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

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

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    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

    #238 Jay Z: Decoded

    #238 Jay Z: Decoded

    What I learned from reading Decoded by Jay Z. 

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    [1:39] I would practice from the time I woke in the morning until I went to sleep

    [2:10] Even back then I though I was the best.

    [2:57] Bourdain: The Definitive Oral Biography  (Founders #219)

    [4:32] Belief becomes before ability.

    [5:06] Michael Jordan: The Life (Founders #212)

    [5:46] The public praises people for what they practice in private.

    [7:28]  Lock yourself in a room doing five beats a day for three summers.

    [7:50] Sam Walton: Made In America  (Founders #234)

    [9:50] He was disappointed in the world, so he built one of his own — from Steven Spielberg: A Biography (Founders #209)

    [12:47] The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)

    [13:35] I'm not gonna say that I thought I could get rich from rap, but I could clearly see that it was gonna get bigger before it went away. Way bigger.

    [21:10] Over 20 years into his career and dude ain’t changed. He’s got his own vibe. You gotta love him for that. (Rick Rubin)

    [21:41] Against The Odds: An Autobiography by James Dyson (Founders #200)

    [25:27] I believe you can speak things into existence.

    [27:20] Picking the right market is essential.

    [29:29] All companies that go out of business do so for the same reason – they run out of money. —Don Valentine 

    [29:42] There are two things in business that matter, and you can learn this in two minutes- you don’t have to go to business school for two years: high gross margins and cash flow. The other financial metrics you can forget. —Don Valentine 

    [31:54] I went on the road with Big Daddy Kane for a while. I got an invaluable education watching him perform.

    [33:12] Everything I do I learned from the guys who came before me. —Kobe

    [34:15] I truly hate having discussions about who would win one on one or fans saying you’d beat Michael. I feel like Yo (puts his hands up like stop. Chill.) What you get from me is from him. I don’t get 5 championships without him because he guided me so much and gave me so much great advice.

    [34:50] Steve Jobs: The Exclusive Biography (Founders #214)

    [37:20] This is a classic piece of OG advice. It's amazing how few people actually stick to it.

    [38:04] Nuts!: Southwest Airlines' Crazy Recipe for Business and Personal Success(Founders #56)

    [39:04] The key to staying on top of things is to treat everything like it's your first project.

    [41:10] The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley (Founders #233)

    [44:46] We (Jay Z, Bono, Quincy Jones) ended up trading stories about the pressure we felt even at this point in our lives.

    [45:22] Competition pushes you to become your best self. Jordan said the same thing about Larry Bird and Magic Johnson.

    [46:43] If you got the heart and the brains you can move up quickly. There's no way to quantify all of this on a spreadsheet, but it's the dream of being the exception.

    [52:26] He (Russell Simmons) changed the business style of a whole generation. The whole vibe of startup companies in Silicon Valley with 25 year old CEOs wearing shell toes is Russell's Def Jam style filtered through different industries.

    [54:17] Jay Z’s approach is I'm going to find the smartest people that that know more than I do, and I'm gonna learn everything I can from them.

    [54:49] He (Russell Simmons) knew that the key to success was believing in the quality of your own product enough to make people do business with you on your terms. He knew that great product was the ultimate advantage in competition.

    [55:08] In the end it came down to having a great product and the hustle to move it.

    [56:37] Learn how to build and sell and you will be unstoppable. The Almanack of Naval Ravikant: A Guide to Wealth and Happiness (Founders #191)

    [58:30] We gave those brands a narrative which is one of the reasons anyone buys anything. To own not just a product, but to become part of a story.

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    [1:11:46] Long term success is the ultimate goal.

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    [1:38:45] Hit Men: Power Brokers and Fast Money Inside the Music Business

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    #135 Joseph Pulitzer (Politics & Media)

    #135 Joseph Pulitzer (Politics & Media)

    What I learned from reading Pulitzer: A Life in Politics, Print, and Power by James McGrath Morris.

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    [0:20]  Joseph Pulitzer was the midwife to the birth of the modern mass media. Pulitzer’s lasting achievement was to transform American journalism into a medium of mass consumption and immense influence. 

    [3:04] He was the pioneer of the modern media industry.  

    [5:06] Teddy Roosevelt tried to have Joseph Pulitzer put in jail.  

    [7:11] How one of Pulitzer’s adult sons viewed him: One of the strange differences between us two is the fact that you have never come near learning how to enjoy life. 

    [9:42] Joseph favored reading works of history and biography.  

    [10:12] Joseph understood fully the extent of the calamity [his father’s death]. He had been 9 years old when his older brother died, 10 when his younger brother and sister died, 11 when his father died, and 13 at the death of his last sister. 

    [11:50] At 17 years old Joseph escapes to America. A group of wealthy Boston businessmen recruit thousands of young Europeans to fight for the Union in the American Civil War. This scheme became Pulitzer’s escape route. 

    [13:18] Describing how he came to the United States: He was friendless, homeless, tongueless, and guideless.  

    [14:05]  One of the places he slept when he was homeless was in the lobby of a hotel. They kept kicking him out. Later in life he buys the hotel. 

    [14:44] What he said about his job of tending mules: Never in my life did I have a more trying task. The man who has not cared for 16 mules does not know what work and trouble are.  

