Jim Sinegal started a single Costco store in Seattle in 1983. He had plans to just grow it to 10-12 stores.
When he opened the first store, he ran out of money and all his credit cards were used up.
His first store was threatened by a road closure. If that happened, he would have had to close down the store.
He faced many challenges, yet succeeded wildly.
Today Costco is cult favorite, among millions of people, which include me. I frequently visit the Danville Costco near my place to buy Almonds ,organic dates and bananas. I can’t find them so cheap anywhere else.
Jim Sinegal also became a billionaire.
What you could learn from this episode:
- Why he moved to California
- How he rose from a grocery bagger to a big position in a company.
- How he got the idea for Costco.
- His initial small plan for Costco, and how he wildly exceeded the plans.
- His four principles for any company’s long-term success.
- How they got the Kirkland name for heir inhouse brand.
- Why he doesn’t advertise.
