#146 Milton Hershey (Chocolate)
Founders27 Syys 2020

#146 Milton Hershey (Chocolate)

What I learned from reading Hershey: Milton S. Hershey's Extraordinary Life of Wealth, Empire, and Utopian Dreams by Michael D'Antonio. ---- [0:01] Perhaps the only thing about Milton Hershey that is absolutely certain is that he believed in progress. He was always moving. [2:51] This blew my mind. Only six universities held larger endowments. Which meant that the Milton Hershey School was richer than Cornell, Columbia, or the University of Pennsylvania. [4:14] Milton’s father was unrealized ambition personified. [5:44] One of the biggest things Milton learned from his father and something he avoided. His father had 1,000 schemes and never stuck to any of them. He didn’t know what perseverance meant. [7:25] Rockefeller had arrived in Oil City in the same year as Hershey, 1860. But unlike Henry, he was possessed of extraordinary energy, remarkable financial savvy, and an uncanny ability to remain focused on his goals. [8:00] Henry’s had a preference for talking about things rather than doing them. Even neighbors could see that the man was lazy. Milton was the direct opposite of these traits. [8:37] This gives you an insight into why Milton would leave a large fortunes to orphans: Milton was denied the kind of stability children need to feel secure. He had been moved from place to place, and he listened to his parents argue with increasing frequency and anger. Milton went without proper shoes and the little family didn’t have enough to eat. [9:14] He learned to channel all of his energy and passions into a single outlet: work. [10:47] The main takeaway from this book: Milton Hershey had perseverance in abundance. [12:43] Hershey experiences multiple business failures before he founds his first successful company. [14:34] Things start to go bad. He realizes he has another “me too” product. He faced intense competition from hundreds of other candy retailers and wholesalers in the city. He doesn’t find success unit he actually innovates. Milton finds a way to turn a luxury product — milk chocolate — into a mass produced, inexpensive product. [16:37] This is an important part. He is being squeezed by suppliers. Later on in life he realizes if something is important to your business you must control it. He starts his own sugar plantation. He does this for other ingredients he needs to make his product. [19:08] His simple idea: Caramel is really popular in Western states. The candy makers in Denver figured out how to make caramel that don’t go bad and taste very well. That was not happening where he was from. He decided to take that idea back east and build my own caramel empire. He sells that company for $1 million and uses that money to start Hershey Chocolate. [22:34] Milton is doing exactly what you and I are doing right now. He is studying successful entrepreneurs. [24:44] Bouncing back from defeat is essential for growth in any endeavor. [25:00] Milton is at rock bottom. He is somewhat depressed and downtrodden. But there is something freeing about that. Because he realizes I can only go up from here. [25:30] The main theme in the life of Milton Hershey is perseverance. He has been working in this industry for 14 years. He has had two gigantic business failures. He has borrowed money from everybody he possible can. He is tapped out. He is embarrassed. He is a failure. Yet he doesn’t quit. [26:12] If failure is the best instructor he could argue that he had earned a doctorate. He intended to make candy no one else produced. [29:48] This is the wild part. He had told me all. He did not conceal the bad part. He made no excuses for it. He was honest. I decided I would lend him the money. But I was afraid to present the bank that note with that story. To avoid the trouble I put my own name on the note. The banker takes out the loan for Milton —in his name! [30:50] Milton tried to make small improvements over a long period of time. [31:30] Small continuous improvements over many years produces miracles. [31:54] No one alive visited more retail stores than Sam Walton. He was obsessed with studying and learning from other entrepreneurs. No one alive had gone into more confectionaries and candy shops than Milton Hershey. [32:20] While visiting Europe he notices that companies were creating a big new industry serving low cost chocolate to the masses. [33:54] He is constantly redesigning his manufacturing process, making it more efficient. It becomes so efficient no one else can compete with him. [36:41] Only the Swiss had figured out how to mass produce milk chocolate. They aren’t going to tell Milton how to do it. He must experiment on his own. . . To do this he sets up a milk chocolate skunkworks. [38:13] How many people are willing to put in this much work? Milton and about 18 workers would rise at 4:30a.m. to milk the herd of 78 cows. After breakfast they’d go to work. Sometimes they didn’t come out until the next morning. [40:05] What Milton Hershey did for the mass production of chocolate is the same thing that Henry Ford did for the mass production of automobiles and its the same thing the McDonald’s brothers did for the mass production of fast food. [46:15] This one act would create something unique in both philanthropy and capitalism. It made the school, under its trustees, the majority owners of a national company that was poised to double in size, many times over, in the decades to come. ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast

Jaksot(436)

My conversation with Daniel Ek: Founder of Spotify

My conversation with Daniel Ek: Founder of Spotify

I started a new show so I can have long-form conversations with the greatest living founders. You can watch on Spotify, Apple Podcasts, YouTube, X, or the web.  The new show is on a separate feed so don't forget to follow David Senra so you don't miss future episodes. Nothing is changing with Founders. I will never stop making that podcast.  Thanks for the support!

