- Sam Walton (founders #234)
- Hedgehogs watch their basket carefully (Mark Twain) (7m)
- He copied others’ ideas really well (13m)
- First it was women’s underwear business (32m)
- It took 10 years for him to take the discounting idea seriously (33m)
- Buck the system and create little anarchy. Shake things up. (52m)
- Constraints are your friends. Always swim upstream. Out of necessity creation. (52m)
- he put the numbers himself
- just like how singleton signed every check himself
- michael jordan: successful people listenrevisit
- he was never a great strategist, he thrived on change (1h1m)
- not for the short haul, but for building real business (1h6m)
- Pay attention to business and the customer; not to yacht etc (1h11m)
- relate with Michael Jordan
- Be serious operator in it for the long haul, disciplined financial philosophy, growth in mind, have the longest view in the room (1h19m)
- you just need one good business
- No schedule (1h23m)
- Don’t put artificial limit. If you put it it’ll spread. (1h26m)
- TAM (total adjustable market), you are inventing it (peloton CEO) (1h28m)revisit
- No excess people (1h28m)
- There’s no speed limit; he had no patience (1h30m)
- Cutting cost and being efficient is good for customer and helps you survive (1h40m)
- Controlling logistics pays (1h43m)
- relate with UPS founder episoderevisit
- Think small, grow big (1h45m)
- sam walton (founders #354)
- munger says to focus on one or few variables
- and sam walton is the example
- do not confuse the simple idea with the ordinary person
- relate with association note
- Determination >>> intellect
- Be the smartest at where you compete
- JCPenney, customer satisfaction.
- Undercapitalized meant many things were created out of necessity.
- Businesses were in the small towns.
- Actions express priority.
- Repeat what works (28m)
- He just copied the discounting idea.
- Irwin Chase (Ann & Hope). Another guy did the same (K-Mart).
- Understand the incentives of the people you are trying to sell your product to
- Walmart had the shortest number of characters.
- It had the lowest cost to sales ratio across the industries.
- David Glass.
- Always exceed the expectation of the customer.
- Walmart and IBM mainframes (1979). Instant communication. (57m)