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First a Dream
This is a captivating "rags to riches" story, as a young boy discovers during the Depression that hard work and sheer perseverance are the keys to living his dreams. First A Dream is filled with practical, easy-to-understand, no-nonsense business lessons that the entrepreneur can apply to his or her own life -- describing the qualities an effective leader must possess, the key methods to inspiring team members, and the development of culture and values that are critical to the success of a small business as well as a multibillion dollar conglomerate.
400 pages, Hardcover
First published December 4, 2002
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1129 people want to read
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Displaying 1 - 12 of 12 reviews
March 1, 2017
Jim's is a story of how you can start somewhere, however obscure and keep bouncing along the way until you become an extraordinary person. It's a classic practical example of how success is a progressive realisation of worthy goals. From being a sharecropper's son to owning a business that attracted the oracle of Omaha, himself and in while at it enjoying his greatest passions in life: music and flying, and then retiring into a hobby of buying and running banks.
First a Dream, says - the continuous and relentless pursuit of a dream is a sure way of living luck at every turn of life. I can only imagine what becomes of a young person in her teens, who picks this book and goes through it. Hey, what are you waiting for? This is a book that comes highly recommended by YoursTrulySM!
Below, some quick lessons from the book:
Lesson 1: We all have unlimited potential if we are willing to try out everything within our power to make things happen
Lesson 2: Start early – Jim started before he was a teenager!
Lesson 3: Stay on and stay focused – All his life, Jim has done nothing but grow his dream and nurture his businesses
Lesson 4: Be flexible in your vocational pursuit – Jim worked in the fields as a kid, sold used cars, worked on radio & TV, built and sold manufactured homes, ran insurance and financing companies, flew aircrafts, studied engineering then law at university level, played country music, taught at Dale Carnegie and Clayton University and combined all this to become a very successful gamechanger!
Lesson 5: It does not matter where you start - a dream, hard work, excellence, honesty and perseverance can take you to incredible places!
First a Dream, says - the continuous and relentless pursuit of a dream is a sure way of living luck at every turn of life. I can only imagine what becomes of a young person in her teens, who picks this book and goes through it. Hey, what are you waiting for? This is a book that comes highly recommended by YoursTrulySM!
Below, some quick lessons from the book:
Lesson 1: We all have unlimited potential if we are willing to try out everything within our power to make things happen
Lesson 2: Start early – Jim started before he was a teenager!
Lesson 3: Stay on and stay focused – All his life, Jim has done nothing but grow his dream and nurture his businesses
Lesson 4: Be flexible in your vocational pursuit – Jim worked in the fields as a kid, sold used cars, worked on radio & TV, built and sold manufactured homes, ran insurance and financing companies, flew aircrafts, studied engineering then law at university level, played country music, taught at Dale Carnegie and Clayton University and combined all this to become a very successful gamechanger!
Lesson 5: It does not matter where you start - a dream, hard work, excellence, honesty and perseverance can take you to incredible places!
October 7, 2024
First a dream
Jim was raised on a farm like my parents, without electricity, running water, or toilets. He learned about resiliency through living like this as a child, especially in contending with tornados and other calamities in his hometown of Tennessee.
The last paragraph of the first chapter resonated with me, as his dad told him that one day, he would give him a piece of the farm so that he could have a better life than him. It's like my dad, who pushed me to stay at the grocery store. They were limited in their perspective of our horizons. We had other visions. He wanted to be a country star, and I wanted to be a rapper.
His family started to become wealthier in his late childhood. There was still no restroom in the house, but he moved into the city, given that his father had a tractor for 600 that yielded 50 a day while working other folks' farms and still working their cotton farm. Our protagonist, Jim, also became more industrious, including selling seeds door to door for prizes (instant gratification) or free seeds (deferred comp). This was a pivotal lesson on working towards a bigger goal. He ends the second chapter with a story of him wrecking his father's prized car when he was trying to have good intentions in helping a school friend but disobeyed his dad and went only a mile out. His father didn't punish him or say anything about this wreck. He kept driving it with the damages, a daily reminder of Jim's mistake. I have thought about why he ends the chapter like this. Maybe it's a story to highlight how it's important not to overestimate your abilities, as regret is a more significant punishment than success by overestimation.
