Founders
Episode 107 #107 Sol Price (Costco)
Founders

Episode 107: #107 Sol Price (Costco)

Founders

Episode 107

#107 Sol Price (Costco)

David Senra is the host of Founders, where he studies history's greatest entrepreneurs. This is what he learned from reading Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price.

What I learned from reading Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price.

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What was it about this man that engendered so much admiration and respect? [0:01]

Sol Price’s early life  [4:39]

Sol Price was a misfit / “If you want to understand the entrepreneur, study the juvenile delinquent. The delinquent is saying with his actions, "This sucks. I'm going to do my own thing.”  [5:40] 

Learning to love being productive / Sol Price on the importance of time / DO IT NOW! [12:20]

The beginning of FedMart [16:00] 

Sol Price learned from other founders [21:25] 

Sol Price’s business philosophy [28:50]

What happened when Sol opens a pharmacy in FedMart / A creative solution to being cut off by gasoline suppliers [36:25] 

Sol Price’s idea on teaching and “alter egos” / “You train an animal. You teach a person.” —Sol Price [39:13] 

The intelligent loss of sales [42:00] 

The idea for Price Club [52:37] 

What Sol Price meant to his son [1:05:28]

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#107 Sol Price (Costco)

Introduction

"About four years ago, shortly after his death and a few days after we had lunch together, I received a letter from Sol Price. 'Dear Jim, it's always nice seeing you and experiencing your enthusiasm, knowledge, and commitment to your values. You've been very generous about giving me some credit for influencing you. I suspect that's true, but you would have been a great achiever under any circumstance."

"Upon reading his letter, I turned to my assistant and said, 'I've been waiting 50 f****** years for this letter. It was well-known that compliments from Sol came about as frequently as Halley's Comet. After digesting the letter, I reflected on the fact that here I was in my 70s, and I'm still seeking approval from this guy. What was it about the man that engendered so much admiration and respect, not just from me, but from thousands of us who worked with Sol over the years?"

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