Founders

David Rosenthal and Ben Gilbert — of the Acquired podcast — invited me to San Francisco for a discussion on our mutual obsession: spending every waking hour studying the history of entrepreneurship and sharing those lessons on our podcasts. 

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This episode is brought to you by: Tiny: Tiny is the easiest way to sell your business. Tiny provides quick and straightforward exits for Founders. Get in touch with Tiny by emailing [email protected]. 

[3:00] David’s time with Charlie Munger

[5:30] Henry Flagler after Standard Oil

[8:30] What makes a great biography, and how to capture all sides of complex characters?

[11:00] Studying history is a form of leverage to achieve success

[13:00] How do we figure out what the true story is for an episode we're doing?

[20:30] Silicon Valley should focus more on durability than growth

[21:30] How David got into reading biographies and podcasting

[25:40] What were each of their influences before starting Acquired and Founders?

[35:30] How to suck less over time

[37:30] What motivates, Ben, David, and David to get better?

[45:00] Dead ends: business model changes, paid podcasts, changing the name to “Adapting”, and Senra's “Autotelic”

[51:30] “You’re not advertising to a standing army, you’re advertising to a moving parade”

[56:00] Comparison of podcasting business models

[1:00:10] Senra’s insane Readwise "healthy twitter" habit

[1:04:30] Is it possible for the ultra-wealthy not to mess up their kids?

[1:14:30] The fleeting moments you get to spend with your kids

[1:17:00] The value of building relationships with best-in-class peers

[1:19:30] How the book publishing industry works

[1:28:45] How to differentiate yourself as an investor in 2023?

[1:38:30] The greatest historical examples as content marketing

[2:02:00] The best businesses are cults (and Senra starts one on the episode)

[2:07:00] Senra gives feedback to Ben and David on Acquired episode format

[2:15:30] Steve Jobs’ 1997 product matrix

[2:17:00] The moral imperative to market products that help people

[2:23:00] Ray Kroc and Steve Jobs: deeply flawed founders

[2:23:30] The founders we idolize are world-builders

[2:28:00] When yachts and jets are underpriced assets

[2:32:00] How to compete when money is cheap vs. when there are real interest rates

[2:39:30] When Ben and David have fixed broken episodes in post-production

[2:44:30] Why masters of craft are so interesting to study

[2:45:30] Should you listen to advice?

[2:51:00] David’s first job detailing cars

[2:52:30] The Cuban experience immigrating to Miami

[3:01:00] College entrepreneurship programs

[3:04:00] Ben’s experience learning UNIX as a kid

[3:08:30] David remembers Tim Ferriss guest lecturing in college

If you have scrolled this far and still haven't followed Acquired in your podcast player please do so 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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What I learned from reading The Taste of Luxury: Bernard Arnault and the Moet-Hennessy Louis Vuitton Story by Nadege Forestier and Nazanine Ravai.

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[1:16] I am the boss. I shall be here on Monday morning and I shall be running the company in person.

[4:30] The Taste of Luxury: Bernard Arnault and the Moet-Hennessy Louis Vuitton Story by Nadege Forestier and Nazanine Ravai

[5:01] I highly recommend listening to Acquired’s episode on LVMH. It is excellent.

[5:16] Business Breakdowns episode LVMH: The Wolf in Cashmere’s Conglomerate

[6:16] Napoleon: A Concise Biography by David Bell. (Founders #294)

[6:18] Mind of Napoleon: A Selection of His Written and Spoken Words by Napoleon and J. Christopher Herold.

[7:20] 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. — Driven From Within by Michael Jordan (Founders #213)

[9:00] “I am very competitive. I always want to win.” —Bernard Arnault

[10:39] What I'm interested is in doing.

[11:43] He believed in extreme discretion.

[11:56] I Had Dinner With Charlie Munger (Founders #295)

[16:17] Beneath his civilized appearance there lurked the spirit of an adventurer. He wanted more.

[17:45] He wanted to go far. He had an iron will. At a laboriously won tennis match he said “I may lose once but I never lose twice.” —Bernard Arnault

[19:45] Problems are just opportunities in work clothes.