The following chapter focuses on his hustle through the last few years of high school, working at the radio station, and other hustles. He worked a set of hogs with a loan from his grandpa at the peak of hog prices going down, which led to him making 20 dollars for a year of work. This convinced him he was never going to be a farmer. He moved to a city where he worked for a utility fixing radio. He met a mentor who helped push him to develop and eventually go to UT for electrical engineering. The music career was still happening in the background, but he saw the 8-5 work life as much more chill than he knew as a farming boy. One of the critical lessons he learned during this time before college is the importance of honesty with your sales force. He was also selling vacuum cleaners, but the deal was pretty rotten and set up in a way that exploited a young, naive person. His commission was royalty, but they didn't state that no royalty would be paid if he didn't sell that month. It is essential not to make people feel slighted and to be honest in your communication because you will lose in the long term.
Flying high on one of his off days, Jim stumbled into a flight school and fell in love with flying. He convinced his brother and college friends to buy a plane together to start a flying club. Some clear lessons that have stood out to him from flying are: 1. sticking to a plan and seeing it through; if you keep going back and forth, you might end up nowhere. 2. You need to not rely on your feelings but rather be more objective and look at the reality of the situation.
The days of selling cars quickly turned into a lot, given a mentor he developed selling out his lot and Jim taking advantage of the opportunity. He was always thinking of how to stand out in the market. Whether providing a niche to the market, i.e., a specific type of car-less carried given less volume but could work at his scale, or collecting consumer data by walking by people's car radios to see what station they live on. Opportunity comes to those who seek it. They were selling the VW beetle as a grey market partner at one point. Still, an official partner got annoyed by the sales and started putting slander out there about grey market VW, which created consumer interest in finding out more. Never shine a light on your competitor.
Running into bankruptcy: As part of all this growth, they were starting to run into limitations with their good lending partner. At this time, an aggressive upstart at a bank was increasing his relationship with Jim, eventually leading to Jim entering into this new relationship. His original lending partner told him this aggressive new upstart would eventually cost him, but he respected his decision. That's exactly what happened a year later. When he had to file for bankruptcy, the bank called for loans. He had to keep moving forward. He formed a new company, resigned a lease for one of his lots, and called Volvo to see if they would still sell him the cars on the way to the lot.
Back in business, you must be resourceful and always find a new angle. During the bankruptcy, they shored up cash by selling cars ahead, collecting money, and then going to the auction to buy the cars from the bank. Also, loyalty built from past customers is a blessing in moments like this. Being bankrupt shows you your true friends. Ultimately, Jim realized he would attend law school to ensure this never happens again. So, at 29, his brother agreed to go into full partnership 50/50. That way, Jim could work part-time and attend law school.
Law schools' biggest lesson is rule number: get the fee, so consider that when a customer complaint reaches them. Hire outside counsel. Call the attorney and offer to pay the legal fee on behalf of the client, then resell the client. Go and address all their unmet needs. That is usually what causes complaints: unrealistic expectations. Be attentive, not judgmental, and listen to the customer, and you can usually get them on your side.
Manufactured homes: Given the proximity to a mobile home dealer, Jim started to think about this as a potential expansion, especially when they bought another lot of land. He started learning all about mobile homes and experimenting, got Fenton, his old financing partner, involved, and so it began.
He soon started to wonder if they could manufacture their homes to make them better and cheaper by having the factory nearby to reduce transportation costs. This came with lots of headaches, but they kept trying, were vindicated, and grew in experience. As all this was happening, his dad suddenly passed away from a heart attack. He had expanded from cars to retailing manufactured homes to manufacturing and providing financing, as well as buying communities to service. He was getting closer to the customer.
In the recession of 74, there were some challenges during this time, but Jim focused on optimizing the business to weather the storm and prepare for an IPO. They launched and were oversubscribed. Jim owned 100% of the company, so he sold 20% to the public market two years ago. He had been worth $7m, and now he was worth $100m, with 20m raised for financing the business for further growth. He shares some wisdom over this long career. First, one must look at what it is. Not why is? Many successful people don't know everything, and what gets you in trouble is when you think you know when you don't know. He also describes the importance of circles in selling; you must close the gap between you and your prospect by being in their circle. What are things you pick up about them? Stay on those topics. Agree. Make sure you understand them. This leads to his other point of mirroring to meet the customers and make them feel understood. On-time management follows the squares model (ie, the Eisenhower matrix)
this is the best business book I read in 2024
Jim was raised on a farm like my parents, without electricity, running water, or toilets. He learned about resiliency through living like this as a child, especially in contending with tornados and other calamities in his hometown of Tennessee.
The last paragraph of the first chapter resonated with me, as his dad told him that one day, he would give him a piece of the farm so that he could have a better life than him. It's like my dad, who pushed me to stay at the grocery store. They were limited in their perspective of our horizons. We had other visions. He wanted to be a country star, and I wanted to be a rapper.
