Ed Stack: Lessons from Dick’s Sporting Goods [Outliers]

Podcast Notes Playlist: Business

Knowledge Project

Key Takeaways

• Ignorance can be a superpower; sometimes knowing too much kills action
• As an entrepreneur, the moment that you think you have it figured out, that is when your business starts to die
• The best insights often come not from getting what you want, but from watching closely when you don’t
• Never put yourself in a position to need the kindness of strangers
• The day you stop fearing competition is the day that competition stops fearing you
• Know who the decision-maker is; if you are in a big meeting and someone is sitting off in the corner in a suit, that’s probably the person you have to convince
• The most profitable decision on a spreadsheet can be the worst decision for a business: when the data point and anecdote differ, the anecdote is often right
• Every business that you see is the result of someone’s irrational dedication
• The outliers know every detail of their company; they do not make decisions nor operate from the spreadsheet
• Become someone people want to root for: Understand what you must do and how you approach life so that other people want you to succeed; having people rooting for your success is a powerful tailwind
• Most people explain away failure; the best dissect it like surgeons – the precision of your diagnosis proves the depth of your understanding
• What you get out of any effort is directly proportional to the effort that you put into it

Read the full notes @ podcastnotes.org

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Ed Stack built Dick’s Sporting Goods from a struggling family store into an empire of more than 800 stores and billions in sales.

Along the way he nearly lost everything. Multiple times. This episode is the story of what he did, how he did it, and the lessons you can learn.

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Some of the things you'll learn in this episode:

Never rely on the kindness of strangers.

Your name is your biggest asset.

The person who talks the least is usually the decision maker.

Sometimes the most profitable decision on a spreadsheet is the worst decision for a business.

Good businesses don’t need debt and bad ones can’t handle it.

When the data and the anecdotes differ, you’re measuring the wrong thing.

Trust isn’t earned in the easy times; it’s earned in the fire.

People are rarely buying just your product.

Give the underdog a chance. They want it more.

Not knowing what you’re doing can be an asset.

All money comes with strings.

Your competition always has something to teach you.

Always bet on yourself.

Learn from mistakes, but don’t over-learn them.

“The moment a business stops evolving, the moment its leaders sit back and think, ‘Everything’s good,’ that’s when it starts to fail.”

Problems are opportunities to add value.

Play the game to win.

Become someone people want to help.

Investment bankers are not your friends.

Manically focus on the numbers.

The recipe is boldness mixed with caution.

What you get out of anything is directly proportional to what you put in.

The spreadsheet is not the customer.

Arguing teaches you how to think.

If you go into a deal with a win-win mindset, it almost always works out.

Clever excuses don’t make anything better.

Every business is someone’s irrational dedication.

The most important element of success is perseverance.

Always let people keep their dignity.

The cost of making others happy is losing yourself.

Do right for the company. Do right for society. You can’t prosper unless the community around you prospers.

Believing in someone before they believe in themselves changes everything.

Learn more at: https://fs.blog/knowledge-project-podcast/outliers-ed-stack/

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