Founders

What I learned from reading Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe.

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[16:02] I had a considerable passion to get rich. Not because I wanted Ferraris—I wanted the independence. I desperately wanted it.

[26:49] I met the towering intellectuals in books, not in the classroom, which is natural. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control.

[37:44] He talked about business in a way that was animated and interesting though now I see he was almost broke. I knew he drove an awful car. But I never thought he was anything but a big success. Why did I think that? He just had this air-everything he did was going to be first class, going to be great. He had these enthusiasms for his projects and his future.

[38:48] Charlie drummed in the notion that a person should always "Do the best that you can do. Never tell a lie. If you say you're going to do it, get it done. Nobody gives a shit about an excuse. Leave for the meeting early, Don't be late, but if you are late, don't bother giving people excuses. Just apologize. They're due the apology, but they're not interested in an excuse.”

[42:22] The rabbit runs faster than the fox, because the rabbit is running for his life while the fox is only running for his dinner.

[49:15] He wouldn't accept anything on face value. His interest in almost everything can be so intense, he will have a perspective that others will not have.

[49:29] Do things that other people aren't doing.

[1:07:55] I am a biography nut myself and I think when you're trying to teach the great concepts that work, it helps to tie them into the lives and personalities of the people who developed them. I think that you learn economics better if you make Adam Smith your friend. That sounds funny, making friends among the eminent dead, but if you go through life making friends with the emìnent dead who had the right ideas, I thìnk it will work better in life and work better in education. It's way better than just giving the basic concepts.

[1:15:15] It is Charlie's philosophy that a first-rate man should be willing to take at least some difficult jobs with a high chance of failure.

[1:21:28] Though few companies last forever, all of them should be built to last a long time, says Munger. The approach to corporate control should be  thought of as "financial engineering." Just as bridges and airplanes are constructed with a series of back-up systems and redundancies to meet extreme stresses, so too should corporations be built to withstand the pressures from competition, recessions, oil shocks, or other calamities. Excess leverage, or debt, makes the corporation especially vulnerable to such storms. It is a crime in to build a weak bridge. How much nobler is it to build a weak company?

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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com

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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

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What I learned from reading Enzo Ferrari: The Man and the Machine by Brock Yates.

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[0:01] Editorial writers around the world groped for words to express what Enzo Ferrari had meant. Many tried to describe him as an automotive pioneer, which he was not; others called him a great racing driver and engineer, which he was not. He was, however, exactly what he had repeatedly said he was: an agitator of men. And he remained true to his credo to the day he died.

[0:43] If there was one essential quality about the man it was his ironbound tenacity, his fierce devotion to the single cause of winning automobile races with cars bearing his name. For nearly sixty years, hardly a day passed when this thought was not foremost in his mind. Win or lose, he unfailingly answered the bell. In that sense his devotion to his own self-described mission was without precedent. For that alone he towered over his peers.

[44:26] Enzo Ferrari was a man with a diamond-hard will to win at all costs.

[45:08] If they were to survive, it would be thanks to their wits and their ability to play the ancient game of life. Few men understood this game better than Ferrari.

[48:49] Enzo Ferrari was born with simple tastes, and even after he became rich and prominent, he retained the ways of a simple, uncluttered man. During the 1930s, when every ounce of his energies and every lira in his pocket were being plowed back into the business, he lived a modest, frugal life.

[1:05:50] It is often said that his greatest skill was his ability to recognize talent.

[1:06:13] Ferrari appeared to be happier when he was losing, which jibes with mechanics' observations that the race shop on Monday was more serene following a defeat than a victory. But why? Was not winning the central object of the exercise? Ferrari explained: “There is always something to learn. One never stops learning. Particularly when one is losing. When one loses one knows what has to be done. When one wins one is never sure.”

[1:08:08] The source of much of Ferrari's success over the years was not technological brilliance or tactical cleverness, but dogged, gritty, unfailing persistence in competing—a willingness to appear at the line no matter what the odds and run as hard as possible.

