Jim Sinegal Articles

The Good CEO: The Early Years of Costco's Jim Sinegal - Click To Read Article
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.

Creating a Company That Cares: Costco's Climb to the Top - Click To Read Article
Sinegal was in one of the top two positions of power of a rapidly expanding company, when he decided to give it all up on a whim. Sinegal wanted to be on his own, to have the feeling of success that only comes from when you have started your own company from scratch. And so, in 1983, Sinegal joined forces with Jeff Brotman, a lawyer and the son of a former clothing retailer, and created his own warehouse retail club.

Lesson #1: Respect Can Reel In Greater Returns - Click To Read Article
In the world of corporate greed, where the up and coming often learn more about finding the loopholes than following the law, Jim Sinegal sticks out like a sore thumb. Named one of BusinessWeek’s “Best Managers” in 2003, Sinegal maintains one of the lowest salaries compared to other CEOs at his level, while Costco workers are among the most highly paid in the industry. Why did he decide to turn Wall Street on its head by following this model, and how did he manage to make such a venture, one that defies conventional business logic, not just possible but also profitable?

Lesson #2: Keep Your Costs Low and Your Quality High - Click To Read Article
“We only have one bullet in our gun,” says Sinegal, “the right product at the right price.” It seems to be a simple formula for success, but how has Costco managed to master it better than the rest? How has Sinegal been able to keep his company’s costs low, wages high, and sales even higher for the over ten years it has been in business?

Lesson #3: Use Technology to Temper Your Costs - Click To Read Article
When one thinks of Costco, a company with a thriving technological edge is not necessarily the first thing that comes to mind. But, while Sinegal might not be your typical CEO, he does understand the importance of utilizing technology to his benefit. Not only has modern technology helped Costco automate many of its operations, but in keeping with Sinegal’s all important goals, has helped the company lower its costs.

Lesson #4: An Open Door is A Company Score - Click To Read Article
You have been on the job for five years now. You come in every day at 8 a.m. and stay until well past closing time. You work hard, you work well, and you have never taken a sick day. So, when that better position opens up, you think you have a good chance of getting it. But, when your application comes back rejected, what do you do? You feel like your efforts are not being justly rewarded, but who can you talk to about it? Well, if you work at Costco, you can go straight to the head honcho, the man in charge, Jim Sinegal.

Lesson #5: Marketing Does Not Need To Mean Spending Millions - Click To Read Article
Conventional wisdom says that no company can stay at the top by competing on price alone. But, Sinegal has managed to become the envy of entrepreneurs the world over. He has been able to create a billion dollar business without spending millions of dollars in marketing. How did he do it? How has Costco risen to become the retail giant that it is, without hundreds of radio, television and print ads telling us it is so?

Shopping For Success: How Sinegal Took Costco to the Top - Click To Read Article
When Sinegal’s college presented him with its Most Distinguished Alumnus award, the Costco founder was almost left speechless. “I’ve never been told I’m a most distinguished anything,” was all he could say. With his poor grades and lack of focus in high school, it is doubtful that Sinegal’s teachers ever thought he would amount to much. But, today, with a billion dollar corporation under his belt, Sinegal remains not only one of the most accomplished, but also one of the most admired and liked CEOs in the industry. How did this once reckless young boy become the success he is today?

Jim Sinegal Quotes - Click To Read Article
Jim Sinegal Quotes


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