[23:30] Arnault remained inflexible. He wanted control. There was no question of his becoming the Willots’ partner.

[24:15] Far from discouraging him, this consensus of opinion (that this would lead to failure) acted as a stimulus.

[24:25] “I remember people telling me, it does not make sense to put together so many brands. And it was a success, it was a recognized success, and for the last 10 years now, every competitor is trying to imitate. I think they are not successful, but they try.” —Bernard Arnault

[30:43] “In business, I think the most important thing is to position yourself for long-term and not be too impatient, which I am by nature, and I have to control myself.” —Bernard Arnault

[33:35] He had such an appetite for victory and such a capacity for work that he was bound to succeed.

[35:26] “People think of politicians having true power, but that’s less and less true. After all, they are often constrained or being edged into a corner by a whole series of contingencies ... I’m lucky in that I can say, ‘I want my group to be in such and such a situation in 10 or 20 years’ time’ and then formulate a plan to make that happen.” –Bernard Arnault

[42:37] Those on the margins often come to control the center.

[43:10] Invest Like the Best episode Doug Leone —Lessons From A Titan

[48:31] Difference for the sake of it. In everything. Because it must be better. From the moment the idea strikes, to the running of the business. Difference, and retention of total control. — Against The Odds: An Autobiography by James Dyson (Founders #200)

[1:01:20] My relationship to luxury goods is really very rational. It is the only area in which it is possible to make luxury profit margins.

[1:02:45] Arnault wants to take power everywhere and immediately.

[1:07:40] Arnault is an iron fist in an iron glove.

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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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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes 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

What I learned from having dinner with Charlie Munger and rereading The Tao of Charlie Munger.

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(5:45) The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.

(8:48) He has never forgotten the importance of having friends in high places.

(9:04) Most people systematically undervalue their time. — Peter Thiel

(11:08) Franklin & Washington: The Founding Partnership by Edward Larson. Founders #251)

(12:23) Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Changed America by Les Standiford. (Founders #284)

(15:02) Charlie took the excess capital out of Blue Chip Stamp and invested it in profitable businesses.

(16:56) Charlie started seeing the advantages of investing in better businesses that didn't have big capital requirements and did have lots of free cash that could be reinvested in expanding operations or buying new businesses.

(17:38) Go for great.

(21:33) In everything I’ve done it really pays to go after the best people in the world. —Steve Jobs

(27:15) If you're in a good business just know that it's human nature to mess it up. Don't mess it up. Just stay there and let time do its work.

(27:34) One truly great business will make your unborn grandchildren wealthy.

(28:08) 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)

(34:39) I did not succeed in life by intelligence. I succeeded because I have a long attention span.

(34:54) Charlie Munger on how he made $400 or $500 million by reading Barron’s for 50 years.

(35:11) One of the reasons Charlie and Warren have never worried about anyone mimicking their investment style is because no other institution or individual has the discipline are the patience to wait as long as they can. 

(35:47) Wisdom is prevention.

(36:50) Only play games where you have an edge. — A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)

(38:31) Wise people step on big and growing troubles early.

(44:51) I am continually amazed at the number of people who are presented with an opportunity and pass. There’s your basic dividing line between the people who shoot up in their careers like a rocket ship, and those who don’t — right there. — Marc Andreessen's Blog Archive (Founders #50)

(46:28) The most inspiring biography I’ve read so far: Born of This Land: My Life Story by Chung Ju-yung. (Founders #117)

(47:11) Invest Like The Best #204 Sam Hinkie Find Your People

(42:42) Rober Caro’s Books:

The Power Broker

The Path to Power: The Years of Lyndon Johnson I

Means of Ascent: The Years of Lyndon Johnson II

Master of the Senate: The Years of Lyndon Johnson III

The Passage of Power: The Years of Lyndon Johnson IV

(48:46) We just got after it and we stayed after it. — Sam Walton: Made In America by Sam Walton. (Founders #234)

(52:39) Some brand names own a piece of consumer's minds and they do not have any direct competition.

(55:30) We are individual opportunity driven.

(57:08) Size and market domination can create their own kind of durable competitive advantage.

