#293: Ray Kroc (The Making of McDonald's)

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Mar 6, 2023

Explore the inspiring journey of Ray Kroc and his pivotal role in transforming McDonald's into a global phenomenon. Discover how he overcame personal challenges to seize a unique restaurant concept and shape it with simplicity and effectiveness. Delve into the importance of strategic shifts and persistence in achieving success. The episode also highlights the interplay between dreams and actions, emphasizing Kroc's belief that work can be play, and how a vision can lead to groundbreaking innovations.

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ANECDOTE

Ray Kroc and Walt Disney in WWI

Ray Kroc lied about his age to become a Red Cross ambulance driver during World War I.
One of his fellow ambulance drivers, also having lied about his age, was Walt Disney.

ADVICE

Focus on One Thing

Focus all your energy on one thing at a time.
Avoid multitasking and dedicate yourself fully to your chosen pursuit.

ANECDOTE

Kroc's Father's Loss

Ray Kroc's father died from a cerebral hemorrhage after losing everything in the real estate market crash.
This event fueled Kroc's drive for financial success.

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Grinding It Out: The Making of McDonald's

Ray Kroc

In 'Grinding It Out: The Making of McDonald's,' Ray Kroc shares his personal and professional story of how he discovered the McDonald brothers' efficient fast-food operation in San Bernardino, California, and subsequently turned it into an international success. The book chronicles Kroc's career, from his early days as a salesman to his late-in-life entrepreneurial venture with McDonald's. It highlights his perseverance, business acumen, and the challenges he faced in expanding the franchise. Kroc also discusses his personal life and the impact of his business decisions on his relationships and health. The memoir is a blend of business insights, personal anecdotes, and the story of how McDonald's became a global brand[2][3][5].

Hard Drive

Bill Gates and the Making of the Microsoft Empire

Jim Erickson

James Wallace

This book is a detailed exposé of Bill Gates' life and the early days of Microsoft. The authors follow Gates from his childhood as an unkempt thirteen-year-old computer hacker to his present-day status as the most powerful and feared player in the computer industry. The book provides a balanced analysis of Gates' business triumphs and his driven personality, including his singular accomplishments, brattiness, arrogance, and hostility. It also delves into the intense atmosphere at Microsoft, the company's strategic positioning, and key events such as the partnership with IBM and the development of MS-DOS and Windows[1][3][5].

The invisible billionaire, Daniel Ludwig

Jerry Shields

This book delves into the life and career of Daniel Ludwig, revealing his astute business strategies and resilience that shaped his incredible entrepreneurial journey. It covers his business ventures from the Prohibition era to his significant investments, including the purchase of four million acres of Brazilian jungle. The biography provides insights into Ludwig's business acumen and his impact on various industries.

Francis Ford Coppola

A Filmmaker's Life

Michael Schumacher

This book provides a detailed account of Francis Ford Coppola's life and career, covering his early years, his apprenticeship under Roger Corman, and his direction of iconic films such as the Godfather trilogy, Apocalypse Now, and The Conversation. It explores his successes and failures, including the challenges faced during the filming of Apocalypse Now and the impact of personal crises on his work. The biography is based on extensive access to Coppola's friends, critics, peers, casts, and crews, offering a complete picture of this complex and conflicted cinematic genius.

The essays of Warren Buffett

Lessons for Corporate America

Warren Buffett

This book is a comprehensive collection of Warren Buffett's annual letters to Berkshire Hathaway shareholders, edited by Lawrence A. Cunningham. It provides valuable insights into Buffett's investment philosophy, corporate management, and business strategies. The letters are organized into thematic chapters, making it easier for readers to understand Buffett's views on various topics such as value investing, executive compensation, and market fluctuations. The book is praised for its clarity, wisdom, and practical advice, making it a definitive source for understanding Buffett's approach to business and investing.

John D.: The Founding Father of the Rockefellers

David Freeman Hawke

This biography, the first to make use of materials in the Rockefeller Archives, delves into the life of John D. Rockefeller, exploring his rise to becoming the richest man in the world. It examines his business practices, personal values, and the contradictions of his character, such as his aversion to losing money and his generosity in giving it away. The book provides a comprehensive look at Rockefeller's role in the oil industry and his impact on corporate history.

Titan

The Life of John D. Rockefeller, Sr.

Ron Chernow

This biography by Ron Chernow provides an in-depth look at John D. Rockefeller, Sr., the founder of Standard Oil and one of the most influential figures in American history. Drawing on unprecedented access to Rockefeller’s private papers, Chernow reconstructs Rockefeller’s troubled origins, his single-minded pursuit of wealth, and his profound religiosity. The book also delves into Rockefeller’s philanthropic efforts, including his generous donations to the Rockefeller Foundation, the University of Chicago, and Rockefeller University. Chernow’s narrative synthesizes Rockefeller’s public and private lives, revealing a complex and multifaceted individual who was both a ruthless businessman and a devoted philanthropist. The book captures a pivotal moment in American history, documenting the post-Civil War shift from small businesses to giant corporations and featuring cameos by notable figures such as Ida Tarbell, Andrew Carnegie, and J.P. Morgan.

Ralph Lauren

This book is a large, visually stunning volume that explores Ralph Lauren's life, career, and design philosophy through numerous photographs. It includes insights into his personal life and professional achievements, showcasing his influence on American fashion and design.

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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