Founders
Episode 46 #46 I Love Capitalism: An American Story
Founders

Episode 46: #46 I Love Capitalism: An American Story

Founders

Episode 46

#46 I Love Capitalism: An American Story

David Senra is the host of Founders, where he studies history's greatest entrepreneurs. This is what he learned from reading I Love Capitalism: An American Story by Ken Langone.

What I learned from reading I Love Capitalism: An American Story by Ken Langone.

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His early life: there was never much money (3:30)

Ken's first jobs (5:35)

[At school] I didn't apply myself at all . I did the absolute minimum . I was too busy having fun and working at all my various jobs (12:05)

further adventures in entrepreneurship (13:24)

Looking for work / finding excitement (17:00)

stepping out into the void / getting creative to get a job (23:50)

how he starts growing a business within the firm (26:33)

his first big break (28:50)

You treat a customer right and you never have to worry (32:00)

A lesson about human nature and developing trust (34:45)

Getting rich is one skill. Staying rich is a different skill altogether(43:10)

moral of the story: who wants it the most? (48:25)

Hubris and Redemption: Starting over (50:25)

how he started his own business (54:00)

learning about the opportunity for home depot from other founders and some early tactics to get traction for their stores (59:00)

leave more on the table for the other guy than he thinks he should get (1:03:32)

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#46 I Love Capitalism: An American Story

Introduction

“If there's one lesson I could pass along to kids today, it's this: the opportunities today are the very best they've ever been. You might have to look for them harder than in my day, but they're there. Boy, do I wish I was 21 again and just starting out. Like so many college kids today, I wanted to go to Wall Street and get rich. That's a good way to make a lot of money, but it's also a way to fail big, not to mention burn out fast. I learned early how essential it was to love the work I was doing. Sometimes I look back and wonder, how did this all happen and then the answer comes.

I was at a place where I was having the time of my life. I still remember what Hudson Whitenight said to me 60 years ago, ‘if you really love your work as much as I think you're going to, you're going to be a big success.’ So I'm saying to a kid, I learned that ex post facto, you should learn it upfront. Yes, I've been lucky and you can't learn good luck. My old man used to say to me, you could fall in a bucket of s***, and come up with a gold watch and chain, but we all fall in that bucket from time to time.
What distinguishes the winners from the losers is the ability to turn adversity around through resilience and creativity. I still love my work today, all of it. At 82 years old, I'm still excited to get out of the bed in the morning, still charged up about what the next deal might bring. And though the money, my enthusiasms have brought me has enabled me to live well and help others, I can honestly say that if it came down to it, I would pay to go to work every day. How many people can say that?”

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