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Sean Allen Fenn

@seanallenfenn

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Sean Allen Fenn
@seanallenfenn
How to Persuade Someone Who Is Hesitant to Change Methods of Prosperity newsletter no.58. Howard Schultz (cont.) Author Sean Allen Fenn July 25, 2024 People often act in their own self-interest when motivated by incentives. Benjamin Franklin emphasized the power of incentives in influencing behavior. In Poor Richard’s Almanack, he stated, “If you would persuade, appeal to interest and not to reason.”
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This wasn’t me. Whomever’s trying to hack my account, try harder.
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Sean Allen Fenn
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magic internet money It took me this long to notice I had this. Explain it to me like I’m a dumb Gen X’r who knows nothing about $degen What wallet was this deposited into? Not sure how to access.
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Seduced by a Green Mermaid. How a Sales Exec Quit His Job for a Hill of Beans. Methods of Prosperity newsletter no.57: Howard Schultz. Key Lessons: • Hard work is no substitute for who you work with and what you work on. • You’re not going to get rich renting out your time. • You must own equity, a piece of the business. • Riches are in the niches. • Manage expectations. • Learn how to sell.
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Sean Allen Fenn
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Start Your Own Airline, No Experience Necessary. Methods of Prosperity newsletter no.56: Sir Richard Branson (concl.) In 1977, British television and radio banned the Sex Pistols’ single, God Save The Queen. It sold 100,000 copies. It’s a critical and rebellious song aimed at the British monarchy and Queen Elizabeth II. The song caused controversy due to its anti-establishment lyrics. Virgin Records released the album that November. Never Mind the Bollocks, Here’s the Sex Pistols was the only studio album from the Sex Pistols. The band imploded.
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Never Mind the Bollocks Methods of Prosperity newsletter no.55, Richard Branson and the Sex Pistols. Part 55. Sir Richard Branson (continued). To put Mike’s mind at ease, Richard offered to take him for a drive in his Bentley. They drove past the Queen Elizabeth Hall when Richard slowed down. There were Mike Oldfield posters everywhere. A crowd of people were making their way to the concert. Richard stopped the car. “Do you want to drive?” he asked. He knew Mike loved that car. “Alright,” Mike agreed. Mike drove Richard’s Bentley further. Then Richard asked, “Would you like to have this car as a present?” “A present?” Mike wondered. “Yes. I’ll get out here and keep walking. You just keep on driving and the car’s yours.” Richard gave Mike an incentive to perform live. “Come off it. It was your wedding present.” Mike hesitated. “All you have to do is then drive it around to the Queen Elizabeth Hall, and go up on stage tonight, and then it’s yours.”
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No One Warned Him About Self-Sabotage. Methods of Prosperity newsletter no.54: Sir Richard Branson (cont.) TL;DR Richard Branson dropped out of school at age 16. Back then, the headmaster of his school made a prediction. Either Richard would go to prison or become a millionaire. At age 20, the first part of that prediction came true. Richard Branson’s journey with Virgin Records took a significant turn. British customs arrested him for violating the Customs Excise Act of 1952. Branson chose to avoid further legal trouble. His mother bailed him out with £30,000, using their family home as security. To avoid a criminal record, he negotiated an out-of-court settlement. It amounted to three times Virgin's illegal profit. This incident drove him to focus on making Virgin Records successful. He reinvested earnings from the record shops to open more outlets and repay his debt and family. In 1972, Branson bought and converted a manor house. He turned it into The Manor Studio, making it the ideal recording...
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Tax Evasion Isn’t Good Business Richard Branson Arrested. Methods of Prosperity newsletter no.53 TL;DR Virgin Mail Order faced a crisis with no way to send records or receive payments. Postal workers were on strike. To avoid running out of money in a week, Richard Branson decided to open a physical record shop. He had no experience in running one. He found a location on Oxford Street in London. The building’s owner sold shoes out of the storefront. The owner agreed to provide the upstairs space for free. The arrangement would attract customers for both businesses. Within days, Virgin’s first record store opened. It drew significant foot traffic and built a loyal customer base. By spring 1971, the shop was £15,000 overdrawn. Branson exploited a tax loophole, allowing him to avoid paying export taxes. His plan was to repay debts from the proceeds. It was a criminal plan. He thought he would get away with it. He didn’t.
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Risky? Not Really. Methods of Prosperity newsletter no. 52. Sir Richard Branson. TL;DR Sam Walton avoided flaunting his wealth. This is in sharp contrast with the flamboyant Sir Richard Branson, founder of Virgin. Branson's thrill-seeking persona is one thing. He’s less of a risk-taker than Walton in many respects. Branson, who struggled with dyslexia and math, found success by applying practical strategies. In the 1960s, he launched Student magazine. By 1970, he pivoted to Virgin Mail Order Records. Student magazine wasn’t profitable, but the mail-order business was. Branson focused on Virgin Mail Order as it flourished in 1970. By 1971 their mail-order business was almost ruined. Key Lessons: • Bad students can be great entrepreneurs. • Create something you’re proud of. • You don’t always need investors. • Get paid in advance. • Be resourceful.
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Methods of Prosperity 51 TL;DR In 1966, Sam Walton's small team was generating $10 million yearly from a few stores. But they lacked the expertise for larger operations. To address this, Walton hired Ferold Arend as VP of operations. Walmart needed better inventory and logistics systems. Walton learned about computer technology at an IBM school. This led to the adoption of IBM’s System/360 for daily sales reporting. In 1968, Sam Walton appointed Ron Mayer as VP of Finance and Distribution. Under his guidance, Walmart implemented computerized warehouses. Which made a significant enhancement to distribution and communications. Walmart went public in 1970. The IPO, though modest, paved the way for substantial growth. As of 2025, Walmart Inc. (WMT) has a market capitalization of approximately $843.91 billion. The Walton family’s estimated net worth is $432 billion as of December 2024. Today, they’re the richest family in the world. Sam Walton passed away in 1992.
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Methods of Prosperity 50 TL;DR Sam Walton’s franchiser, Butler Brothers, rejected him. This pain fueled determination to create his own discount retail chain. Sam had no sophisticated systems, processes, or organization. He focused on offering merchandise at the lowest possible prices. Selling a product for next to nothing is a counterintuitive way to make a profit. That tactic only works under the following circumstances. Your product attracts attention and customers buy additional products. Walmart had an unsophisticated buying program and limited back office support. Walmart’s team excelled at promoting products, and developed effective merchandising programs. Sam learned from competitors like Kmart. He incorporated successful strategies into Walmart’s operations. Walmart experienced rapid growth from 1958 to 1970. There remained a need for better inventory and sales tracking. That would support further growth and maintain low expenses.
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Part 49. Sam Walton (continued) TL;DR Sam Walton faced a significant setback. He lost the lease to his successful Ben Franklin store due to not having a renewal clause. His landlord pressured him into selling. Learning from this, he sold his smaller department store. With his wife Helen, he left Newport for Bentonville. There, he innovated retail with a self-service model in his new variety store. Which became the foundation for Walmart. Sam and his brother Bud went all-in on a Ben Franklin franchise. It served as the anchor for a shopping center development in Kansas City. Shopping centers were the next big thing. Sam lost $25 K after backing out of another shopping center deal. A tornado hit the Kansas City shopping center. It was later rebuilt. He expanded his retail empire by reinvesting. He hired talented managers, making them limited partners. Discount retail pioneers inspired Walton. He adapted and integrated these concepts into his strategy. He wanted to partner with his existing franchise...
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Methods of Prosperity 48 TL;DR Sam Walton opened a Ben Franklin variety store franchise in 1945. He engaged in fierce competition with the Sterling store across the street. His main tactic was undercutting prices on items like ladies’ underwear. Sam Walton innovated by buying direct from manufacturers. Thereby saving 25% and passing those savings to customers. Which laid the groundwork for Walmart’s business model. It was against the rules not to buy wholesale from his franchisor. Sam went around them, buying direct from alternative suppliers. His store became one of the top performers in the region. He attracted customers with a popcorn machine. He took out a loan for an ice cream machine, which proved to be profitable. His strategic moves included intercepting a lease for expansion before his competitor could. This led his store to become the largest in Arkansas with annual sales reaching $250,000. After five years of success, his landlord did not renew his lease. Instead, he offered to buy Sam out....
