Warren Buffet tells a story of his friend named Jack.
In 1941, Jack dropped out of college and enlisted as a Navy fighter pilot during World War II. After the war, Jack spent 15 years working various jobs, eventually becoming a car salesman. After several years, Jack took a 50% cut in pay and borrowed $25,000 to go into the auto leasing business. After a few years, it was clear this business was not going to succeed.
At the age of 40, Jack decided to enter the rental car market, competing with industry giants like Hertz and Avis. With only 17 cars in his inventory, Jack was at a big disadvantage. He could not get into the airports and his operational costs were much higher. He knew the only way he could compete was through exceptional customer service. Jack named his business after the aircraft carrier he served on, and Enterprise Rent-A-Car was born.
When Jack died in 2016, Enterprise was worth more than Budget, Hertz and Avis combined.
There are many lessons we can learn from Jackβs story.
You don't need to get it right the first time, and it is OK to fail. All you need is a desire to succeed and be willing to take a chance.
Do not worry about the things you can't change; focus instead on the things you can change like your customersβ experience. If your customer has a fantastic experience they will come back.
Learn to project your core values through the organization and create trusting relationships with your employees so they are inclined to follow suit.
Finally, surround yourself with people who are better than you are. You will move in the direction of those around you.