[1:15:44] Those who knew him best understood that Enzo Ferrari would never retire. There was little else in his life besides automobile racing. It was that simple.

[1:19:34] His view of racing remained constant; the event itself was essentially meaningless. For him the stimulation came in the planning and preparation, in the creation of the machines, in the  organization of the human beings who would man the team.

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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com

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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

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What I learned from reading Bourdain: The Definitive Oral Biography by Laurie Woolever.

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[28:32] All the energy he'd put into trying to destroy himself, he put that into building himself back up. All that negative energy became something else. He became so serious, and so driven and focused. He worked really hard. It takes a lot of determination to wake up early in the morning and write, and then go to a job in the kitchen, and come home at god knows what hour, and get up the next morning and do it again. He was a fiend. One time, he said about his disciplined writing regimen, "Such was my lust to see my name in print." He threw himself into his work in a manner that I found astonishing.

[41:17] He gave me really good advice: "Stay public. You gotta promote, promote, promote, or it all dies. You just gotta be out there all the time." Tony embraced that.

[56:17] He proceeded to tell everyone to ignore the network. He said, "Completely ignore everything they're saying about music, about story, about shots. Let me deal with it all. I'm gonna make the show I want to make, across all fronts.” I had already been editing for ten years, and this was the first time I'd heard anything like this. Everyone is always just trying to make the network happy.

[1:01:51] The line between Tony and the show was very thin, if it existed at all.

[1:07:07] This life isn't a greenroom for something else. He went for it.

[1:20:50] He demanded excellence, and he never settled for shit. He just wanted the show to be the greatest thing ever, all the time.

[1:22:48] It was his life's work, and he never slacked.

[1:34:56] Tony gorged himself on being alive.

[1:46:13] The world is not better off with him not here. It's just not.

[1:45:46] I liked him better when he was just kind of living his best life and looking in the rearview mirror like he stole something. This beautiful life that he had, something people would dream of, and no one else could do it but him. A "slit my wrist" love story is just the shittiest ending to it all.

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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com

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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 My Turn: A Life of Total Football by Johan Cruyff.

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[0:01] I always say you play football with your head; you just use your legs to run.

[1:09] I'm not capable of doing something at a low level.

[8:45] I'm definitely cunning. I'm always on the lookout for the best advantage.

[13:16] To be able to touch the ball perfectly once, you need to have touched it a hundred thousand times in training.

[14:00] My father died in 1959, when he was forty-five and I was twelve. His death has never let go of me.

[21:07] Winning was the consequence of the process that we had concentrated on.

[45:30] It doesn't work without full commitment.

[55:17] The experiences I have been through have given me a vast store of knowledge that needs to be shared so that others can profit from my experiences.

[56:09] I've led a full life and can look back on it the way you're supposed to. It's been so incredibly intense that I feel like I've lived for a hundred years.

[56:21] A setback is probably a sign that you need to make some adjustments. If you learn to think that way, all experiences are translated into something positive.

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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 Estée Lauder: A Success Story by Estée Lauder. 

Watch Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love by Bill Gurley.

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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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[21:14] I sometimes wonder if I had set my heart on selling tassels, cars, furniture, or anything else but beauty, would I have risen to the top of a profession? Somehow I doubt it. I believed in my product. I loved my product.

[32:07] Risk taking is the cornerstone of empires. No one ever became a success without taking chances.

[39:24] I was single-minded in the pursuit of my dream.

[44:38] Despite all the naysayers, there was never a single moment when I considered giving up. That was simply not a viable alternative.

[55:59] We took the money we had planned to use on advertising and invested it instead in enough material to give away large quantities of our products.

[1:02:20] Never underestimate the value of an ally. Today they call it networking—this sharing between colleagues. It is one of the most powerful tools in the business.

[1:12:22] It's not enough to have the most wonderful product in the world. You must be able to sell it.

[1:15:03] Love your career or else find another.

[1:19:05] Visualize. If in your mind's eye you see a successful venture, a deal made, a profit accomplished, it has a superb chance of actually happening. Projecting your mind into a successful situation is the most powerful means to achieve goals. If you spend time with pictures of failure in your mind, you will orchestrate failure. Countless times, before the event, I have pictured a heroic sale to a large department store every step of the  way and the picture in my mind became a reality. I've visualized success, then created the reality from the image. Great athletes, business people, inventors, and achievers from all walks of life seem to know this secret.

[1:21:34] I've always believed that if you stick to a thought and carefully avoid distraction along the way, you can fulfill a dream. I kept my eye on the target. I've never allowed my eye to leave the particular target of the moment. 

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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 Authentic: A Memoir by the Founder of Vans by Paul Van Doren. 

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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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The way we deal with hardship is our legacy. You can accept defeat, or you can overcome it.

Quitting Randy's had probably been the biggest stroke of luck in my life. Opportunity is a strange beast.

Whenever a situation went sideways and things looked dire, I always called up my one superpower: focus.

I believe honest self-evaluation and the ability to listen to others has been one of my greatest strengths, one that has served me well over the years. If someone had a better idea than mine, of course I would adopt that. I really didn’t care if I didn’t get credit. I didn’t need credit; I needed success.

The very best thing that occurred during that first decade of Vans was that we truly became a family business. Without exception, family has always been the most important thing in my life.

Most of the kids in the early skater crews came from single-parent households, from the wrong side of the tracks. They were idiosyncratic, creative, independent—they were seen as the “freaks” of the sport. In so many ways, they were our people.

If you do something no one else can do, or do something better than most, the odds are in your favor for success.

Shit happens—it really does. Letting yourself get stuck in it doesn’t do any good. Acknowledge it and then move on. Don’t let it weigh you down—just cope. Tackling things in a positive way will help you succeed more often than not. Shit happens: these two words fully acknowledge the difficulties in life, but you can put them firmly in the rearview mirror, without letting them mess with your head or your path in life.

To me, the more critical the situation, the better I’ll perform. I don’t create clutch situations just to feel the rush—I’d prefer to eliminate risk than encourage it—but I for one have always found defeat intoxicating, especially when it's someone else's. And when it's mine, I can’t say it's ever done anything but make me think smarter and behave differently, even courageously. Hell, it's only after I lost something or when something didn’t go my way that I was afforded the opportunity to shine.

I’ve learned that what makes a successful entrepreneur is the same thing that makes a good skateboarder or good surfer: you need grit and determination to get back up every time you’re knocked off the board.

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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

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What I learned from reading The General and the Genius: Groves and Oppenheimer—The Unlikely Partnership that Built the Atom Bomb by James Kunetka. 

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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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It is clear that nothing short of a full-speed, all-out attempt would be worthwhile.

Once Leslie Groves accepted his new assignment, he embraced it completely. From his appointment in September 1942 until the end of the war, he worked at full speed, often fourteen hours a day or more. His remarkable energy and stamina frequently exhausted those who worked and traveled with him.

Groves's style was to delegate whatever he could and then put the screws to the delegees. He was a taskmaster.

The instructions to the project were that any individual in the project who felt that the ultimate completion was going to be delayed by as much as a day by something that was happening, it was his duty to report it direct to me. Urgency was on us right from the start.

When Marshall asked him if he ever praised anyone for a job well done, Groves said no. "I don't believe in it. No matter how well something is being done, it can always be done better and faster.”

Oppenheimer insisted that Los Alamos should have one director. He had learned enough about management from studying Groves to believe that while consensus was important, an organization needed a single leader.

The dual approaches reflected Groves's belief in pursuing multiple solutions to a problem until the problem is solved. 

