Knowledge Project <br/><br/><h4 class="wp-block-heading"><strong>Intro</strong></h4> <ul class="wp-block-list"><li><strong>Sixteen lessons learned from Bernie Marcus, the outlier: </strong><ul class="wp-block-list"><li>Bad money is worse than no money.</li><li>Outcome over ego.</li><li>Every customer is on loan.</li><li>Bureaucracy is a fungus.</li><li>Pitchers need Catchers.</li><li>Promotions are an addiction; low prices are a discipline.</li><li>It’s not a value until it costs you money.</li><li>Win-Win or walk away.</li><li>Hire people better than you.</li><li>The best information isn’t in a spreadsheet; it’s in the customer walking out empty-handed.</li><li>Invisible benefits often outweigh visible costs.</li><li>The one-man show doesn’t scale.</li><li>Instincts beat spreadsheets.</li><li>The money is the scorecard, not the motivator.</li><li>You’re never as smart as you think you are.</li><li>Sometimes the company outgrows the people.</li></ul></li><li><strong>Home Depot’s “Customer Bill of Rights” – the six things a customer wants to pay for: </strong><ul class="wp-block-list"><li>1. The right assortment</li><li>2. The right quantities</li><li>3. The right price</li><li>4. Associates on the sales floor who want to take care of customers</li><li>5. Associates who have been properly trained in product knowledge</li></ul></li><li><strong>Culture isn’t what you say, it’s what you repeatedly do </strong></li></ul><br><br><a href="https://podcastnotes.org/knowledge-project/bernie-marcus-the-home-depot-story-outliers-with-shane-parrish/">Read the full notes @ podcastnotes.org</a><br><br><hr><br><br><p>Bernie Marcus is the co-founder and former CEO of Home Depot. </p> <p>This is how he built a culture of ownership, kept going when everyone turned him down, nearly lost it all, and created one of the most successful retailers in history. </p> <p>-----</p> <p>Approximate Timestamps:</p> <p>(00:00) Introduction</p> <p>(02:00) Part 1: An Accidental Miracle</p> <p>(09:29) Part 2: A Golden Horseshoe Kick</p> <p>(25:49) Part 3: Building From Nothing</p> <p>(38:53) Part 4: Orange Everywhere</p> <p>(49:40) Part 5: The Legacy</p> <p>(54:17) Lessons</p> <p>-----</p> <p>Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------</p> <p>Follow Shane Parrish:X: ⁠⁠⁠⁠⁠https://x.com/shaneparrish</p> <p>Insta: https://www.instagram.com/farnamstreet/</p> <p>LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/</p> <p>------</p> <p>Thank you to the sponsors for this episode:</p> <p>.tech domains: Nothing says tech like being on .tech⁠⁠ https://get.tech/⁠</p> <p>reMarkable: Get your paper tablet at ⁠https://www.reMarkable.com⁠ today</p> <p>-----</p> <p>Sources:</p> <p>Marcus, Bernie, and Arthur Blank. Built from Scratch: How a Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion. New York: Crown Business, 1999.</p> <p>Best Practice Institute. &quot;Bernie Marcus Interview.&quot; YouTube video. https://www.youtube.com/watch?v=KNP0YYDi1FY.</p> <p>-----</p> <p>This episode is for informational purposes only. <br> Learn more about your ad choices. Visit megaphone.fm/adchoices</p>