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Methods of Prosperity 47 TL;DR In 1985, Forbes Magazine declared Sam Walton the richest man in America. He was the founder of Walmart. Sam Walton preferred not to live an extravagant lifestyle. He drove an old pickup truck. He wore a Walmart trucker hat. The local barber gave him regular haircuts. Walmart lost half a billion dollars after the stock market crash in 1987. Walton’s response? “It’s only paper.” Sam Walton was born in 1918 in Kingfisher, Oklahoma. His father, Thomas Gibson Walton, was a natural negotiator and banker who avoided debt. Sam’s mother, Nancy Lee, started a milk business during the Great Depression. Growing up during tough times, Sam learned the value of money early. He contributing to his family’s income. Sam raised rabbits and pigeons, which he sold, as well as magazine subscriptions. Walton graduated with a BA in economics from the University of Missouri. He worked for JC Penney before serving as a captain in the U.S. Army Intelligence Corps during World War II....
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Methods of Prosperity 47 TL;DR In 1985, Forbes Magazine declared Sam Walton the richest man in America. He was the founder of Walmart. Sam Walton preferred not to live an extravagant lifestyle. He drove an old pickup truck. He wore a Walmart trucker hat. The local barber gave him regular haircuts. Walmart lost half a billion dollars after the stock market crash in 1987. Walton’s response? “It’s only paper.” Sam Walton was born in 1918 in Kingfisher, Oklahoma. His father, Thomas Gibson Walton, was a natural negotiator and banker who avoided debt. Sam’s mother, Nancy Lee, started a milk business during the Great Depression. Growing up during tough times, Sam learned the value of money early. He contributing to his family’s income. Sam raised rabbits and pigeons, which he sold, as well as magazine subscriptions. Walton graduated with a BA in economics from the University of Missouri. He worked for JC Penney before serving as a captain in the U.S. Army Intelligence Corps during World War II....
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Sean Allen Fenn's personal page for the New Internet, check it out. Thank you @portrait
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When the Great Miami River flooded Dayton Ohio in March 1913, John Patterson wired The New York Times: “Situation here desperate. All people, except on outskirts, imprisoned by water. They have had no food, no drinking water, no light, no heat for two days.” As the floodwaters rose, Patterson converted the National Cash Register factory. It would now mass produce rowboats to reach and rescue the stranded residents. A community leader at his eulogy had this to say: Patterson “turned the force of men that he had trained into making cash registers into making boats, one a minute, and then sent them into the waters to feed the marooned population, and to take out to safety the sick and the aged, turning his great factory into a hospital and a refuge.” Part 46: John Henry Patterson, Founder of National Cash Register.
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⛲️ new year, new investment opportunity. ⓘ This is not an offer, solicitation of an offer, to buy or sell securities. Past performance is not an indication of future results. Investing involves risk and may result in partial or total loss. Prospective investors should carefully consider investment objectives, risks, charges and expenses, and should consult with a tax or legal adviser before making any investment decision.
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Part 45: Sergey Brin and Larry Page (conclusion). TL;DR In 1998, Bill Gross launched GoTo. It was a pioneering search site that introduced pay-per-click (PPC) advertising. PPC works by auctioning search results to the highest bidder. Yahoo acquired GoTo and renamed it Overture. Overture wasn’t a top search destination. But it laid the groundwork for the now-standard PPC advertising model. Page and Brin placed Google under Eric Schmidt’s leadership as CEO. Under his leadership, it evolved PPC further with AdWords in 2002. AdWords enhances it by considering both bid prices and clickthrough rates. It also introduced the “quality score” for ad relevance. This innovation propelled Google ahead of Overture. They attracted major partnerships. Which led to Yahoo’s failed attempt to acquire Google for $3 billion. Google’s strategic advancements continued with the acquisition of Android in 2005. Android allowed Google to enter the mobile market. This move challenged Apple’s iPhone and advertising...
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Methods of Prosperity 44. TL;DR They called it “Backrub.” In 1997, the name changed to Google, a misspelling of “googol” — a term representing a 1 followed by 100 zeros. In a 1998 email, Google co-founder Larry Page used the word “googling”. The term gained significant popularity. Pop culture started to reference Google, such as on “Buffy the Vampire Slayer” in 2002. Larry Page and Sergey Brin had no formal business plan. They received a $100,000 investment from Andy Bechtolsheim. This led to the official incorporation of Google Inc. Google would become the leading search engine. It surpassed competitors by refusing to settle for mediocrity. Instead, Google focused on innovation. They found a way to monetize with online advertising. They did it without cluttering their search engine with banner ads. To be continued... Happy Hanukkah!
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