(56:15) Jony Ive: The Genius Behind Apple's Greatest Products by Leander Kahney. (Founders #178)

(1:01:57) Extreme specialization is the way to succeed. Most people are way better off specializing than trying to understand the world.

(1:04:44) Wise people want to avoid other people who are just total rat poison and there are a lot of them.

(1:05:35) Charlie and I have seen so much of the ordinary in business that we can truly appreciate a virtuoso performance.

(1:09:00) Am I Being Too Subtle?: Straight Talk From a Business Rebel by Sam Zell. (Founders #269)

(1:10:15) Charlie looks at nearly everything through the lens of history. You aren't changing human nature. Things will just keep repeating forever.

(1:13:13) There should be more willingness to take the blows of life as they fall. That's what manhood is, taking life as it falls. Not whining all the time and trying to fix it by whining.

(1:14:40) Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson. (Founders #290)

(1:17:00) Arnold Schwarzenegger autobiographies and episodes:

Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger. (Founders #141)

Arnold: The Education of a Bodybuilder by Arnold Schwarzenegger. (Founders #193)

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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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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes 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

What I learned from reading Napoleon: A Concise Biography by David Bell.

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[3:00] He could think quicker and along more individual and original lines than any of them.

[4:00] John D: The Founding Father of the Rockefellers by David Freeman Hawke. (Founders #254)

[4:14] Miami meetup with Shane Parrish

[7:31] His life was enormously important, endlessly fascinating, and connected to some of the most controversial and constantly reinterpreted events in the world history.

[8:37] Paul Johnson’s books:

Churchill by Paul Johnson. (Founders #225)

Mozart: A Life by Paul Johnson. (Founders #240)

Socrates: A Man for Our Times by Paul Johnson. (Founders #252) 

[10:54] Heroes: From Alexander the Great and Julius Caesar to Churchill and de Gaulle by Paul Johnson. (Founders #226)

[12:20] He knew the importance of actively crafting his image in all available media.

[15:08] Napoleon found comfort and companionship in books

[17:02] The revolution was overturning age old hierarchies and giving worldwide prominence to previously obscure figures.

[17:24] Napoleon was ruthless.

[18:36] Only after that battle did I believe myself to be a superior man. And did the ambition come to me of executing the great things, which so far had been occupying my thoughts only as a fantastic dream.

[20:00] Many are the historical opportunities that have been lost for lack of talent or vision. In Napoleon's case, the man met his hour.

[20:13] He could see in a moment how to maneuver everything for maximum effect.

[21:03] Napoleon was a man of stone and iron.

[26:27] Napoleon was something new and the keenest observers understood it.

[29:06] I wanted to rule the world, who wouldn't have in my place?

[29:26] If papa could see us now.

[29:45] Franklin & Washington: The Founding Partnership by Edward Larson. (Founders #251)

[32:15] You might as well send a cow in pursuit of a rabbit. The Indians were accustomed to these woods.

[35:30] The Empire was increasingly coming to resemble a skyscraper built in haste without a proper foundation.

[35:58] Driven: An Autobiography by Larry Miller. (Founders #168)

[39:24] The key to victory was to plan and pursue a war exactly contrary to what the enemy wants.

[39:49] Hardcore History Ghosts of the Ostfront series

[41:08] The distracted do not beat the focused.

[42:36] Success is never permanent. The same person that built the empire, destroyed it.

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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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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes 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

What I learned from rereading Grinding It Out: The Making of McDonald's by Ray Kroc.

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[2:00] I have always believed that each man makes his own happiness and is responsible for his own problems.

[4:00] I was fascinated by the simplicity and effectiveness of the system they described that night.Each step in producing the limited menu was stripped down to its essence and accomplished with a minimum of effort.

[5:00] When I flew back to Chicago that fateful day in 1954, I had a freshly signed contract with the McDonald brothers in my briefcase. I was a battle-scarred veteran of the business wars, but I was still eager to go into action. I was 52 years old. I had diabetes and incipient arthritis. I had lost my gall bladder and most of my thyroid gland in earlier campaigns. But I was convinced that the best was ahead of me.

