#147 Sam Colt

Sam Colt, an iconic American entrepreneur and inventor, revolutionized the firearms industry with his creation of the revolver, a gun capable of firing multiple bullets without reloading. Despite facing adversity, including the failure of his initial gun business and personal tragedies, Colt's relentless drive and innovation led him to perfect and mass-produce his revolver, influencing future manufacturing processes. His guns became indispensable to Western settlers and played a significant role in the Mexican-American War, earning him vast wealth and brand recognition. Colt's life, marked by perseverance and productivity, ended at 47, but his impact on American entrepreneurship and the proliferation of firearms in the country was profound, as detailed in Jim Rasenberger's "Revolver: Sam Colt and the Six-Shooter That Changed America."

• Sam Colt was a disruptor who invented and marketed a world-changing product.
• He was admired for his generosity and boldness but criticized for dishonesty and rapaciousness.
• Colt was relentless in pursuing his goals despite having a controversial personal life.
• His contributions to manufacturing were significant, especially in the development of the American system of mass production.

"He was a classic disruptor who not only invented a world changing product, but produced it and sold it in world changing ways."

This quote highlights Colt's role as an innovator and a pioneer in product development and marketing, setting a precedent for future entrepreneurs.

• Colt's life is shrouded in mystery due to missing documents and conjecture about his personal relationships.
• Historians have often overlooked those who manufactured weapons in favor of those who used them.
• Colt's life and work challenge the typical historical narrative, showing the significance of manufacturing in shaping history.

"Colt left behind rabbit holes, ellipses, traps for his future biographers."

This quote signifies the challenges biographers face in piecing together Colt's life due to missing or hidden evidence, particularly regarding his personal affairs.

• Colt solved the challenge of making a gun that could shoot multiple bullets without reloading.
• His revolving gun took over two decades to perfect and market.
• Colt's innovation was as significant as other contemporary inventions like McCormick's Reaper, Goodyear's rubber, and Morse's telegraph.

"For more than two decades, Sam Colt would strive to perfect and market his revolving gun and wait for the world to catch up to his idea."

This quote underscores Colt's persistence and foresight in developing his revolutionary firearm, despite the time it took for the market to appreciate its value.

• Colt's early life was marked by financial hardship and personal loss, which shaped his work ethic and determination.
• He was exposed to the Connecticut River Valley's innovative environment, which influenced his future work in firearms.
• Colt's experiences as a sailor taught him self-reliance and the desire to control his own destiny.

"He was rich by the time he was 21, poor at 31, then rich again at 41."

This quote illustrates the volatility of Colt's early financial situation, reflecting the ups and downs that would characterize his pursuit of success.

• Colt's work at his advanced factory influenced future entrepreneurs like Henry Leland, who brought precision and focus on detail to the automobile industry.
• Leland's influence extended to other key figures in the automotive and business world, including the Dodge brothers, Billy Durant, Alfred Sloan, Henry Singleton, and Warren Buffett.

"Leland has to be one of the most influential entrepreneurs that have ever existed."

This quote emphasizes the far-reaching impact of Colt's influence, as seen through the legacy of Henry Leland and the subsequent entrepreneurs he inspired.

• Colt addressed a problem that had persisted for centuries: the slow rate of fire from single-shot firearms.
• His revolver represented a significant leap in firearm technology, allowing for multiple shots without the need to reload after each one.

"Colt solved a very old problem."

This quote succinctly captures the essence of Colt's contribution to firearm technology, solving a problem that had existed since the inception of guns.

• Colt was expelled from school and had to rely on self-learning to gain knowledge.
• His time on a ship as a sailor was formative, teaching him about mechanics and inspiring the design of his revolver.

"A young man with a mechanical bent could learn a great deal simply by watching, studying how things connected, how they turned, and how they revolved."

This quote reflects Colt's ability to learn from observation, an important skill that contributed to his later success as an inventor.

