Founders

#45 Bernie Marcus (Built From Scratch: How A Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion)

Episode Summary

What I learned from reading Built From Scratch: How A Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion

Episode Notes

What I learned from reading Built From Scratch: How A Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion

The creation of The Home Depot began with two words: "You're fired!" (0:01), blinders on focus on the customer (5:45), learning how not to manage people from Ming the Merciless (8:37), meeting Ken Langone / the prehistory of Home Depot (11:00), 81% private / 19% public partnerships (18:40), Ken sells to Ming. Predicts Ming will fire Bernie (28:30), getting fired was the best thing that ever happened (35:00), Bernie Marcus at 49 years old: little cash and a ruined reputation (38:15), how Bernie Marcus walks away from Ross Perot (38:50), the importance of equity (49:19), do not work with people who don't know how to care about other people (51:00), how they got the money to open The Home Depot (55:30), the critical importance of selling at the right price (58:32), knowing the right way to do something by seeing it done the wrong way (1:08:54), mistakes can teach us we're never as smart as we think we are (1:11:25)

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