In this podcast episode, we dive into the 1906 annual report of the National Cash Register Company (NCR) and explore the life of its founder, John H. Patterson. We highlight his entrepreneurial journey and unique business strategies. Patterson's unwavering commitment to sales, innovation—evident in his holding of over 1,200 patents—and exceptional customer service propelled NCR to a leading market position and lasting success. His story serves as a powerful reminder of the importance of decisiveness, continual improvement, and maintaining a sharp focus on business objectives, even amidst challenges and near-monopoly conditions. We also draw connections to Charlie Munger's "surfing" investment strategy, emphasizing the significance of cultivating a dedicated workforce and fostering a culture of ongoing enhancement.
