Warren Buffet told a story at a University of
Georgia (UGA) lecture about a company he bought out from Rose Blumkin − the Nebraska
Furniture Mart, still the largest home furnishing store in North America. The woman came
to America from Russia. Not knowing the language, she learned to speak English as her child,
Francis, did.
She got her siblings and family also to the
U.S. 17 years after she arrived, she bought $2000 worth of carpet with $500
equity − all the money she had. She took the bed, sofa and fridge out of her home
to pay the $1500 she owed on time.
It was the last time she went in debt.
She put everyone out of business. Even when
failing competition sued her, she won the case by asking the judge how much
he’d like her to rob her customers. The judge bought carpet from her the next
day.
She sold her business to Warren Buffet and, his company,
Berkshire Hathaway at 89, worked till 103 and died at 104.
The most amazing part − she couldn’t read
or write English.
Some people are
exceptional. Paraphrasing Warren Buffet from later on in his question and answer session, some
industries require scale, but in most a person like Mrs. B., as people called
Rose, can revolutionize an industry.
The point? Be the
next Rose Blumkin. She didn’t know everything but she knew her industry −
carpets − and she had great personality and drive. We all have the ability to
learn and work on our skills in any area. It’s ultimately our decision to exploit
those skills, work on ourselves and then put that improved self into action
that makes us unique, giving us an edge. And that edge can not only change an
industry and make a fortune, it can provide the ultimate reward − satisfaction
and pride in one’s life.
Thanks for
reading and talk to you soon!
Alex H.
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To listen to
Warren Buffet’s full address to UGA students:
For more on Mrs. B’s story:
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