Principles Friday: “Tell the truth, sell cheap, and don’t cheat, don’t lie.” by Rose Blumkin

Every Friday, I share with you one principle that has inspired me.

In this episode, I share with you one principle by  Rose Blumkin: “Tell the truth, sell cheap, and don’t cheat, don’t lie.” 

In our daily life, we have to make multiple decisions daily. It becomes really hard when you don’t have any key points based on what you will make that particular decision. Our understanding of the world around us is largely shaped by the core principles we have accepted. Principles recognize what is true and help us apply truth to new or unknown situations. A good set of principles will enable us to make decisions quickly, even if our situation is completely new.

Principles Friday will help you share the principles of successful entrepreneurs, founders, and big thinkers.

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Transcript

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.