

#59 Howard Hughes: The Definitive Biography of the First American Billionaire
37 snips Feb 11, 2019
AI Snips
Chapters
Transcript
Episode notes
Hughes Sr.'s Success
- Howard Hughes Sr., after many failures, invented a revolutionary drill bit.
- This bit, leased instead of sold, became the foundation of Hughes Tool Company.
The Pickaxe Strategy
- In a gold rush, sell pickaxes; in an oil boom, sell drills.
- Hughes Sr.'s leasing model, providing maintenance and sharpening, maximized profits.
Hughes Jr.'s First Ventures
- Young Howard Hughes Jr. discovered his passion for aviation after a seaplane ride with his father.
- He later built a primitive motorcycle, charging five cents a ride, demonstrating early entrepreneurial spirit.