His family started to become wealthier in his late childhood. There was still no restroom in the house, but he moved into the city, given that his father had a tractor for 600 that yielded 50 a day while working other folks' farms and still working their cotton farm. Our protagonist, Jim, also became more industrious, including selling seeds door to door for prizes (instant gratification) or free seeds (deferred comp). This was a pivotal lesson on working towards a bigger goal. He ends the second chapter with a story of him wrecking his father's prized car when he was trying to have good intentions in helping a school friend but disobeyed his dad and went only a mile out. His father didn't punish him or say anything about this wreck. He kept driving it with the damages, a daily reminder of Jim's mistake. I have thought about why he ends the chapter like this. Maybe it's a story to highlight how it's important not to overestimate your abilities, as regret is a more significant punishment than success by overestimation.
The following chapter focuses on his hustle through the last few years of high school, working at the radio station, and other hustles. He worked a set of hogs with a loan from his grandpa at the peak of hog prices going down, which led to him making 20 dollars for a year of work. This convinced him he was never going to be a farmer. He moved to a city where he worked for a utility fixing radio. He met a mentor who helped push him to develop and eventually go to UT for electrical engineering. The music career was still happening in the background, but he saw the 8-5 work life as much more chill than he knew as a farming boy. One of the critical lessons he learned during this time before college is the importance of honesty with your sales force. He was also selling vacuum cleaners, but the deal was pretty rotten and set up in a way that exploited a young, naive person. His commission was royalty, but they didn't state that no royalty would be paid if he didn't sell that month. It is essential not to make people feel slighted and to be honest in your communication because you will lose in the long term.
Flying high on one of his off days, Jim stumbled into a flight school and fell in love with flying. He convinced his brother and college friends to buy a plane together to start a flying club. Some clear lessons that have stood out to him from flying are: 1. sticking to a plan and seeing it through; if you keep going back and forth, you might end up nowhere. 2. You need to not rely on your feelings but rather be more objective and look at the reality of the situation.
The days of selling cars quickly turned into a lot, given a mentor he developed selling out his lot and Jim taking advantage of the opportunity. He was always thinking of how to stand out in the market. Whether providing a niche to the market, i.e., a specific type of car-less carried given less volume but could work at his scale, or collecting consumer data by walking by people's car radios to see what station they live on. Opportunity comes to those who seek it. They were selling the VW beetle as a grey market partner at one point. Still, an official partner got annoyed by the sales and started putting slander out there about grey market VW, which created consumer interest in finding out more. Never shine a light on your competitor.
Running into bankruptcy: As part of all this growth, they were starting to run into limitations with their good lending partner. At this time, an aggressive upstart at a bank was increasing his relationship with Jim, eventually leading to Jim entering into this new relationship. His original lending partner told him this aggressive new upstart would eventually cost him, but he respected his decision. That's exactly what happened a year later. When he had to file for bankruptcy, the bank called for loans. He had to keep moving forward. He formed a new company, resigned a lease for one of his lots, and called Volvo to see if they would still sell him the cars on the way to the lot.
Back in business, you must be resourceful and always find a new angle. During the bankruptcy, they shored up cash by selling cars ahead, collecting money, and then going to the auction to buy the cars from the bank. Also, loyalty built from past customers is a blessing in moments like this. Being bankrupt shows you your true friends. Ultimately, Jim realized he would attend law school to ensure this never happens again. So, at 29, his brother agreed to go into full partnership 50/50. That way, Jim could work part-time and attend law school.
Law schools' biggest lesson is rule number: get the fee, so consider that when a customer complaint reaches them. Hire outside counsel. Call the attorney and offer to pay the legal fee on behalf of the client, then resell the client. Go and address all their unmet needs. That is usually what causes complaints: unrealistic expectations. Be attentive, not judgmental, and listen to the customer, and you can usually get them on your side.
Manufactured homes: Given the proximity to a mobile home dealer, Jim started to think about this as a potential expansion, especially when they bought another lot of land. He started learning all about mobile homes and experimenting, got Fenton, his old financing partner, involved, and so it began.
He soon started to wonder if they could manufacture their homes to make them better and cheaper by having the factory nearby to reduce transportation costs. This came with lots of headaches, but they kept trying, were vindicated, and grew in experience. As all this was happening, his dad suddenly passed away from a heart attack. He had expanded from cars to retailing manufactured homes to manufacturing and providing financing, as well as buying communities to service. He was getting closer to the customer.
