Happy Friday Everyone,
Welcome to Principles Friday, where I share one principle that can help you in your life and business.
Today we have on the show Rose Blumkin.
“Tell the truth, sell cheap, and don’t cheat, don’t lie.”
What an interesting principle.
Rose Blumkin was a successful businesswoman who founded Nebraska Furniture Mart, one of the largest home furnishing stores in the United States.
Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, was a long-time admirer of Rose Blumkin and her business acumen. In fact, Berkshire Hathaway acquired Nebraska Furniture Mart in 1983, and it remains one of the company's most successful subsidiaries.
Buffett was impressed by Blumkin's straightforward approach to business and her dedication to customer satisfaction. He also appreciated her frugality and ability to keep costs low while still providing high-quality products and service.
In his annual letter to shareholders in 1997, Buffett wrote, "Rose is a fabulous merchant who has single-handedly turned a good-sized investment into a vast fortune by dint of hard work, skill, and a fanatic devotion to customers."
By emphasizing honesty, affordability, and integrity, Blumkin was able to build a loyal customer base and establish her company as a leader in the industry. Her philosophy continues to be an inspiration to many entrepreneurs today, as it highlights the importance of transparency and ethical behavior in business.
That concludes it for this Friday.
Remember: "Tell the truth, sell cheap, and don’t cheat, don’t lie.”
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Have a great weekend.