A Car For A Pizza Empire — Would You Trade?
From Foster Care to Billionaire: The Man Behind 20,000 Domino's Stores.
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Thomas Stephen Monaghan was born on March 25, 1937, in a poor family in Ann Arbor, Michigan, USA.
His father died on Christmas Even when he was 4. Shortly after, his mother left him in a foster home.
He tried to become a priest but was kicked out due to indiscipline. He then joined the Marines accidentally, believing it was the Army.
After being discharged, he started studying at the University of Michigan.
He bought a pizza place called Dominick’s Pizza with his brother to pay his school fees.
However, the business was not going well.
He bought his brother out using his car, a VW Beetle. He had to drop out of university and he became homeless.
He focused on improving the delivery. The best way to do that was to improve the pizza boxes, so he worked with a company to improve them.
Soon after, he renamed the store as Domino’s Pizza.
The rest is history.
One Lesson from Tom Monaghan
Do not quit early.
You need to be persistent. You need to keep pushing. You’re already familiar with the alternative.
When things got rough after 6 months, Tom’s brother wanted out. But not Tom.
He decided to make the business work. He knew that if he kept pushing he will eventually make it. And that’s what he did.
He was able to improve the pizza box and that has become a standard in the industry. He is the reason your pizza came in that square cardboard box.
People fail to realise that running a business is a marathon, not a sprint. Great things take time to develop.
Most people overestimate what they can do in a year but underestimate what they can do in 5.
Until next time,
The Chronicler