In a frank assessment of his boss after the war, he called him, "the biggest S.O.B. I have ever worked for. He is the most demanding. He is the most critical. He is always a driver, never a praiser. He is abrasive and sarcastic. He disregards all normal organizational channels. He is extremely intelligent. He has the guts to make timely, difficult decisions. He is the most egotistical man I know. He knows he is right and so sticks by his decision. He abounds with energy and expects everyone to work as hard or even harder than he does. If I had to do my part of the atomic bomb project over again and had the privilege of picking my boss I would pick General Groves."

Groves had a reputation for competence. He was demanding, rough, and sometimes brutal with his staff, intolerant of delay and mental slowness. On the other hand, he never swore, rarely lost his temper, and never raised his voice. He was also prepared to let subordinates disagree if their arguments were sound. He disliked people who groveled.

Groves remained unflappable, accepting the unanticipated as normal.

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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 Steve Jobs: The Exclusive Biography by Walter Isaacson. 

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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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1. He had the attitude that he could do anything, and therefore so can you.

2. He refused to accept automatically received truths, and he wanted to examine everything himself.

3. Picasso had a saying—‘good artists copy, great artists steal’—and we have always been shameless about stealing great ideas.

4. Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything—all external expectations, all pride, all fear of embarrassment or failure—these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.

5. The way we're running the company, the product design, the advertising, it all comes down to this: Let's make it simple. Really simple.

6. Jobs’s intensity was also evident in his ability to focus. He would set priorities, aim his laser attention on them, and filter out distractions.

7. The thing that struck me was his intensity. Whatever he was interested in he would generally carry to an irrational extreme.

8. One of Jobs's talents was spotting markets that were filled with second-rate products.

9. Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They're not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can't do is ignore them. Because they change things. They push the human race forward. And while some may see them as crazy ones, we see genius. Because the people who are crazy enough to think they can change the world are the ones who do.

10. His mind was never a captive of reality. He possessed an epic sense of possibility. He looked at things from the standpoint of perfection.

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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 Driven From Within by Michael Jordan and Mark Vancil. 

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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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[4:55] Players who practice hard when no one is paying attention play well when everyone is watching.

[9:47] It's hard, but it's fair. I live by those words. 

[12:49] 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.

[24:00] You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. 

[24:26] 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. 

[37:01] I knew going against the grain was just part of the process.

[53:20] 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.

[57:41] I would wake up in the morning thinking: How am I going to attack today?

[1:06:04] 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.

[1:06:22] 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 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 Michael Jordan: The Life by Roland Lazenby.

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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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[5:07] His competence was exceeded only by his confidence.

[5:58] He worked at the game, and if he wasn't good at something, he had the motivation to be the best at it.

[6:33] It seemed that he discovered the secret quite early in his competitive life: the more pressure he heaped on himself, the greater his ability to rise to the occasion.

[14:06] At each step along his path, others would express amazement at how hard he competed. At every level, he was driven as if he were pursuing something that others couldn't see.

[16:10] Whenever I was working out and got tired and figured I ought to stop, I'd close my eyes and see that list in the locker room without my name on it, and that got me going again.

[19:29] Jordan could sense immediately that he had something the others didn't.

[59:53] The Jordan Rules succeeded against the Bulls so well that they became textbook for guarding athletic scorers. The scheme helped Detroit win two NBA championships, but it also helped in the long run, by forcing Jordan to find an answer. "I think that 'Jordan Rules' defense, as much as anything else, played a part in the making of Michael Jordan," Tex Winter said.

[1:16:35] Jordan had been surprised to learn how lazy many of his Olympic teammates were about practice, how they were deceiving themselves about what the game required.

[1:19:56] I have always liked practice and I hate to miss it. When you miss that one day, you feel like you missed a lot. You take extra work to make up for that one day. I've always been a practice player. I believe in it.

[1:29:47] Jordan presented a singleness of purpose that was hard to dent.

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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