Podcast Notes Playlist: Business Ed Stack: Lessons from Dick’s Sporting Goods [Outliers]
Key Takeaways
- Ignorance can be a superpower; sometimes knowing too much kills action
- As an entrepreneur, the moment that you think you have it figured out, that is when your business starts to die
- The best insights often come not from getting what you want, but from watching closely when you don’t
- Never put yourself in a position to need the kindness of strangers
- The day you stop fearing competition is the day that competition stops fearing you
- Know who the decision-maker is; if you are in a big meeting and someone is sitting off in the corner in a suit, that’s probably the person you have to convince
- The most profitable decision on a spreadsheet can be the worst decision for a business: when the data point and anecdote differ, the anecdote is often right
- Every business that you see is the result of someone’s irrational dedication
- The outliers know every detail of their company; they do not make decisions nor operate from the spreadsheet
- Become someone people want to root for: Understand what you must do and how you approach life so that other people want you to succeed; having people rooting for your success is a powerful tailwind
- Most people explain away failure; the best dissect it like surgeons – the precision of your diagnosis proves the depth of your understanding
- What you get out of any effort is directly proportional to the effort that you put into it
Read the full notes @ podcastnotes.org
Ed Stack built Dick’s Sporting Goods from a struggling family store into an empire of more than 800 stores and billions in sales.
Along the way he nearly lost everything. Multiple times. This episode is the story of what he did, how he did it, and the lessons you can learn.
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Chapters:
(00:00) Introduction
(02:48) Part 1: A Cookie Jar and a Cage
(20:56) Part 2: Battle for Control
(37:09) Part 3: The Race to Survive
(46:39) Part 4: The Devil's Bargain
(1:03:27) Part 5: Epilogue
(1:06:10) Reflections + Lessons
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