Jerry Jones

Preserve and reinvest cash from successful ventures rather than blowing it on lifestyle. This allows you to capitalize on the next big opportunity.

After making $50 million from his first oil deal and $80 million from his gas wells, Jerry had accumulated $90 million in cash by age 47. This war chest allowed him to buy the Cowboys when the opportunity arose, which he wouldn't have been able to do if he'd spent the money.

Cost awareness must be an obsession at all levels of the organization. Every dollar wasted comes directly from customer value and competitive advantage.

Both Ingvar Kamprad at IKEA and Sam Walton at Walmart built their empires on ruthless cost control. Jerry Jones applied this same principle when he took over the Cowboys, cutting non-revenue producing positions and eliminating waste throughout the organization.

“Control your expenses better than your competition. This is where you can always find a competitive advantage.”

Build long-term partnerships with people who are comfortable being number two. If someone needs to be number one, the partnership will eventually break.

Jerry fired his college roommate and friend Jimmy Johnson after winning a second Super Bowl because Johnson struggled with Jerry always being the decision-maker. He later hired Barry Switzer, who was comfortable in a supporting role, and the partnership lasted longer.

Seek out and learn from people more successful than you. Spend time around intense, driven entrepreneurs and absorb their habits and mindsets.

Jerry built relationships with Don Tyson, his father Pat Jones, and other successful entrepreneurs. He would observe their work ethic, their risk appetite, and their approach to business. These relationships shaped his worldview about what was possible.

Never underestimate the person who overestimates themselves. Excess self-regard, while often counterproductive, can cause weird successes from overconfidence that actually work out.

Jerry refused to sell a $500,000 piece of land when banks pressured him to do so. Thirty years later, it was worth $20 million with a Walmart built on it and an interstate highway nearby. His stubborn self-belief in deals that others rejected repeatedly paid off.

“Never underestimate the man who overestimates himself.”

Control your sleep and physical energy ruthlessly. The ability to survive and thrive on very limited sleep is a competitive advantage in high-stakes situations.

Tales abound of 4 a.m. phone calls from Jones with people unsure if he was just waking up or hadn't slept yet. His restless energy and single-minded drive defined him for decades and allowed him to outwork competitors.

Be obsessed with your work and willing to empty your bank account to pursue what you truly believe in. Financial advisors will call it suicide, but obsession creates an advantage.

Jerry had $90 million in cash from oil and gas. He emptied his entire bank account to buy the Cowboys for $140 million, then borrowed the rest at steep interest rates. Financial advisors called it 'ridiculously overpriced and financial suicide,' but his obsession with football allowed him to see value others missed.

When taking a big risk, pair it with something you're genuinely obsessed with. The obsession will drive the work ethic needed to make it succeed.

Jerry bought the Cowboys when skeptics called it financial suicide. But unlike the previous owner who saw it as a tax write-off, Jerry was genuinely obsessed with football since childhood. This obsession drove him to work harder than any owner had before.

When taking over a struggling business, ask yourself what the previous owner did wrong, then fix the obvious problems. This creates immediate value.

The Cowboys lost $9 million the year before Jones took over. Rather than overhaul everything, he identified three simple fixes: sell unsold luxury suites, monetize the press box, and add in-stadium advertising. These three items generated millions.

Use your time on the highest leverage activities. Spend your energy where it will unlock the most value, not on routine tasks.

When Jerry bought the Cowboys, he focused his personal attention on selling luxury suites and convincing city council to allow alcohol sales, knowing these two initiatives would generate millions. He didn't waste time on lower-impact activities.

Be willing to make decisions and act on them with extraordinary speed. Obsession with speed of execution is a competitive advantage.

Jerry was famous for making deals by the first hole of golf then leaving, and for 4 a.m. phone calls. He moved with such speed and intensity that he didn't waste time on anything that wasn't immediately productive.

“Jerry Jones doesn't like to waste time. On the rare occasion he hits the golf course, he's been known to close a business deal by the first hole, shake hands, and then walk off saying, why would I play another four hours when the deal was done?”

When you fail at one venture, immediately move with enthusiasm to the next decision. Dwelling on losses is a death sentence.

In his 20s and 30s, Jerry failed at pizzerias, struggled with real estate, and faced bank calls demanding payment. Rather than give up, he said: 'You just have to buck up and go on to the next decision. If you don't move with enthusiasm to the next deal, you lose.'

“The hardest things I would learn would be keeping my head together during those tough times. You just have to buck up and go on to the next decision. If you don't move with enthusiasm to the next deal, you lose.”

Identify obvious revenue opportunities that previous management overlooked or left untapped. Most businesses are poorly run with money sitting on the table.

When Jones bought the Cowboys, 182 of 188 luxury suites were unsold, the press box was given away free to reporters, and there were no in-stadium advertisements. By fixing these three issues, he generated millions in new revenue annually.

Sell what others don't think is sellable. If 75 people say no to a deal, the one person who says yes might have an advantage because they see something others missed.

The previous Cowboys owner shopped the team to 75 people before Jerry said yes. Jerry also said yes to Bill Sparks' oil deal that everyone else rejected as crazy. In both cases, Jerry saw opportunity where others saw risk.

To break out and achieve extraordinary results, you must be willing to gamble. Avoid doing what traditionalists would do and instead chart your own path.

Jerry's entire career was built on bets that others rejected. He bought oil deals everyone else said no to, invested in a team most called overpriced and financial suicide, and made deals at terms others wouldn't accept.

“The only way to break out is to gamble.”

Take risks in bunches rather than individually. The more risks you take, the better the chance that one of them will hit big.

In the Oklahoma oil fields, Jerry learned to bundle multiple risky ventures. When drilling for natural gas near San Francisco and Oklahoma simultaneously, one well failed catastrophically but the other produced $40 million, netting $80 million total on two wells.

“Some of your risks are bound to be bust. The more risks you take, the better the chance of one of them hitting.”