#298 I had lunch with Sam Zell
Founders
Lessons from Historical Entrepreneurs and Their Impact on Modern Success
This chapter explores the entrepreneurial journey of James J. Hill, who successfully built a profitable railroad without going bankrupt. It also examines the challenges faced by a modern entrepreneur, drawing insights from Hill's financial wisdom and emphasizing perseverance and value creation in business.
What I learned from having lunch with Sam Zell and reading Zeckendorf: The Autobiography of The man Who Played a Real-Life Game of Monopoly and Won the Largest Real Estate Empire in History by William Zeckendorf.
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Episode Outline:
[27:31] Start of episode on Zeckendorf’s autobiography
[27:44] 26 years of work was now moving down the chute.
[28:36] The secret of any great project is to keep it moving, keep it from losing momentum.
[34:55] If you want to understand the entrepreneur, study the juvenile delinquent. — Let My People Go Surfing: The Education of a Reluctant Businessman by Yvon Chouinard. (Founders #297)
[36:21] Zeckendorf: Revisiting the legacy of a master builder
[45:08] This ruthless industry has created far more bankruptcies than it has billionaires. — Risk Game: Self Portrait of an Entrepreneur by Francis Greenburger. (Founders #243)
[48:49] If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you. — James J. Hill: Empire Builder of the Northwest by Michael P. Malone.
[53:20] I brought energy and drive. I became the chief enthusiast.
[1:08:42] I was also deeply in debt. Never, except for rare moments, have I ever had my head very far above the financial water and never have I Iet this trouble me.
[1:10:51] The importance to me of being on the heights was that in an hour I could achieve what previously would've taken a year or more of effort to perform.
[1:11:13] One way to succeed is by aiding and supporting the position of others through new or ingenious ideas or projects. This usefulness to others is in large part the reason for my own success.
[1:14:44] Am I Being Too Subtle?: Straight Talk From a Business Rebel by Sam Zell. (Founders #269)
[1:15:04] The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders #292)
[1:21:28] The Patriarch: The Remarkable Life and Turbulent Times of Joseph P. Kennedy by David Nasaw
[1:25:52] More businesses die from indigestion than starvation. — The HP Way: How Bill Hewlett and I Built Our Company by David Packard. (Founders #291)
[1:29:23] Wisdom is prevention. –Charlie Munger + Be hard to kill. —Paul Graham (Founders #275)
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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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