Transcript
Introduction
"Back in the late 1960s, Mario Puzo, the author of The Godfather, said to me, 'Bill, I want to write your life story. You've got a hell of a story to tell.' I said, 'Thanks, Mario. But I'm too busy right now.' I was growing Dunkin' Donuts, which I had founded in 1950. And the business was expanding so fast, I didn't have time to stop and reflect about my life. I had too much going on. At the heart of things, I'm a man of action, I like results. But Mario's offer tempted me because I had read some of his earlier books and thought he was a fantastic writer, but there's a right time for everything.
In the year 2000, I finally sat down to write this book. At 84 years old, I've had more than enough time to reflect on what works and doesn't work in business and life, and I want to share this knowledge with you. Everything in this book is based on what I know to be true and what I believe to be the facts. It's my opportunity to show you the struggles that are part of any successful venture. And in part, the wisdom gained, the principles and philosophies that I've developed over the years so that you may benefit as well.
This is my story as I see it, of all that led up to the founding of Dunkin' Donuts and its phenomenal growth. It's about everything that I achieved, my personal triumphs and trials and my multiple bouts with cancer. Take advantage of my experiences and use them to your greatest benefit. Nothing is brand new, whether it's franchising, the Internet or something else that we haven't even considered yet coming down the pike in the future. The basic tenets still apply.
My successes came from hard work, borne out of determination and risk-taking, persistence, innovation, vision and passion. How did I do it? How did a poor kid who dropped out of school at the age of 14 to deliver telegrams in the height of the Great Depression, become a self-made multimillionaire? In all that I accomplished, you will notice that I established a method for success that has taken me to the top. I have faced obstacles that I've had to overcome. Complications that might have stopped someone less determined.
But I can assure you this, if you really want to be successful, you have to be willing to put in the time and effort. Most of the luckiest people I have ever met are the hardest working and most determined. Winning takes effort. I started my first company, Industrial Luncheon Services with one truck, and I built it into a multistate fleet of 200 trucks and the largest food service business in New England. From there, I opened a store called the Open Kettle, selling coffee and doughnuts. We renamed the store Dunkin' Donuts, and the rest is history.
In 1960, when franchising was in its infancy, most people looked upon it as an outcast or misfit. But I believe it was the epitome of entrepreneurship and free enterprise. In all these ventures, I made progress by taking one step at a time. Life will test you. That's a promise. It's what you do with the challenges that determines your failure or your success. I fought lung cancer in 1971. I battled lymphoma six years later. I prepared for my death and got a reprieve. I had three hip replacements. I went through a divorce and remarried. Many times along the way to achieving my goals, I ran into roadblocks and made mistakes. The difference is that successful people learn from their errors. We turn pitfalls into windfalls.
As I see it, most people do their job, work hard their whole lives and wonder why things couldn't have been better. That's because a large percentage of the population is full of excuses. They have a negative mental attitude. These are the naysayers. These are the people who would tell you all the reasons why something can’t be done. They're the complainers of the universe. Nothing's ever right for them. Then there's a 10% who overachieve. They're bursting with a positive mental attitude. I've always said that it doesn't take a genius to do what I've done, but it does take passion, determination and persistence. And above all, a positive mental attitude.
All of my life, I've been a learner and a teacher. I believe in sharing success and knowledge with others. You will witness these lessons I learned, successful tricks of the trade, stories of frustration and inspiration so that you may follow and do even better. My philosophy is this, don't reinvent the wheel. Your problem is not brand new. Someone encountered it previously. Find out who solved the best and start where they left off, not where they began. Learn from my experiences and apply my insights to whatever business or venture that you're involved in."
That is an excerpt from the book that I'm going to talk to you about today, which is Time to Make the Donuts. The founder of Dunkin' Donuts shares an American journey, and it was written by William Rosenberg. Just a few quick things before I jump back into the book. So last week, I read two books and I recorded two podcasts. I released the one, the podcast I did, on the autobiography of Lucille Ball. There was another book I was able to get early access to. So the author of this new book on the history of the early days of PayPal, reached out to me and asked me if I'd be interested in getting an advanced copy of the book. His name is Jimmy Soni. The book is called The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley.