Ed Stack didn't love working at his dad's tiny sporting goods store. But after college, he returned and, with his siblings, bought the business. They renamed it Dick's Sporting Goods and grew it into a massive chain with over 860 locations. What's the secret to their success? Ed shares eight key lessons he learned along the way.

First, he says, always keep score. Track your progress and stay ahead of competitors. Next, learn from great leaders. Ed read about business giants like Sam Walton and Jack Welch. He followed Walton's strategy of expanding in concentric circles, avoiding big cities initially.

Ed advises entrepreneurs to do what they love, not just chase money. Passion makes work feel less like work. Never be satisfied with your success, he warns. Always look for ways to improve. And admit when you don't know something. Ed set up a board with experts to guide him.

Customers should always come first. Dick's designed stores to let customers touch and try products. During the pandemic, they added curbside pickup, which became very popular. Stick to your principles, too. In 2018, Dick's stopped selling assault rifles and raised the gun-buying age to 21. It was a tough call, but Ed believes it was the right thing to do.

Finally, don't fear failure. Ed learned this the hard way when Dick's almost went bankrupt in the 90s. They recovered and now focus on opening the best stores, not just the most. Ed's story shows that with the right lessons, a small business can become a huge success.

How a Teenager Turned His Dad's Small Store into a Huge Sports Empire

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