Warren Buffett Leaves The Audience SPEECHLESS | One of the Most Inspiring Speeches Ever
TLDRThe transcript features a motivational speech highlighting the stories of two women who each sold their businesses to Berkshire Hathaway for millions, starting with just $2,500. Rose Blumpkin, an immigrant who couldn't speak English, built a furniture empire that did a billion and a half dollars in business annually. The second woman, who also started with $2,500, is not named but is praised for her similar success. The speaker emphasizes the importance of hard work, determination, and customer satisfaction. The narrative also includes the story of Jack Taylor, founder of Enterprise Rent-A-Car, who started with just 17 cars and turned it into a business worth more than its competitors combined. The speech concludes with advice on surrounding oneself with people who are better than oneself and the power of delighting customers to achieve business success.
Takeaways
- 💡 **Self-Belief and Determination**: People can achieve great things when they believe in themselves and are willing to put in the effort to improve.
- 💰 **Starting Small**: Both Rose Blumkin and Jack Taylor started their businesses with a small amount of money and grew them into multi-million dollar enterprises.
- 📚 **Learning and Adapting**: Success often comes from learning continuously and adapting to new challenges and opportunities.
- 🌱 **Dream Big**: Having a dream and working towards it is a common thread among successful individuals, regardless of their background.
- 👵 **Longevity in Business**: Rose Blumkin worked until she was 103, showing that retirement is not always necessary and can sometimes be premature.
- 🔥 **Determination to Succeed**: Success in business often comes from a relentless determination to outwork the competition and a genuine care for customers.
- 🚗 **Innovation in Service**: Jack Taylor differentiated his car rental business by focusing on providing friendlier service, which helped him compete against larger companies.
- 🤝 **Building Relationships**: Both Rose and Jack focused on building strong relationships with their customers, which was a key factor in their businesses' success.
- 💼 **Working Through Others**: As businesses grow, it's important to delegate and multiply your efforts through other people, ensuring they feel valued and fairly treated.
- 👥 **Surround Yourself with Excellence**: Associating with people who are better than you can elevate your own standards and performance.
- 🎓 **Education and Lifelong Learning**: The education received from running a small business, along with a genuine desire to delight customers, can lead to success in business.
Q & A
What was the common trait among the people mentioned in the transcript?
-The common trait among the people mentioned was their self-belief, determination, and willingness to invest time and energy to better themselves and achieve success beyond their current circumstances.
How much money did the two women start their businesses with?
-Both women started their businesses with $2,500, which was the total amount they had at the time.
What was the name of the woman who landed in Seattle in 1917?
-The woman's name was Rose Blumpkin.
How did Rose Blumpkin learn English?
-Rose Blumpkin learned English from her daughter, Francis, who would come home from school and teach her the words she learned that day.
What was Rose Blumpkin's dream business?
-Rose Blumpkin's dream was to open a furniture store.
How much did Rose Blumpkin sell her business for?
-Rose Blumpkin sold her business for approximately $60 million.
What is the name of the man who started a car leasing business and later a rental car company?
-The man's name was Jack Taylor.
What was the name of the rental car company Jack Taylor started?
-Jack Taylor named the rental car company Enterprise, after the battleship USS Enterprise that he had flown from during World War II.
What was the key to success for both Rose Blumpkin and Jack Taylor?
-The key to success for both Rose Blumpkin and Jack Taylor was their focus on customer experience, determination to succeed, and the ability to work hard and outperform their competitors.
What advice does the speaker give to young people regarding their personal and business relationships?
-The speaker advises young people to seek out and associate with people who are better than themselves, as they will move in the direction of the people they associate with. They also emphasize the importance of surrounding oneself with individuals who treat them fairly and consider their views appropriately.
What is the significance of the speaker's mention of Henry Ford's failures before the Ford Motor Company?
-The mention of Henry Ford's failures emphasizes the point that success is not determined by immediate achievements but by the ability to learn from failures and keep improving, which is a testament to the resilience and continuous learning of successful entrepreneurs.
What is the main takeaway from the transcript for small business owners?
-The main takeaway for small business owners is the importance of focusing on the customer's experience, working through other people to scale their business, and the significance of surrounding themselves with individuals who can help elevate their business and personal growth.
