The conversation with Warren Buffett changed billionaire Thomas Tull's way of thinking as well as his approach to business and investing.
I'm literally one of the luckiest people I've ever heard of,” admits self-made billionaire Thomas Tull.
Billionaire Thomas Tull, 51, is known as the founder and former CEO of Lengendary Entertainment, the company that co-produced a series of Hollywood blockbusters such as "Dinosaur World" and "The Dark Knight". In 2016, he sold Lengendary Entertainment for $3.5 billion. This self-made billionaire is also the founder of Tulco, an investment company in the field of artificial intelligence.
However, few people know that before building a huge business, billionaire Thomas Tull started out by running a chain of laundromat and auto repair shops in his hometown of Endwell, New York. In the 90s of the last century, he began to enter the financial field, with the purchase and sale of several tax and accounting firms.
This billionaire said, he always wanted to become an entrepreneur to test his ideas.
“Having an idea and turning it into a reality is incredibly emotional,” he tells CNBC Make It.
According to Forbes' estimates, the billionaire's net worth is currently $2.9 billion.
Here's self-made billionaire Thomas Tull's thoughts on becoming rich and how Warren Buffett changed his mind.
About Childhood: “I was raised by a single mother”
Thomas Tull and his two younger sisters were born and raised in a poor family in upstate New York. His mother was a single mother.
“My mother worked two jobs to support the family,” recalls billionaire Thomas Tull. “From a very young age I worked to cover the living expenses, from shoveling snow, mowing the lawn to all kinds of other things when I was young. to adolescence".
When he was still in school, Thomas Tull was quite studious and loved science and music. He also has many friends, with different personalities and interests.
On being an entrepreneur: “I don't want to work for anyone”
From an early age, Thomas Tull knew he didn't want to work for anyone.
“I want to control my destiny, I want to test business ideas and theories,” said the 51-year-old billionaire. "I don't sit around and whine or daydream, I want to make ideas come true."
Billionaire Thomas Tull's first business was an auto repair center, which opened in the early 90s. Living in a difficult economic area, Thomas Tull realized that instead of buying new cars, people were usually fixes broken parts and that's why he got into this job.
"The auto repair center was about to close," said billionaire Thomas Tull. "I think most of the equipment in there will be liquidated. I said to the owner of the equipment: 'You will have to resell them for cheap. Why don't you keep them and let me see what I can do with them?'”
At that time, people were also impressed with the coin laundry chain that 20-year-old Thomas Tull opened at the time.
On Becoming Rich: “It's a Continuous Learning Experience”
Born into a poor family, Thomas Tull had almost no experience with money.
"I try to learn what I see from people I've come in contact with, people who have money and seem to always be effective," said billionaire Thomas Tull. "But it's a continuous learning experience. , at least to myself".
“One of the things that really fascinates me is the freedom that money gives me. Because I grew up very poor and the sudden feeling of having the money to make my own choices and not have to be tied down to a job is really impressive," Tull added.
Advice from Warren Buffett: "What stupid thing can we do?"
Billionaire Thomas Tull had the opportunity to chat with investment legend Warren Buffett about two years ago.
“I was describing what we were doing at Tulco at the time and I said we were trying to act smart,” recalls Thomas Tull. “Warren Buffett interrupted me. He said: 'Charlie Munger and I We always take the opposite stance. We ask ourselves: What stupid thing can we do here?' I laughed but Warren Buffett said: 'No, I'm serious. We try to think. about stupid things that will harm me. Is this too hard to understand?'”
This conversation has changed billionaire Thomas Tull's way of thinking as well as his approach to business and investment.
“I really thought a lot about this conversation because I was always thinking in the direction of, how can I be faster, better and smarter? I consider them important questions for creativity," Tull said. "But now I take Warren Buffett's advice on every important situation and ask myself: 'What stupid thing could I be? What is doing here?'”
Advice for the next generation: “Learn to understand other people's points of view”
The first thing is to really understand yourself. Take the time to understand what you are good at, what you aspire to, and what makes you happy and fulfilled.
The second thing is to understand the situation. The problems we face today are complex and cannot be solved with a few simple words and actions.
The third thing is to constantly learn and learn to understand the other person's point of view.
“I spend a lot of time reading different topics, listening to podcasts, and being exposed to a variety of ideas, like reading arguments and articles with which I disagree. Because I think it's a skill set," said billionaire Thomas Tull. "I think it's also very important to understand points of view that you disagree with."
Fourth is to control your emotions. Learn how to work, communicate with those around you, question your skills, and regularly reassess what you're doing.
Ultimately, for a successful business, find a niche where you can easily dominate and become irreplaceable.
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