#360 Robert Kierlin: Founder of Fastenal

794 snips

Aug 12, 2024

Discover how Fastenal transformed from a local shop into a multibillion-dollar powerhouse, thanks to a focus on customer service and dedicated employees. The founder shares insights on the importance of authentic leadership and decentralized decision-making that fosters creativity. Delve into the difference between inspiring teams and traditional management models, and learn the significance of aligning staff goals with company objectives. Plus, get excited about an upcoming event that connects entrepreneurs and investors.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

INSIGHT

Common Goal Focus

Focus on the main goal and avoid unnecessary complexity.
This simple idea is difficult to practice long-term because it goes against human nature.

ANECDOTE

Fastenal's Unlikely Success

Fastenal sells a simple commodity with no product advantage.
Despite this, it achieved a $38 billion market cap through its unique approach.

INSIGHT

Virtuous Cycle of Cost Control

Low operating costs allow higher wages, attracting and retaining talent.
This results in better service, increased revenue, and further cost reduction creating a virtuous cycle.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

The power of Fastenal people

Robert Kierlin

This book details the unconventional business practices and leadership principles that have driven Fastenal's success. It emphasizes the importance of teamwork, common goal solutions, and the unique approach to everyday problem-solving that sets Fastenal apart from other companies. The book is a quick read, just over 100 pages, but is packed with valuable insights for business leaders and those interested in management and leadership[4][5].

Sam Walton

Made in America

John Huey

Sam Walton

In 'Sam Walton: Made in America,' Sam Walton shares his personal and professional journey, from his early life in Kingfisher, Oklahoma, to the founding and expansion of Walmart. The book is a first-person account supplemented by quotes from friends, family, and colleagues. It highlights Walton's core values, such as the importance of hard work, customer satisfaction, and competitive pricing. The autobiography also provides insights into Walton's leadership style, his approach to business, and the lessons he learned throughout his career. The book was published posthumously in 1993 and offers a compelling and inspiring look at the life of one of America's most successful entrepreneurs.

Bloomberg by Bloomberg

Michael Bloomberg

This book offers an intimate look at Michael Bloomberg's life, told in his own candid style. It covers his early Wall Street career, the founding of Bloomberg L.P., and his innovations in financial data and technology. The book also includes his experiences as the mayor of New York City and his philanthropic endeavors. Bloomberg shares lessons from his unique approach to management, emphasizing the importance of customer service, hard work, risk-taking, transparency, and teamwork. The revised and updated edition brings the story into the twenty-first century, reflecting the growth of Bloomberg L.P. and Bloomberg's continued impact on business, politics, and philanthropy.

Les Schwab

Pride in Performance - Keep it Going!

Les Schwab

In this book, Les Schwab shares his life story, from his challenging childhood during the Great Depression to his success in building Les Schwab Tire Centers. The book highlights his business philosophy, which includes empowering and rewarding employees, maintaining a long-term focus, absolute transparency, a win-win culture, continuous innovation, and prioritizing front-line employees. Schwab's memoir also emphasizes his personal mantra, 'Life is hard. Keep it going!' which reflects his determination and resilience in the face of challenges.

Born of This Land: My Life Story

Chung Ju-yung

This book is an English translation of Chung Ju-yung's autobiography, chronicling his life from escaping his home as a young man to establishing the Hyundai Group. It covers his early entrepreneurial ventures, the growth of Hyundai into a global conglomerate, and his role in major infrastructure projects such as the Soyang Dam and the Gyeongbu Expressway. The book also touches on his personal life, his philosophy, and his efforts towards the reunification of Korea, including the notable act of herding 1,001 cows through the Korean Demilitarized Zone to North Korea.

How to Make a Few Billion Dollars

Brad Jacobs

In *How to Make a Few Billion Dollars*, Brad Jacobs shares his mindset and strategies that have driven his remarkable success in corporate America. With over four decades of experience as a CEO and serial entrepreneur, Jacobs distills his business brilliance into a tactical road map. The book covers topics such as rearranging your mindset to achieve enormous goals, turning a healthy fear of failure to your advantage, achieving high-quality M&A without imploding, building an outrageously talented team, catalyzing electric meetings, and transforming a company into a superorganism that outcompetes others. Jacobs emphasizes the importance of humility, compassion, and accountability while pursuing the American Dream.

Sol Price

Retail Revolutionary and Social Innovator

Robert E. Price

This book details the life and legacy of Sol Price, who transformed the retail industry with innovative concepts such as warehouse shopping and membership-based pricing. Starting with his early life and his transition from a successful lawyer to a retail entrepreneur, the book chronicles the establishment of FedMart in 1954 and later the Price Club, which influenced retail giants like Walmart, Kmart, and Costco. It highlights Sol Price's emphasis on ethical business practices, fair employee treatment, and customer-centric policies, as well as his innovative strategies such as self-service shopping, consolidation of merchandise, and low-margin pricing. The book also explores his impact on the retail landscape and his later contributions to gentrification of dilapidated areas[2][4][5].

The Bugatti Story

L'Ebe Bugatti