Outlines
💼 The Journey of Self-Made Entrepreneurs
The first paragraph introduces the theme of the video script, which is the common thread among successful individuals who believe in their potential and are willing to invest time and energy to improve themselves. It sets the stage for sharing inspiring stories of two women who sold their businesses to Berkshire Hathaway for millions, starting with just $2,500 each. The narrative highlights the determination and spirit of entrepreneurship, emphasizing the importance of hard work, customer care, and a relentless pursuit of success.
🛍️ Rose Blumpkin's Rise from Immigrant to Business Tycoon
This paragraph tells the story of Rose Blumpkin, an immigrant who arrived in Seattle in 1917 and eventually moved to Omaha to start a new life. Despite her initial struggles with the language and a lack of formal education, she managed to save $2,500 over 20 years by selling used clothing and supported her family. With this money, she pursued her dream of opening a furniture store in Chicago. Her business acumen and dedication to customer service led her to sell the business to Berkshire Hathaway for approximately $60 million in 1983. The story illustrates the power of perseverance and the ability to turn a small investment into a successful enterprise.
🚗 Jack Taylor's Enterprise: From 17 Cars to a Rent-a-Car Empire
The second story focuses on Jack Taylor, a WWII veteran who started as a used car salesman and eventually ventured into the car leasing business. Despite initial challenges, at the age of 40, he decided to compete with established rental car giants like Hertz and Avis with just 17 cars. His strategy was to offer friendlier service, which resonated with customers and helped him build a successful business. He named his company Enterprise after the battleship he served on during the war. The story of Jack Taylor emphasizes the importance of focusing on customer experience and the power of a determined spirit to create a thriving business from modest beginnings.
🤝 The Power of Delighting Customers and Building Relationships
The final paragraph draws lessons from the stories shared, highlighting the importance of customer satisfaction and the ability to replicate this dedication through other people as a business grows. It stresses the need to surround oneself with individuals who are better than oneself and to learn from them. The speaker also advises young people to seek out partners in life and business who are role models and to associate with people who inspire one to be better. The narrative concludes with praise for the audience's achievements and an optimistic outlook for their future success.
Mindmap
Keywords
💡Self-improvement
💡Entrepreneurship
💡Determination
💡Customer Experience
💡Starting Small
💡Risk Taking
💡Innovation
💡Work Ethic
💡Leadership
💡Longevity in Business
💡Learning from Failure
Highlights
Two women each sold their businesses to Berkshire Hathaway for millions, starting with just $2,500 each.
Rose Blumkin, an immigrant with no English skills, built a furniture business that grew to $1.5 billion in sales.
Blumkin worked until age 103 and her business was passed down to the fourth generation.
Jack Taylor founded Enterprise Rent-A-Car with 17 cars and grew it to be worth more than Hertz and Avis combined.
Taylor focused on providing friendlier customer service than his larger competitors.
Both Blumkin and Taylor started their businesses at age 35 or older.
Success in business is not about having the greatest idea, but about learning and leveraging your strengths.
Delighting customers is the key to business success - businesses that delight customers always succeed.
You never forget a great or poor purchasing experience, but you often forget the price.
As a business grows, the owner must learn to project their values and customer focus through other employees.
Surrounding yourself with people better than you will elevate your own behavior and success.
Blumkin's furniture business and Taylor's Enterprise both grew without needing to add much equity capital.
The Nebraska Furniture Market has never added capital since its initial $2,500 investment.
Both businesses were built on the foundation of hard work, determination and a focus on the customer.
These stories illustrate that with the right mindset and approach, anyone can build a successful business.
The speaker admires the audience for their hard work in furthering their skills while managing their jobs.
The best is yet to come for these ambitious individuals.
Transcripts
Browse More Related Video
In my chair -- a makeup artists perspective on beauty: Eva DeVirgilis at TEDxRVAWomen
Dr. Velumani On Building ₹5000 Crore Business, Poverty, Risk & Success | FO174 | Raj Shamani
14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]
DO NOT GET AN MBA If This Is You!
How I found out my parents were siblings, and my life changed forever
New documentary sheds light on epidemic of Black maternal deaths | Nightline
5.0 / 5 (0 votes)
Thanks for rating: