Founders

#59 Howard Hughes: The Definitive Biography of the First American Billionaire

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Feb 11, 2019
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ANECDOTE

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.
INSIGHT

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.
ANECDOTE

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.
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