#361 Estée Lauder

Founders

David Senra

Technology, Business, History, Entrepreneurship

4.8 • 2.4K Ratings

🗓️ 18 August 2024

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Warren Buffett and Charlie Munger said it was a crime that more business schools didn't study Henry Singleton. I think it's a crime that more entrepreneurs don't study Estée Lauder. She is one of the best founders to ever do it. This is the story of how she went from a childhood obsession, to a single counter in a beauty salon, to a multibillion dollar empire. This is my third time reading this book. It gets better every time I read it. This episode is what I learned from rereading Estée: A Success Story by Estée Lauder. ---- 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 more. ---- Build relationships with other founders, investors, and executives at a Founders Event ---- Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ---- Join my free email newsletter to get my top 10 highlights from every book ---- Follow Founders Podcast on YouTube (Video coming soon!) ---- “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 ---- 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

Transcript

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0:16.3	I'm reading this book called Money Masters of Our Time written by John Train and there is a chapter on Warren Buffett in here and in the chapter on Warren Buffett there's an incredible quote from Warren Buffett where he says that a good manager must be a demon on costs. Buffett knows what most of history's greatest founders knew that watching your costs was the
0:20.9	foundation on which other competitive advantages can be built.
0:24.6	Listen to what Jeff Basels wrote about this in his shareholder letters. Jeff wrote,
0:28.4	focus on cost improvement makes it possible for us to afford lower prices, which drives growth.
0:34.6	Growth spreads fixed costs across more sales, reducing cost per unit, which makes possible
0:40.8	more price reductions.
0:42.8	Customers like this and it's good for shareholders.
0:45.8	Please expect us to repeat this loop.
0:49.1	Bézos brings up the importance of controlling your spending,
0:51.8	watching your costs again in another shareholder letter.
0:54.0	He says we will work hard to spend wisely and maintain our lean culture.
0:58.4	We understand the importance of continually reinforcing a cost conscious culture.
1:05.1	What other trade do history's greatest founders have in common?
1:07.3	They all studied the great founders that came before them.
1:09.8	Jeff Bezos is on record over and over again, talking about the influence that Sam Walton had on
1:14.8	hit the way he built Amazon. Sam Walton said in his autobiography you can make a lot of
1:19.4	different mistakes and still recover if you run an efficient operation or you can be brilliant and still go out of
1:25.0	go out of business if you're too inefficient.
1:27.0	The way to think about this is that most success comes to efficiency
1:30.0	and most failures are due to waste.
1:32.0	Here we go back to Buffett.
1:33.2	The really good manager doesn't wake up in the morning and say,
	...

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