Personality Pays More than Size

 

Warren Buffet told a story at a University of Georgia (UGA) lecture about a company he bought out from Rose Blumkin − the Nebraska Furniture Mart, still the largest home furnishing store in North America. The woman came to America from Russia. Not knowing the language, she learned to speak English as her child, Francis, did.

She got her siblings and family also to the U.S. 17 years after she arrived, she bought $2000 worth of carpet with $500 equity − all the money she had. She took the bed, sofa and fridge out of her home to pay the $1500 she owed on time.

It was the last time she went in debt.

She put everyone out of business. Even when failing competition sued her, she won the case by asking the judge how much he’d like her to rob her customers. The judge bought carpet from her the next day.

She sold her business to Warren Buffet and, his company, Berkshire Hathaway at 89, worked till 103 and died at 104.

The most amazing part − she couldn’t read or write English.

                                                                                                                     

Some people are exceptional. Paraphrasing Warren Buffet from later on in his question and answer session, some industries require scale, but in most a person like Mrs. B., as people called Rose, can revolutionize an industry.

The point? Be the next Rose Blumkin. She didn’t know everything but she knew her industry − carpets − and she had great personality and drive. We all have the ability to learn and work on our skills in any area. It’s ultimately our decision to exploit those skills, work on ourselves and then put that improved self into action that makes us unique, giving us an edge. And that edge can not only change an industry and make a fortune, it can provide the ultimate reward − satisfaction and pride in one’s life.

Thanks for reading and talk to you soon!

Alex H.

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To listen to Warren Buffet’s full address to UGA students:

For more on Mrs. B’s story:

http://www.nfm.com/ourstory_mrsb.aspx

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The Importance of Being First

This story’s a classic, one I love. I hope you’ll enjoy it as much as I do.

Angered by his fourth place ranking in the 1952 Helsinki Olympics, Roger Bannister, amateur runner and junior doctor, decided he would be the first to run an officially recorded four minute mile. With relatively little training he, on May 6^th, 1954, changed history with a 3:59.4 minute mile at Oxford’s Iffley Road Track. Within 46 days of his accomplishing his feat, John Landy of Australia followed suite.

Nowadays, over a thousand people have run “the four minute mile”, including high school students and a man over 40.

Your beliefs determine your level of success. As Theodore Roosevelt, once President of the United States, said, “believe you can and you're halfway there”. There are the critics who say when Bannister accomplished his feat others were also aiming for it so it wasn’t as special. To me, that’s like saying the moon landings weren’t unique because the Russians had a space program the same time the Americans did. Sure people were ready for that jump, but he was still first.

Bannister, a part-time amateur runner, making the jump is even more incredible.

Just because there are executives earning a million bucks out there (a feat realized over a century ago) doesn’t mean everyone has a million-buck mindset. For many, it’s still a distant dream. And, because they believe it, that’s the way it will stay.

For others, like Roger Bannister, who see the next step and realize it’s possible, then do what they can to get it, the next step becomes reality. Perhaps it’s only coincidence it took 46 days for John Landy to beat Bannister’s record. But others had been trying to beat the four minute barrier for quite some time. It was only after Bannister did it that others started trickling in.

Had Bannister not run a four minute mile, sure someone would’ve. But it would’ve taken longer. And, as a high school kid wouldn’t aim to earn a million dollars a year if no one else had done it, neither would he be aiming to break an unbroken running world record. Not yet. It wouldn’t make sense − if you don’t believe it’s going to happen, working towards it’s a waste of time. We’re drawn to the pineapple sitting on the shelf − when there’s no reward, there’s no reason to pursue it. Bannister was first and as such he changed mindsets and everyone who’s ever run a four minute mile has him to thank for allowing them to believe it could happen.

Runner and doctor, Roger Bannister to me represents so much more − an icon of those who wish to innovate and create change to this day.

Alex H.

If you're interested in seeing Bannister break his record, here's a short documentary clip:

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