The Good CEO: The Early Years of Costco's Jim Sinegal
The Good CEO: The Early Years of Costco's Jim Sinegal
The son of a steelworker, Sinegal has come a long way to get to where he is today. Born on January 1, 1936 in Pittsburgh, Pennsylvania, James D. Sinegal was raised in a typical working-class Catholic family. As a boy, the young Sinegal dreamed of going to medical school. He graduated from Helix High School in 1953 and decided he would try to make his dream a reality by applying for enrollment in San Diego State University. However, that dream was short-lived.
“My test scores were good, but my grades weren't that good, because I needed focus,” recalls Sinegal, who was advised to first apply for a short program at San Diego College. There, he not only earned an associate’s degree, but he also got back his motivation and concentration. “It was at San Diego Junior College (now City College) where I regained that focus, and paid attention,” says Sinegal, “because deep down I knew education was important.” It was what Sinegal would do next that would lead him to in fact become chosen as one of City College’s Most Distinguished Alumnus.
After earning his degree, Sinegal finally enrolled in San Diego State University. To help support himself through school, he applied for a job at Sol Price’s newly expanding Fed-Mart. The 18-year old Sinegal was given the task of unpacking mattresses as they arrived. “It wasn’t that great a job,” he says. “I was getting a buck and a quarter an hour. But it was exciting.”
It was at Fed-Mart that Sinegal discovered his passion for retail. Within just a few years, he had been promoted to store manager. He soon quit his university studies and devoted himself full-time to Fed-Mart. Eventually, Sinegal would rise to become the executive vice president of the chain.
In 1979, Price decided to abandon Fed-Mart and start a new venture, and he wanted to take Sinegal with him. Over the years, Sinegal had proven himself a loyal and hard worker, and Price did not want to lose him. Sinegal agreed, and together, the two created Price Club. Initially, Price Club was meant to service small business owners, but eventually its membership became open to the public. Sinegal was executive vice president and was the major driving force behind helping his former Fed-Mart boss establish the new company.
By 1981, Sinegal realized he had been working with Price for almost 30 years. It was time for him to move on. Both Fed-Mart and Price Club had been a success, but Sinegal wanted to do something for himself. That year, he decided to leave Price, to give up his secure job, and to risk it on all on his own.
The Good CEO The Early Years of Costcos Jim Sinegal
Like this article? Share it with your friends
The average customer visits their local Costco 22 times a year. The company has become one of the largest in the U.S., with 473 outlets and more than $50 billion in sales, and is also the largest membership warehouse club chain in the world. Its founder and CEO, Jim Sinegal, has been called the Sam Walton of the 21st century for his low-key style and seeming defiance of all things Wall Street. But, whether investors like him or not, America – and much of the rest of the world – has fallen in love with his discount depots.
The son of a steelworker, Sinegal has come a long way to get to where he is today. Born on January 1, 1936 in Pittsburgh, Pennsylvania, James D. Sinegal was raised in a typical working-class Catholic family. As a boy, the young Sinegal dreamed of going to medical school. He graduated from Helix High School in 1953 and decided he would try to make his dream a reality by applying for enrollment in San Diego State University. However, that dream was short-lived.
“My test scores were good, but my grades weren't that good, because I needed focus,” recalls Sinegal, who was advised to first apply for a short program at San Diego College. There, he not only earned an associate’s degree, but he also got back his motivation and concentration. “It was at San Diego Junior College (now City College) where I regained that focus, and paid attention,” says Sinegal, “because deep down I knew education was important.” It was what Sinegal would do next that would lead him to in fact become chosen as one of City College’s Most Distinguished Alumnus.
After earning his degree, Sinegal finally enrolled in San Diego State University. To help support himself through school, he applied for a job at Sol Price’s newly expanding Fed-Mart. The 18-year old Sinegal was given the task of unpacking mattresses as they arrived. “It wasn’t that great a job,” he says. “I was getting a buck and a quarter an hour. But it was exciting.”
It was at Fed-Mart that Sinegal discovered his passion for retail. Within just a few years, he had been promoted to store manager. He soon quit his university studies and devoted himself full-time to Fed-Mart. Eventually, Sinegal would rise to become the executive vice president of the chain.
In 1979, Price decided to abandon Fed-Mart and start a new venture, and he wanted to take Sinegal with him. Over the years, Sinegal had proven himself a loyal and hard worker, and Price did not want to lose him. Sinegal agreed, and together, the two created Price Club. Initially, Price Club was meant to service small business owners, but eventually its membership became open to the public. Sinegal was executive vice president and was the major driving force behind helping his former Fed-Mart boss establish the new company.
By 1981, Sinegal realized he had been working with Price for almost 30 years. It was time for him to move on. Both Fed-Mart and Price Club had been a success, but Sinegal wanted to do something for himself. That year, he decided to leave Price, to give up his secure job, and to risk it on all on his own.
The Good CEO The Early Years of Costcos Jim Sinegal
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
|||
John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
|||
Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
|||
Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
|
 | ||
|
||
 |
||
|
||
 | ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
 |
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
 |
 Special Report Pulse Check Assessment The Flowing Point Exit Interview Document How To Select Keywords |
|
 | ||
 |
Top 50 Niche Blogs 2009
Top 50 Niche Blogs 2009 | |
 |
Top 50 Raising Capital Blogs
Top Blogs To Watch In 2008 | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||