28 Syys 20252h 9min

#401 How Bill Gates Works

#401 How Bill Gates Works

This episode is about Bill Gates' obsessive drive and hardcore work ethic. Bill Gates had the rarest entrepreneurial talent—the ability to see the leverage point in a new industry, seize it with relentless intensity, and *will* Microsoft into one of the most successful companies in human history. To make this episode I read Bill's new autobiography, Source Code: My Beginnings, and pulled ideas and notes from 4 more books about his singular career: Hard Drive: Bill Gates and the Making of the Microsoft Empire Overdrive: Bill Gates and the Race to Control Cyberspace Idea Man: A Memoir by the Cofounder of Microsoft In the Company of Giants: Candid Conversations With the Visionaries of the Digital World Episode sponsors: Ramp⁠⁠⁠⁠⁠⁠ gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud ⁠⁠⁠by going to Ramp and learning how they can help your business control your costs and save time and money.⁠⁠⁠ ⁠⁠⁠https://ramp.com⁠⁠⁠ Automate compliance, security, and trust with Vanta. ⁠⁠⁠Vanta helps you win trust, close deals, and stay secure—faster and with less effort⁠⁠⁠. ⁠⁠⁠Find out how increased security leads to more customers by going to Vanta⁠⁠⁠. Tell them David from Founders sent you and you'll get $1000 off. ⁠⁠https://www.vanta.com/founders⁠⁠ ⁠ Collateral⁠ transforms your complex ideas into compelling narratives. Collateral crafts institutional grade marketing collateral for private equity, private credit, real estate, venture capital, family offices, hedge funds, oil & gas companies, and all kinds of corporations. Storytelling is one of the highest forms of leverage and you should invest heavily in it. You can do that by going to ⁠https://collateral.com

24 Syys 20251h 8min

#400 The Stubborn Genius of James Dyson

#400 The Stubborn Genius of James Dyson

This episode covers the extreme perseverance and the stubborn genius of James Dyson. Dyson has a business philosophy which is very different from anything you might have encountered before. A philosophy which demands difference from what exists and retention of total control. For almost four decades, James Dyson has been building one of the most valuable privately-held companies in the world. A company he owns without shareholders — and one that is centered around an obsession with the quality of the product above all. I spent well over 70 hours reading (and rereading) both Against the Odds and Invention: A Life of Learning Through Failure. These books tell the story of the vision of a single man, pursued with dogged determination, that was nothing less than obsession. Episode sponsors: ⁠⁠⁠⁠⁠Ramp⁠⁠⁠⁠⁠⁠ gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud ⁠⁠⁠by going to Ramp and learning how they can help your business control your costs and save time and money.⁠⁠⁠ ⁠⁠⁠https://ramp.com⁠⁠⁠ Automate compliance, security, and trust with Vanta. ⁠⁠⁠Vanta helps you win trust, close deals, and stay secure—faster and with less effort⁠⁠⁠. ⁠⁠⁠Find out how increased security leads to more customers by going to Vanta⁠⁠⁠. Tell them David from Founders sent you and you'll get $1000 off. ⁠⁠https://www.vanta.com/founders⁠⁠ Collateral⁠ transforms your complex ideas into compelling narratives. Collateral crafts institutional grade marketing collateral for private equity, private credit, real estate, venture capital, family offices, hedge funds, oil & gas companies, and all kinds of corporations. Storytelling is one of the highest forms of leverage and you should invest heavily in it. You can do that by going to ⁠https://collateral.com

12 Syys 20251h 13min

#399 How Elon Works

#399 How Elon Works

This episode covers the insanely valuable company-building principles of Elon Musk—and nothing else. I spent well over 60 hours reading (and rereading) the biography of Elon Musk written by Walter Isaacson. I then spent several days editing down 40 pages of notes from the book. I deleted everything that was not about How Elon Works. This episode focuses exclusively on the ideas Elon used to build his companies and his truly singular career. There is no one else like him — living or dead. Episode sponsors: ⁠⁠⁠⁠Ramp⁠⁠⁠⁠⁠ gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud ⁠⁠⁠by going to Ramp and learning how they can help your business control your costs and save time and money.⁠⁠⁠ ⁠⁠https://ramp.com⁠⁠ Automate compliance, security, and trust with Vanta. ⁠⁠Vanta helps you win trust, close deals, and stay secure—faster and with less effort⁠⁠. ⁠⁠⁠Find out how increased security leads to more customers by going to Vanta⁠⁠⁠. Tell them David from Founders sent you and you'll get $1000 off. ⁠https://www.vanta.com/founders⁠ Collateral transforms your complex ideas into compelling narratives. Collateral crafts institutional grade marketing collateral for private equity, private credit, real estate, venture capital, family offices, hedge funds, oil & gas companies, and all kinds of corporations.  Storytelling is one of the highest forms of leverage and you should invest heavily in it. You can do that by going to https://collateral.com

25 Elo 20251h 33min

#398 Steve Jobs In His Own Words (Make Something Wonderful)

#398 Steve Jobs In His Own Words (Make Something Wonderful)

A curated collection of Steve’s speeches, interviews, and correspondence, Make Something Wonderful offers a window into how one of the world’s most creative entrepreneurs approached his life and work. In these pages, Steve shares his perspective on his childhood, on launching and being pushed out of Apple, on his time with Pixar and NeXT, and on his return to the company that started it all. Read the book for free courtesy of The Steve Jobs Archive. This episode was originally published April 17, 2023. Episode sponsors: ⁠⁠⁠Ramp⁠⁠⁠⁠ gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud ⁠⁠⁠by going to Ramp and learning how they can help your business control your costs and save time and money.⁠⁠⁠ ⁠https://ramp.com⁠ Automate compliance, security, and trust with Vanta. ⁠Vanta helps you win trust, close deals, and stay secure—faster and with less effort⁠. ⁠⁠⁠Find out how increased security leads to more customers by going to Vanta⁠⁠⁠. Tell them David from Founders sent you and you'll get $1000 off. https://www.vanta.com/founders Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here.

14 Elo 20252h 1min

#397 Jiro Ono: Simplicity Is The Ultimate Advantage

#397 Jiro Ono: Simplicity Is The Ultimate Advantage

Jiro Ono is the greatest living sushi chef. He was kicked out his house when he was 9. He started working in a restaurant so he wouldn't have to sleep under a bridge. He never stopped. Over his 75 year career he rose to the very top of his profession. People travel from all over the world to eat at his restaurant. The meal costs $400 per person and lasts 15 minutes. This episode is what I learned from reading the transcript of the documentary Jiro Dreams of Sushi and is full of ideas you can use in your work. Episode sponsors: ⁠⁠⁠Ramp⁠⁠⁠ gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud ⁠⁠⁠by going to Ramp and learning how they can help your business control your costs and save time and money.⁠⁠⁠ https://ramp.com Automate compliance, security, and trust with Vanta. Vanta helps you win trust, close deals, and stay secure—faster and with less effort. ⁠⁠⁠Find out how increased security leads to more customers by going to Vanta⁠⁠⁠. Tell them David from Founders sent you and you'll get $1000 off. https://www.vanta.com Join my free email newsletter to⁠⁠⁠ get my top 10 highlights from every book⁠⁠⁠ https://davidsenra.com

4 Elo 202541min

#396 The Obsession of Enzo Ferrari

#396 The Obsession of Enzo Ferrari

I've read hundreds of thousands of words about Enzo Ferrari. For this episode I distilled down his most important ideas into 1 hour. Ferrari was truly one of history's greatest obsessives. Episode sponsors: ⁠⁠⁠Ramp⁠⁠⁠ gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud ⁠⁠⁠by going to Ramp and learning how they can help your business control your costs and save time and money.⁠⁠⁠ https://ramp.com ----- Automate compliance, security, and trust with Vanta. Vanta helps you win trust, close deals, and stay secure—faster and with less effort. ⁠⁠⁠Find out how increased security leads to more customers by going to Vanta⁠⁠⁠. Tell them David from Founders sent you and you'll get $1000 off. https://www.vanta.com ----- Join my free email newsletter to⁠⁠⁠ get my top 10 highlights from every book⁠⁠⁠ https://davidsenra.com Sources: The Terrible Joys of Enzo Ferrari by Winthrop Sargeant. Published in The New Yorker January 7th 1966. The Story of Ferrari by Stuart Codling Enzo Ferrari: Power, Politics and the Making of an Automobile Empire  by Luca Dal Monte Enzo Ferrari: The Man and the Machine by Brock Yates Go Like Hell: Ford, Ferrari, and Their Battle for Speed and Glory at Le Mans by A.J. Baime Selected highlights:  1. He who travels fast, carries little. 2. All masterpieces bespeaks the character of its creator 3. "When the driver steps on the gas I want him to shit his pants." 4. It is obvious that a Ferrari is the product of a sort of automotive watch-maker. 5. Ferrari has never taken a vacation in his life. 6. Racing is a profession for men who do not wish to die in bed.  7. If there was one essential quality about the man it was his ironbound tenacity, his fierce devotion to the single cause of winning automobile races with cars bearing his name. From 1930 onward, for nearly sixty years, hardly a day passed when this thought was not foremost in his mind. Win or lose, he unfailingly answered the bell. In that sense his devotion to his own self-described mission was without precedent. For that alone he towered over his peers. 8. “I was back where I had started. No money, no experience, limited education. All I had was a passion to get somewhere.” 9. Ferrari had two fundamental talents. He was an agitator of men and he was an absolute marketing genius.  10. "A Ferrari must be desired. It cannot and must not be perceived as something that is immediately available; otherwise, the dream is gone." 11. "I have never considered myself a designer or an inventor, but only one who gets things moving and keeps them running. My innate talent was for stirring up men." 12. Enzo Ferrari was the consummate manager of men— not docile, soft men, but proud, fiercely competitive, egocentric men.  13. He was a pathological competitor. A man with a diamond-hard will to win at all costs. 14. When asked how he wanted to be remembered, he replied: "As someone who dreamt of becoming Ferrari." 15. Ferrari was animated by an extraordinary passion that led him to build a product with no equal. 16. "I had the stubborn determination to capture the trust of those who work with me."  17. “I should not have married because a man dominated by a passion such as mine, can hardly divide himself in half and be a good husband. If I had listened to my wife, I would have been a clerk in a bus company.” 18. He understood that showmanship is salesmanship.  19. They were cars built by Italian artisans, every detail down to the steering wheel handcrafted using some of the same methods used to make Roman suits of armor and the royal carriages of the ancient kingdoms. 20. When asked about the root of his mania, his obsession with victory, Ferrari said, "Everything that I've  done, I did because I couldn't do anything less. One day I want to build a car that's faster than all of them, and then I want to die."

30 Heinä 202557min

#395 How Geniuses and Speed Freaks Reengineered F1 into the World's Fastest-Growing Sport

#395 How Geniuses and Speed Freaks Reengineered F1 into the World's Fastest-Growing Sport

Those on the margins often come to control the center. That maxim ties together the three remarkable people profiled in this episode: Colin Chapman, known as “the mad scientist of F1”, did more to influence F1 design than any other person in history.  Bernie Ecclestone, known as “Supremo”, Bernie transformed Formula One from a disorganized, rag-tag, chaotic collection of racing teams, into the world’s premier motor racing series. He built the business of F1— and made billions for himself along the way.  Dietrich Mateschitz, founder of Red Bull, bought two Formula One teams and insisted on becoming the sport’s foremost disruptor. Determined to question every standard way of operating, Mateschitz’s unlimited ambition transformed his team of outsiders and mavericks into a dominant force, all while building one of the world’s most valuable private companies.  All three were outsiders. All three thrived on taking risks. All three insisted on doing things their way.  This episode is what I learned from reading The Formula: How Rogues, Geniuses, and Speed Freaks Reengineered F1 into the World's Fastest-Growing Sport by Joshua Robinson and and Johnathan Clegg. ------ ⁠⁠Ramp⁠⁠ gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud ⁠⁠by going to Ramp and learning how they can help your business control your costs and save time and money.⁠⁠ ----- Automate compliance, security, and trust with Vanta. Vanta helps you win trust, close deals, and stay secure—faster and with less effort. ⁠⁠Find out how increased security leads to more customers by going to Vanta⁠⁠. Tell them David from Founders sent you and you'll get $1000 off. ----- Join my free email newsletter to⁠⁠ get my top 10 highlights from every book⁠⁠ ----

22 Heinä 20251h 4min

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