[6:00] It’s not what you do it’s how you do it:

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

Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson. (Founders #290)

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

[8:00] I never considered my dreams wasted energy. They were invariably linked to some form of action.

[10:00] For me, work was play.

[13:00] I vowed that this was going to be my only job. I was going to make my living at it and to hell with moonlighting of any kind. I intended to devote every ounce of my energy to selling, and that's exactly what I did.

[14:00] Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)

[20:00] This was the first phase of grinding it out—building my personal monument to capitalism. I paid tribute, in the feudal sense, for many years before I was able to rise with McDonald's on the foundation I had laid.

[21:00] Make every detail perfect and limit the number of details to perfect.

[26:00] I was putting every cent I had and all I could borrow into this project.

[28:00] Perfection is very difficult to achieve and perfection was what I wanted in McDonald's. Everything else was secondary.

[29:00] If my competitor was drowning, I'd put a hose in his mouth.

[44:00] Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)

John D: The Founding Father of the Rockefellers by David Freeman Hawke. (Founders #254)

[47:00] The advertising campaign we put together was a smash hit. It turned Californians into our parking lots as though blindfolds had been removed from their eyes.

[48:00] Authority should go with the job.

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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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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes 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

What I learned from rereading The Invisible Billionaire: Daniel Ludwig by Jerry Shields. 

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[2:00] Obsessed with privacy, Ludwig pays a major public relations firm fat fees to keep his name out of the papers.

[4:00]  An associate speaks of his unlimited ingenuity in dreaming up new ways of doing things.

[5:00] Ludwig’s most notable characteristic, besides his imagination and pertinacity, is a lifelong penchant for keeping his mouth shut.

[5:00] I'm in this business because I like it. I have no other hobbies.

[6:00] Holding strongly to an opinion, purpose, or course of action, stubbornly or annoyingly persistent.

[8:00] Risk Game: Self Portrait of an Entrepreneur by Francis Greenburger (Founders #243)

[10:00] At his peak, he owned more than 200 companies in 50 countries.

[23:00] War makes the demand for Ludwig's products and services skyrocket.

[25:00] Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson. (Founders #290)

[28:00] He did not mellow as he grew richer and older.

[28:00] Some years later, the captain of a Ludwig ship made the extravagant mistake of mailing in a report of several pages held together by a paper clip. He received a sharp rebuke for his prodigality: "We do not pay to send ironmongery by air mail!"

[29:00] Ludwig’s tightfistedness, however, persisted after the Depression, putting him in sharp contrast to such free spenders as Onassis and Niarchos. It also was largely responsible for many of his innovations in the shipbuilding industry.

[29:00] Onassis: An Extravagant Life by Frank Brady. (Founders #211)

[30:00] Ludwig’s ridding his ships of any feature that did not contribute to profits pleased his own obsessive sense of economy and kept him a step ahead of the competition. When someone asked why he didn't put a grand piano aboard his ships, as Stavros Niarchos did, Ludwig snapped, "You can't carry oil in a grand piano."

[31:00] Stay in the game long enough to get lucky.

[32:00] The world is a very malleable place. If you know what you want, and you go for it with maximum energy and drive and passion, the world will often reconfigure itself around you much more quickly and easily than you would think.  The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)

[37:00] The yacht was as much a business craft as any of his tankers and probably earned him more money than any of them.

[40:00] Like the Rockefeller organization, Ludwig had mastered the practice of keeping his money by transferring it from one pocket, one company to another, while appearing to spend it.

[42:00] He had learned something by now. Opportunities exist on the frontiers where most men dare not venture, and it is often the case that the farther the frontier, the greater the opportunity.

[43:00] The way to escape competition is to either do something no one else is doing or do it where no one else is doing it.

[43:00] Much of Ludwig's success was due to his willingness to venture where more timid entrepreneurs dared not go.

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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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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes 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

What I learned from reading The HP Way: How Bill Hewlett and I Built Our Company by David Packard.

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Do our products offer something unique?

Customer satisfaction second to none is the only acceptable goal.

What I learned from rereading Jeff Bezos' Shareholder Letters for the 3rd time (Founders #282)

In Silicon Valley, the ultimate career standard was set by David Packard: start a company in a garage, grow it into the leading innovator in its field, then take it public, then take it into the Fortune 500 (or better yet, the Fortune 50), then become the spokesman for the industry, then go to Washington, and then become an historic global figure. Only Packard had accomplished all of this; he had set the bar, and the Valley had honored his achievement by making him the unofficial "mayor" of Silicon Valley.

—The Intel Trinity: How Robert Noyce, Gordon Moore, and Andy Grove Built the World's Most Important Company by Michael Malone 

Steve Jobs: The Exclusive Biography by Walter Isaacson. (Founders #214)

Gates read the encyclopedia from beginning to end when he was only seven or eight years old. — Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson. (Founders #290)

My father wouldn't let me quit.

Given equally good players and good teamwork, the team with the strongest will to win will prevail.

Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel. (Founders #278)

That was a very important lesson for me —that personal communication was often necessary to back up written instructions.

Insisting On The Impossible: The Life Of Edwin Land by Victor McElheny 

More businesses die from indigestion than starvation.

I found, after much trial and error, that applying steady, gentle pressure from the worked best.

Bill and I knew we didn't want to be a “me too” company merely copying products already on the market.

Netbooks accounted for 20% of the laptop market. But Apple never seriously considered making one. “Netbooks aren’t better than anything,” Steve Jobs said at the time. “They’re just cheap laptops.” Jony proposed that the tablets in his lab could be Apple’s answer to the netbook.

—— Jony Ive: The Genius Behind Apple's Greatest Products by Leander Kahney. (Founders #178)

Gains in quality come from meticulous attention to detail, and every step in the manufacturing process must be done as carefully as possible, not as quickly as possible.

Exponential growth is based on the principle that the state of change is proportional to the level of effort expended.

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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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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

----

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

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

What I learned from rereading Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson.

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Follow one of my favorite podcasts Invest Like The Best and listen to episode 292 The Business of Gaming with Mitch Lasky and 293 David Senra Passion and Pain !

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Gates read the encyclopedia from beginning to end when he was only seven or eight years old.

Gates had an obsessive personality and a compulsive need to be the best.

Everything Bill did, he did to the max. What he did always went well, well beyond everyone else.

You want to maneuver yourself into doing something in which you have an intense interest. —  Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.

Gates devoured everything he could get his hands on concerning computers and how to communicate with them, often teaching himself as he went.

A young man with no money and tons of enthusiasm. — The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli. (Founders #289)

He consumed biographies to understand how the great figures of history thought.

The idea that some people were super successful was interesting. What did they know? What did they do? What drove those kinds of successes?

Idea Man: A Memoir by the Cofounder of Microsoft by Paul Allen. (Founders #44)

“I’m going to make my first million by the time I'm 25.” It was not said as a boast, or even a prediction. He talked about the future as if his success was predestined.

Gates and Allen were convinced the computer industry was about to reach critical mass, and when it exploded it would usher in a technological revolution of astounding magnitude. They were on the threshold of one of those moments when history held its breath... and jumped, as it had done with the development of the car and the airplane. They could either lead the revolution or be swept along by it.

Bill had a monomaniacal quality. He would focus on something and really stick with it. He had a determination to master whatever it was he was doing. Bill was deciding where he was going to put his energy and to hell with what anyone else thought.

Don’t do anything that someone else can do. — Edwin Land

You've got to remember that in those days, the idea that you could own a computer, your own computer, was about as wild as the idea today of owning your own nuclear submarine. It was beyond comprehension.

There would be no unnecessary overhead or extravagant spending habits with Microsoft.

“Pertec kept telling me I was being unreasonable and they could deal with this guy [Gates]. It was like Roosevelt telling Churchill that he could deal with Stalin.

Four years in and Microsoft had only 11 employees.

Gates sustained Microsoft through tireless salesmanship. For several years he alone made the cold calls and haggled, cajoled, browbeat, and harangued the hardware makers of the emerging personal computer industry, convincing them to buy Microsoft's services and products. He was the best kind of salesman there is: he knew the product, and he believed in it. Moreover, he approached every client with the zealotry of a true believer.

When we got up to 30 employees, it was still just me, a secretary, and 28 programmers. I wrote all the checks, answered the mail, took the phone calls.

