Founders
Episode 96 #96 James J. Hill (Empire Builder of the Northwest)
Founders

Episode 96: #96 James J. Hill (Empire Builder of the Northwest)

Founders

Episode 96

#96 James J. Hill (Empire Builder of the Northwest)

David Senra is the host of Founders, where he studies history's greatest entrepreneurs. This is what he learned from reading James J. Hill: Empire Builder of the Northwest by Michael P. Malone.

What I learned from reading James J. Hill: Empire Builder of the Northwest by Michael P. Malone.

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James J. Hill demonstrates the impact one willful individual can have on the course of history [1:00]

If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you. –James J. Hill [3:30]

Early life and education [7:58]

What James Hill learned from history: The power of one dynamic individual [9:09]

Hill strikes out for adventure [10:48]

Hill makes it a priority to seek out mentors to learn from [14:44]

Starting his first business [18:22]

Hill’s strategies on building businesses & insights into his business philosophy [21:50]

Hill’s edge: An obsession with knowing every detail of his business [29:22]

Burn the boats/ going all in/ when you have an edge, bet heavily [34:31]

Stay close to where the money is being spent [36:51]

Hill had an edge because he took the time to educate himself more than others would [38:49]

The power of maintaining your focus [40:00]

The best defense against invading railroads was a better built system that could operate at lower rates [45:05]

Great idea to think of your business as a living organism [55:40]

A well run business is built slowly [56:32]

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#96 James J. Hill (Empire Builder of the Northwest)

Introduction

Like most dynamic individuals of any generation, James J. Hill displayed what Allan Nevins once called a sort of lunar dualism. His positive traits were quite remarkable, a quick intelligence, a power of analysis, an incredible power of will and personality and an unparalleled work ethic and commitment. His negative attributes were mirror images of the positive: an extreme irascibility that sometimes exploded into rage, a willfulness that could turn into outright ruthlessness and such a preoccupation with the purpose at hand that he sometimes lost sight of the broader perspective.

What does one conclude in the final analysis about this remarkable man? It is entirely appropriate that the passenger train from Chicago to Seattle is called the Empire Builder in his memory for his hand reached into every aspect of building the regional economy and social order, from transportation to agriculture, mining, lumbering, maritime trade and town and city building. His larger-than-life stature is well attested by the persistence nearly 80 years after his death of his memory and legend. The various determinants, no doubt, are correct that events shape people, more than people shape events. But the life of James J. Hill certainly demonstrates the impact one willful individual can have on the course of history. We shall never see his like again, and that simple fact adds yet another dimension to the fascination his life will afford to each new generation.

All right. So that's an excerpt from the book that I read this week and the one I'm going to talk to you about today, which is James J. Hill, Empire Builder of the Northwest and it was written by Michael P. Malone. So I found out about -- apparently, James J. Hill is really famous, really well known. I had never heard of him until I was reading, I think, it was Poor Charlie's Almanack. And Charlie, in a speech, listed the kind of business operators that him and Warren admired, and James J. Hill was on that list. I started doing some research into books and stuff. And then I also found that if you took all the great American fortunes that have ever been built and adjusted for inflation, Hill would be one of the 50 richest entrepreneurs to ever live in America.

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