Entrepreneurs sometimes live in a strange way, and Ray Kroc is one of those people. His revolution in franchising the food automation service and advertising have earned him a place in entrepreneur’s world. He founded McDonald's and opened his franchise when he was 52.
In this Amazing Book, there is the story of this business legend in his own words. You will go through irrepressible enthusiasm in here. This perceptive people-watcher and born storyteller will fascinate and inspire you in this book. This book will make you never forget Ray Kroc for his successful journey of McDonald's.
Success Depends on Your Productivity, Not Your Age:
If anyone wants to start a business, you can start it at any age. Ray Kroc was a man who epitomized the American peoples’ hard work-ethic. He added the realism to the portrayal of someone who made mistakes. He created a global institution at 52 without the cult of personality. Nothing in this world can take the place of persistence. This is so common that an unsuccessful man with talent will not find success because he or she does not have persistence. Sometimes in the world full of educated people finding success can be really hard, but people like Ray Kroc never stopped dreaming about achieving. In 25 years, he had over 4000 stores and 3 billion in sales. His enthusiasm and common sense of approach to business made him very successful and wealthy along the way to the top.
Hey! What’s up Everybody!
Welcome to Online Growth Systems article of Grinding It Out by Ray Kroc book review and overview. So, let’s dive right into some takeaways that I got from Grinding It Out by Ray Kroc. In case you don’t know who Ray Kroc is, he is the founder of the golden arches aka McDonald. Now whether you think that what they’re doing is moral or right or wrong, healthy or unhealthy, or you think they’re great because you have stock in them, we all can learn something from a man who, at the age of 52, built a billion dollar company within ten years.
Let’s go into that, because that really is my biggest takeaway from this book -
You can build multiple companies, and you can be successful many times over in your life no matter what you age. If you’re watching this video, and you’re 60 years old and you’re thinking it’s too late for me; what’s the point of reading this article or reading these books if I’m 60? My life is almost over! But if you think about it most people live 80-85, right? I don’t know how much time I have left, and I’ve worked my whole life. And finally one day I will sit back retired and remember only a few things. I know there are people out there who are in an industry or at a job or business that you do not own and you don't enjoy. You don't hop out of bed every morning like Warren Buffett tap-dancing to work every day. You need to be tap-dancing to work every day; you need to love what do. You need to do your job because you like it not because you have to.
So, if you're 60 years old and still working, you should be loving what you do. You should say to yourself, “I'm going to work to the day I die!” I talk about retiring early quite a bit. I talk about being in a situation that if you want to take a month off to go to the Bahamas for fun, you can on the fly. This is because you have an administration and management in place to run your business, to run your companies, or you have enough cash flow from investments to fund you to do that. That's what I consider retire. I don't consider retirement sitting on my butt playing golf and watching Days of Our Lives. I mean watching TV every day that sounds boring to me. I don't want to live like that. I want to be grinding it out, pun intended. I want to be grinding it out every day, because I love it!
So back to the book, he was 52 when he confronted the McDonald's brothers, in case you watched The Founder which is a great movie. Highly Recommend! One of my favorite entrepreneur movies. And yeah, he did some slimy things but that is not the takeaway. The takeaway is you can start as old as you want, you can also start as young as you want. Don't let your age define who you are. It is just a number. You can be 60 and some 20 year old is kicking your butt in business, because they are willing to adapt to the times. What they lack experience they make up for in innovation and creativity and an effort to grind.
So, next thing he did was build several companies. One of which was called Prince Castle Sales, which most people don't know about Ray Kroc. He owned the company that built and sold automatic ice cream milkshake makers. The little machines that put in the stuff and mixes it for you. It was called like the “multi mixer”. That's what he called it! He invented it, or he bought the rights to it. Yeah! he bought the rights.
So, he built that company, and he was also a paper cup salesman. He was really influential on that company. A lot of what he was paid was commission, and he was buying from his own company he owned. We talked about that a lot. So, he went from that to the multi mixer to McDonald's, and he used that company in this new business. He made money on both fronts. Eventually he not only owned the McDonald's franchise, he owned McDonald's relative???, which was where he made billions. That's where he made the money to start several companies. He owned McDonald's Corporation the restaurant. Then he got franchise fees from all of the people who sold every hamburger. He sold he got a couple cents for every multi mixer, every new brand, every new store that went out for a restaurant. He sold the multi mixers to every new franchisee that went up. He basically owned the dirt beneath the building!
So, they had a payment of rent every month for the multiple business. That's another takeaway they have. Multiple businesses ,multiple streams of revenue, in the same industry. That way you can make money from yourself. If you have a supplier and you're saying, “that is one of my biggest expenses in this business. I have to pay a company X, Y or Z for all my products.” Look at Walmart! They started out as just retail company, and now they have great value products. They have Faded Glory the clothing company. They went into the manufacturing and branding, because they already had the distribution. They had the retail, then they reversed engineered it. We talked about vertical integration, and how you can build your company and make more money by building your business by acquiring or partnering with companies that are either later on or toward the beginning of your supply chain. That innovation was started by Andrew Carnegie. So what are a few key takeaways?
Three Key Takeaways:
You want Ray Kroc, billionaire founder, to mentor you? This is how! Read his autobiography!
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