In the recession of 74, there were some challenges during this time, but Jim focused on optimizing the business to weather the storm and prepare for an IPO. They launched and were oversubscribed. Jim owned 100% of the company, so he sold 20% to the public market two years ago. He had been worth $7m, and now he was worth $100m, with 20m raised for financing the business for further growth. He shares some wisdom over this long career. First, one must look at what it is. Not why is? Many successful people don't know everything, and what gets you in trouble is when you think you know when you don't know. He also describes the importance of circles in selling; you must close the gap between you and your prospect by being in their circle. What are things you pick up about them? Stay on those topics. Agree. Make sure you understand them. This leads to his other point of mirroring to meet the customers and make them feel understood. On-time management follows the squares model (ie, the Eisenhower matrix)
this is the best business book I read in 2024
December 27, 2023
I loved this one. It is definitely in my favorite wheelhouse for type of books. My biggest takeaway was- he came from a town where everyone was a farmer and a local kid made it onto the Grand Old Opry. Seeing that young man leave town and have some success gave him the ambition to try new things.
June 5, 2017
Really interesting and informative for most of it, interspersed with bits which are dull/irrelevant to anyone reading the book that doesn't know him or his world very closely.
December 13, 2022
Amongst anything else, if I just have discipline and integrity, I will be happy.
October 7, 2022
Great read for the first 200 or so pages. I'm working in the manufactured housing space now and Clayton is a legend, so interesting to hear his story.
Unfortunately, the book falls into the classic trap of describing 50+ years in 200 pages, and 5 years in the next 200 pages. Skipped a lot of the second half of the book.
Unfortunately, the book falls into the classic trap of describing 50+ years in 200 pages, and 5 years in the next 200 pages. Skipped a lot of the second half of the book.
April 22, 2012
If you’re going to write an autobiography, it helps to have an interesting life. Jim Clayton has that in spades. A good title helps as well. Clayton also has that (I would accuse him of stealing the term from Jim Valvano, but Coach V had a much better title for his autobiography, so I suppose he would let it slide). Clayton grew up (literally) dirt-floor poor, trained as both an engineer and lawyer, founded a mobile home empire, and advertised at one point by hosting his own TV show—complete with his own music. Big-time executives tend to have a few foibles that put a ceiling on their autobiographies: ego, elitism, and a guardedness earned over decades navigating office politics. Clayton still suffers from two of the three, but he’s no elitist. As you might expect from a man in the mobile home business. It dramatically improves the story. He speaks with a lot more candor than to be expected, although there’s nothing quite right about his explanations of his few scandals.
December 30, 2021
A fantastic, honest, and real American rags to riches story.
If you want a book to tell you about the deep culture of American grit and gumption along with the freedoms that the people of America enjoy, this is it.
Business wise, the story of a niche in an industry and the company that could be bigger than all the others combined, and one that could keep its head when all the others were losing theirs, is fantastic.
And real entrepreneurship... Farm boy figures out how to refurbish and sell cars, and finally graduates to financing, building and selling manufactured homes.
An astounding story. Very well written.
If you want a book to tell you about the deep culture of American grit and gumption along with the freedoms that the people of America enjoy, this is it.
Business wise, the story of a niche in an industry and the company that could be bigger than all the others combined, and one that could keep its head when all the others were losing theirs, is fantastic.
And real entrepreneurship... Farm boy figures out how to refurbish and sell cars, and finally graduates to financing, building and selling manufactured homes.
An astounding story. Very well written.
December 6, 2016
I just finished "First A Dream" by Jim Clayton, founder of Clayton Homes, the business that Warren Buffett bought after reading the book, gifted to him by students of University of Tennessee.
I wanted to see what WB saw. It's a great autobiography, may not be as entertaining as Richard Branson's book, but almost as good in terms of interesting business stories.
Really don't want to put it down once I picked up the book.
According to my memory, WB was given the book on Friday, and he read during that weekend, and started to make contact the following week.
I wanted to see what WB saw. It's a great autobiography, may not be as entertaining as Richard Branson's book, but almost as good in terms of interesting business stories.
Really don't want to put it down once I picked up the book.
According to my memory, WB was given the book on Friday, and he read during that weekend, and started to make contact the following week.
February 20, 2013
An often captivating read with neatly paced morsels of advice; generally business advice, but like all good advice - applicable to all parts of life. Despite sections of self-aggrandizing, and to a lesser degree "bouquet tossing" (credits given for those who helped along the way) - certainly much earned, it is quite inspirational.
A quick read, to be sure, but entirely worth adding to your business acumen library.
A quick read, to be sure, but entirely worth adding to your business acumen library.
January 7, 2011
A really neat rags-to-riches warts-and-all autobiography by one of the most successful people alive. Full disclosure: He started the company for which I currently work.
June 24, 2017
Jim Clayton is the most successful entrepreuer to live in Knoxville.
Displaying 1 - 12 of 12 reviews