Principles from Sol Price, the GOAT of Retail
"Seize the Moment: Embracing 'Do it Now' Philosophy"
Estimated reading time (5 minutes)
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Every Friday, I share one principle that can help you in your life or business, one thought-provoking question, and one call to action toward that principle.
Principle of the Week
“Do it Now." by Sol Price.
Before there was Sam Walton, Jim Sinegal, or Jeff Bezos, there was Sol Price.
Sol Price is like a legend in the retail game. He kicked off this whole discount retail thing with FedMart back in the 50s. And then, bam, he came up with the whole warehouse club concept and birthed Price Club. And guess what? He eventually sold it off to Costco, which was started by his own protégé, Jim Sinegal.
This dude's innovations weren't just small potatoes. He completely shook up how we do retail. Costco's raking in a whopping $120 billion in sales, and even Sam's Club, owned by Wal-Mart, is doing about $60 billion. So, we're talking a serious business here – at least $200 billion just in the US.
Sol was a maverick with ideas. He got people to pay for memberships, stocked way less stuff, had ginormous sizes, and operated on super thin profit margins. Oh, and he hardly had to hire new staff because the old ones stuck around. He was all about doing more with less.
But you know what's the real kicker? Sol's game-changer was how he saw customers. While other retailers saw them as dollar signs, Sol saw them as friends. He thought his gig was to be the customer's number-one cheerleader. And guess what? The trust he gave ended up being the trust he got back. It's like he knew that being a buddy to the customer meant loyalty was just around the corner.
But he was also a confident and shrewd man.
You wouldn't believe the undercover ops Sam Walton, his competitor back then, used to pull off back in the day. He'd sneak into rival stores like K-Mart and Price Club like some retail ninja. His mission? To scope out their game and figure out where they were lagging. But here's the kicker – he also wanted to see what they were doing right so he could do it even better.
Sam was on a top-secret shopping spree in a Price Club store once. He's jotting down notes like a pro spy, trying to figure out what makes them tick. But oops, he gets caught red-handed. His notes are confiscated. Now, you'd think Sam might be in a tight spot, right?
Well, guess what happened next? Sol Price, the big cheese at Price Club, calls up Sam and tells him to come get his notes. No kidding! Sol wasn't scared to let his competitors see his secret sauce. He wasn't hiding anything under the table. If Sam wanted to learn, Sol was all for it.
Now that's a different kind of game, isn't it?
Question to Ponder
Take a moment to reflect on a task, project, or decision that you've been putting off. What have you been the most afraid of that has caused you not to go and "Do it Now"?
Call to Action
Procrastination and delaying decisions can be attributed to several factors, and the main reason may vary from person to person. However, one of the most common underlying factors is often fear.
Here is a framework that can help you eliminate fear and be closer to taking deliberate action on every decision that comes your way:
Define Your Fear: Start by identifying the fear that's holding you back from taking action. Is it the fear of failure, rejection, or the unknown? Be specific about what's stopping you.
Visualize the Cost of Inaction: Imagine the consequences of not taking action right now. What opportunities might you miss? How will this fear affect your future? Get a clear picture of what you stand to lose.
Determine the Cost of Inaction: Quantify the impact of your fear. What could it cost you regarding time, money, happiness, or personal growth if you don't act promptly?
Set the Worst-Case Scenario: What's the absolute worst that could happen if you face your fear and take action now? Be realistic, but also consider that many fears are exaggerated.
Plan Your Response: Develop a plan to mitigate the worst-case scenario or recover from it. What steps can you take to minimize the impact of failure or setbacks? Having a plan reduces the fear of the unknown.
Take Immediate Action: This is where Sol Price's principle comes into play. Commit to taking a small, concrete step toward your goal right now. The key is to start, even if it's a tiny action.
Evaluate and Adjust: After taking action, regularly assess your progress. Are you moving closer to your goal? If not, what adjustments can you make to stay on track?
By applying Sol Price's "Do it Now" principle within the fear-setting framework, you can conquer procrastination, overcome your fears, and make meaningful progress toward your goals. Don't wait—start taking action today.
Video of the Week
Acquired Podcast made an amazing three-hour episode on the history of CostCo and how Sol Price was the GOAT of retailing.
If you want to learn more principles, I interview founders on my podcast, The First 100, where they share how they acquired their first 100 paying customers. This week:
Episode 94 - The First 100 with Jacob Jolibois, Co-founder at Check
Episode 95 - The First 100 with Meeri Savolainen, the CEO, and co-founder of INZMO
Things I Came Across This Week
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