Episode
#107 Sol Price: Retail Revolutionary & Social Innovator
Description
What I learned from reading Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price.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]—“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. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast
Chapters
Saul Price's business legacy includes teaching the skills and principles that were applied throughout the careers of those who worked for him, including the founders of Costco, as well as emphasizing that businesses have an obligation to serve society.
00:00 - 03:50 (03:50)
Summary
Saul Price's business legacy includes teaching the skills and principles that were applied throughout the careers of those who worked for him, including the founders of Costco, as well as emphasizing that businesses have an obligation to serve society. One of his greatest achievements was creating the Price Club concept, which many others attempted to replicate.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
This segment discusses the early life of Saul Alinsky, whose immigrant parents expected him and his siblings to become successful professionals.
03:50 - 08:28 (04:38)
Summary
This segment discusses the early life of Saul Alinsky, whose immigrant parents expected him and his siblings to become successful professionals. Alinsky was an overachiever from a young age, excelling in academics and games with adults.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
A lawyer admits to learning more from his small business clients than he ever did in law school, stating that he became completely passionate about business and entrepreneurship.
08:28 - 15:43 (07:15)
Summary
A lawyer admits to learning more from his small business clients than he ever did in law school, stating that he became completely passionate about business and entrepreneurship.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
The beginning of the book focuses on Sam Walton’s first business, FedMart, and how he applied the idea of building a business on a small segment of the population with a distinct need, which later influenced other successful businesses like Walmart and Amazon.
15:43 - 24:26 (08:42)
Summary
The beginning of the book focuses on Sam Walton’s first business, FedMart, and how he applied the idea of building a business on a small segment of the population with a distinct need, which later influenced other successful businesses like Walmart and Amazon.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
The importance of unconventional business practices, capping your downside while leaving your upside unlimited, and avoiding competition through innovative means are some of the key lessons that can be learned from Felix Dennis' book "How to Get Rich".
24:26 - 28:46 (04:19)
Summary
The importance of unconventional business practices, capping your downside while leaving your upside unlimited, and avoiding competition through innovative means are some of the key lessons that can be learned from Felix Dennis' book "How to Get Rich".
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
The speaker discusses the envy of individuals who were able to find their passion early on in life and achieve success, while many others struggle to figure out their path.
28:46 - 32:17 (03:31)
Summary
The speaker discusses the envy of individuals who were able to find their passion early on in life and achieve success, while many others struggle to figure out their path. They also mention the concept of renting out space to other independent operators.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
The podcast discusses the value of paying people more than what's needed.
32:17 - 35:37 (03:20)
Summary
The podcast discusses the value of paying people more than what's needed. Costco was used as an example of a company with a reputation for paying its workers well, creating a virtuous feedback loop.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
The cost of premium gasoline is only slightly higher than regular gasoline, and Costco's success with selling pharmacy or prescription drugs was due to their innovative approach to competition.
35:37 - 39:41 (04:03)
Summary
The cost of premium gasoline is only slightly higher than regular gasoline, and Costco's success with selling pharmacy or prescription drugs was due to their innovative approach to competition. By offering premium gasoline at a slightly higher cost, Costco was able to break into the field of selling prescription drugs.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
The theory of the Intelligent Loss of Sales suggests that customer demand is primarily driven by price, rather than selection.
39:41 - 46:23 (06:42)
Summary
The theory of the Intelligent Loss of Sales suggests that customer demand is primarily driven by price, rather than selection. Business owners should focus on delegating less skilled work to their employees so that they can focus their time on the highest skilled tasks.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
This episode discusses the entrepreneurial journey and lessons we can learn from the founder of FedMart, Sol Price, who believed in innovation, taking risks and running the business efficiently.
46:23 - 51:27 (05:03)
Summary
This episode discusses the entrepreneurial journey and lessons we can learn from the founder of FedMart, Sol Price, who believed in innovation, taking risks and running the business efficiently.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
Price Club struggled during its early years and faced financial difficulties.
51:27 - 1:02:18 (10:51)
Summary
Price Club struggled during its early years and faced financial difficulties. However, the introduction of group memberships helped turn the company around and become successful in selling products for office and institutional customers.
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
This transcript discusses the life and contributions of Sol Price and his impact on business, philanthropy, and the people who knew him.
1:02:18 - 1:08:30 (06:11)
Summary
This transcript discusses the life and contributions of Sol Price and his impact on business, philanthropy, and the people who knew him. It also touches on his focus on real estate development and the challenges it posed for the company's senior executives.