    [15:18] Pulitzer was a voracious reader. When he was not working he spent every free minute improving his mind.  

    [17:12]  Edwin Land said, "Anything worth doing is worth doing to excess". Joseph Pulitzer would have agreed with that. 

    [19:15]He was so industrious that he became a positive annoyance to others who felt less inclined to work. Pulitzer was unwilling to put forward anything but his best effort. 

    [25:10] In only 5 years he had grown from a bounty hunting Hungarian teenager to an American lawmaker.  

    [28:54] There are only two or three human stories and they go on repeating themselves as fiercely as if they have never happened before.  

    [38:10] He is 30 years old and depressed. In the best of circumstances the loss of one’s only surviving parent inspires self-reflection, for Joseph with no specific profession or even a home, such introspection was demoralizing.  

    [40:45] It is hard to understand how much money newspapers made, especially at this time. William Randolph Hearst’s net worth would be the equivalent of $30 billion today.  

    [48:34] One did not work with Pulitzer. For him, surely. Against him, often. But not with him.  

    [51:44] Pulitzer was extremely ambitious. He was not satisfied to be the 500th best newspaper. He wanted to be number 1.  

    [1:06:20] When we think that, a hundred years hence, not one of us now living will be alive to care or to know, to enjoy or to suffer, what does it all amount to? To a puff of smoke which makes a few rings and then disappears into nothingness and yet we make tragedies of our lives, most of us not even making them serious comedies. 

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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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    #239 The Wright Brothers

    #239 The Wright Brothers

    What I learned from rereading The Wright Brothers by David McCullough.

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    [3:40] Relentlessly Resourceful by Paul Graham

    [4:11] If I were running a startup, this would be the phrase I'd tape to the mirror. "Make something people want" is the destination, but "Be relentlessly resourceful" is how you get there.

    [5:35] Everybody engaged in complicated work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing. —Charlie Munger

    [6:44] No bird soars in a calm.

    [10:30] Neither ever chose to be anything other than himself.

    [11:36] Wilbur was a little bothered by what others might be thinking or saying.

    [11:46] What the two had in common above all was a unity of purpose and unyielding determination.

    [15:09] Every mind should be true to itself —should think, investigate and conclude for itself.

    [17:53] My Life in Advertising (Founders #170)

    [19:33] Overdrive: Bill Gates and the Race to Control Cyberspace (Founders #174)

    [19:39] Hard Drive: Bill Gates and the Making of the Microsoft Empire (Founders #140)

    [23:56] I wish to avail myself of all that is already known.

    [30:32] Like the inspiring lectures of a great professor, the book had opened his eyes and started him thinking in ways he never had.

    [34:29] In no way did any of this discourage or deter Wilbur and Orville Wright, any more than the fact that they had had no college education, no formal technical training, no experience working with anyone other than themselves, no friends in high places, no financial backers, no government subsidies, and little money of their own. Or the entirely real possibility that at some point, like Otto Lilienthal, they could be killed.

    [36:07] When once this idea has invaded the brain it possesses it exclusively.

    [38:23] I’ve never found anybody that didn’t want to help me if I asked them for help. I called up Bill Hewlett when I was 12 years old. He answered the phone himself. I told him I wanted to build a frequency counter. I asked if he had any spare parts I could have. He laughed. He gave me the parts. And he gave me a summer job at HP working on the assembly line putting together frequency counters. I have never found anyone who said no, or hung up the phone. I just ask. Most people never pick up the phone and call. And that is what separates the people who do things, versus the people who just dream about them. You have to act. —Steve Jobs

    [41:47] You wanted to start a company. You knew that it was going to be hard. What are you complaining for?

    [42:17] Jay Z: Decoded (Founders #238)

    [42:56] They had their whole heart and soul in what they were doing.

    [46:28] You should follow your energy.

    [53:49] The Wright brothers have blinders on mentality. They don't care what other people say. They just say I'm working at this. I don't care what other people think.

    [54:16] The brothers proceeded entirely on their own and in their own way.

    [58:21] This is the blueprint they are using: Test. Iterate. Test. Iterate. Work long hours. Concentrate and ignore the naysayers.

    [1:00:31] Wilbur was always ready to jump into an argument with both sleeves rolled up. He believed in a good scrap. He believed it brought out new ways of looking at things and helped round off corners.

    [1:00:57] Amazon Unbound: Jeff Bezos and the Invention of a Global Empire (Founders #180)

    [1:02:26] Pour gasoline on promising sparks.

    [1:04:14] It is very bad policy to ask one flying machine man, about the experiments of another, because every flying machine man thinks that his method is the correct one.

    [1:08:46] Stephen King On Writing: A Memoir of the Craft (Founders #210)

    [1:10:26] They were always thinking of the next thing to do. They didn't waste much time worrying about the past.

    [1:11:05] 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. — Driven From Within (Founders #213)

    [1:12:56] They would have to learn to accommodate themselves to the circumstances.

    [1:20:42] The best dividends on labor invested have invariably come from seeking more knowledge rather than more power.

    [1:27:37] He went his way always in his own way.

    [1:31:45] A man who works for the immediate present and its immediate rewards is nothing but a fool.

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

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

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

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

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

    [8:50] Business lessons from his father  

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

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

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

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

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

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

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

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

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

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

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

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

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

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