This might be Bill’s most important decision ever: IBM had talked to Gates about a fixed price for an unlimited number of copies of the software Microsoft licensed to IBM. The longer Gates thought about this proposal the more he became convinced it was bad business. Gates had decided to insist on a royalty arrangement with IBM.

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. 

— Driven From Within by Michael Jordan and Mark Vancil. (Founders #213)

Overdrive: Bill Gates and the Race to Control Cyberspace by James Wallace. (Founders #174)

You can drive great people by making the speed of decision making really slow. Why would great people stay in an organization where they can't get things done? They look around after a while, and they're, like, "Look, I love the mission, but I can't get my job done because our speed of decision making is too slow."

—Invent and Wander: The Collected Writings of Jeff Bezos (Founders #155)

Alexander the Great: The Brief Life and Towering Exploits of History's Greatest Conqueror--As Told By His Original Biographers by Arrian, Plutarch, and Quintus Curtius Rufus. (Founders #232)

Gates was intolerant of distractions.

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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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“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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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

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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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What I learned from reading Ralph Lauren: The Man Behind the Mystique by Jeffrey Trachtenberg.

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[2:01] When I lumped him together with a handful of other designers during casual conversation, he snapped: “Don't put me with those designers. My business is not compared to anybody else's."

[3:00] In practice Ralph Lauren is a tough, intensely ambitious businessman.

[3:00] Ralph has always possessed immense self-confidence; it is central to his character, an asset as valuable as his sense of color, fabric, style.

[4:00] Coco Chanel: The Legend and the Life by Justine Picardie. (Founders #199)

[7:00] Few outsiders understood fully how lucrative the licensing business had become. Ralph would have been a successful designer in his own right. However, he would never have qualified as one of the world's richest men without licensees willing to pay him 5 to 7 percent of sales.

[7:00] His privately held fashion empire was on the brink of bankruptcy. Geffen surmised that the company should be transformed from a manufacturing firm to a design, marketing, and licensing company. "You guys stink at manufacturing," he said. "You need to get out of that business." Instead, Geffen continued, the company needed to focus on what it really knew: how to design and market the Calvin Klein brand name. — The Operator: David Geffen Builds, Buys, and Sells The New Hollywood by Tom King

[14:00] When my customers come to me, they like to cross the threshold of some magic place; they feel a satisfaction that is perhaps a trace vulgar but that delights them: they are privileged characters who are incorporated into our legend. For them this is a far greater pleasure than ordering another suit.” —Coco Chanel, 1935

[16:00] What he lacked in experience he compensated it for an energy and enthusiasm.

[17:00] Differentiation is survival. — Jeff Bezos Jeff Bezos' Shareholder Letters (Founders #282)

[19:00] Mediocrity is always invisible until passion shows up and exposes it.

[22:00] From the beginning I've been aware of the need to sell everybody. — Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys by Joe Coulombe. (Founders #188)

[26:00] Difference for the sake of it. In everything. Because it must be better. From the moment the idea strikes, to the running of the business. Difference, and retention of total control. — Against The Odds: An Autobiography by James Dyson (Founders #200)

[28:00] Made in Japan: Akio Morita and Sony by Akio Morita. (Founders #102)

[32:00] Intransigence is my only weapon. — Charles de Gaulle by Julian Jackson. (Founders #224)

[41:00] It's torture being a partner to somebody you don't want to be a partner with.

[45:00] On a Thursday night he wins an award for best men’s wear designer. The next day he could not meet his payroll.

[49:00] When bills come due, only cash is legal tender. Don't leave home without it. — The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)

[54:00] You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient. — Sam Walton: Made In America by Sam Walton.

[55:00] The thing that set Ralph apart was his single-mindedness of purpose. Everybody else moved from place to place, from trend to trend. He wasn't trendy. He stayed with it. It's the single most important thing about him. To this day there are people walking around saying Ralph Lauren isn't that special, I could have done it. It's the weirdest thing. They couldn't be more wrong. Ralph is the most special guy in the apparel business.

[55:00] Graham Duncan on the Tim Ferriss Show

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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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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes 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