• Colt's harsh experiences at sea, including being flogged, reinforced his belief in self-reliance and self-determination.
• He developed a philosophy that valued being in control of one's own destiny, which he applied to his personal life and business.

"It is better to be the head of a louse than the tail of a lion."

This quote from Colt epitomizes his belief in the importance of autonomy and leadership, even on a small scale, over being a subordinate in a larger entity.

• Colt's idea for the revolver was conceived during his time at sea, possibly as a response to the adversity he faced.
• The design of the revolver was influenced by the mechanical systems he observed on the ship, particularly the use of a ratchet mechanism.

"The ratchet in Colt's gun was minuscule by comparison to a windlass's ratchet, but it worked more or less the same way."

This quote links the mechanical concept Colt observed on the ship to the innovative design of his revolver, demonstrating how he applied existing technology to create something new.

• Sam Colt was a gifted inventor who was also wild, reckless, and uncontrollable.
• Colt embarked on a journey across America to make money, joining a tide of various traveling professions.
• Colt sold nitrous oxide gas to fund the development of his gun, combining science with spectacle in his demonstrations.
• He was extremely focused, dedicating nights to nitrous oxide and days to improving his gun.
• Colt's efforts became intense in Albany due to sufficient funds and access to skilled gunsmiths.

"In retrospect, using a paw to push a ratchet to turn a cylinder to fire a gun sounds like fairly basic applied mechanics, but in 1831, it was nothing less than revolutionary."

This quote highlights the innovative nature of Colt's early work in mechanics, which was groundbreaking for its time.

"He embarked on a journey, a tour of thousands of miles that would take him to nearly every city in the nation as he joined a great human tide of peddlers and tinkerers."

This quote describes Colt's extensive travels across the nation to fund his inventions, a common practice among various professions at the time.

"While traveling, Colt was selling hits of nitrous oxide gas to fund the development of his gun."

This quote reveals the unconventional means by which Colt financed his early gun development, showing his resourcefulness and entrepreneurial spirit.

• Colt's life was marked by financial instability; he was rich at 21, poor at 31, and rich again at 41.
• His first business venture failed massively, taking 15-17 years to produce a successful product.
• Colt's personality traits included being stubborn, bold, determined, single-minded, and difficult, which both helped and hindered his progress.
• Despite financial struggles, Colt was a master salesman and could persuade others to support his endeavors.

"The first person to solve it and get the patent on it, which winds up being Colt, is going to be wealthy as a result of that."

This quote emphasizes the competitive nature of the gun industry and the financial rewards of securing a patent first.

"Colt was 19 years old... Colt had failed to pay as promised... Yet. Colt's response to them was to keep working."

This quote illustrates Colt's determination and boldness in pushing forward with his projects despite financial difficulties and strained relationships with his employees.

• Colt received seed money from an investor, Roswell, who was also a gambler by nature.
• The contacts and encouragement from Roswell were instrumental in Colt's early business development.
• Colt capitalized one of the first corporations to raise money for his factory, although it eventually failed.
• He secured his U.S. patent with the help of Ellsworth from the patent office, who was an advocate for American inventors.

"This initial $300 was critical seed money. But more important than Roswell's money would be the contacts he helped Sam cultivate in the coming months."

This quote highlights the importance of networking and mentorship in the early stages of Colt's business.

"He urged Sam to go to Europe before he secured his us patent and urged him to hurry."

Ellsworth's advice to Colt underscores the urgency and international considerations in securing patents for inventions.

• Colt visited other armories for ideas on building his factory, contributing to the American system of manufacturing.
• Guns were one of the first mass-produced items in the U.S. due to government demand, leading to advancements in manufacturing techniques.
• Colt's first company, Patent Arms Manufacturing Company, represented a shift from artisan manufacturing to machine manufacturing.

"Gun manufacturers leading the country into adopting what would soon be called the american system, which would then evolve much later into the assembly line."

This quote explains how the gun manufacturing industry paved the way for the American system and the future assembly line.

"The entire patent arms manufacturing company... its machines that would be purchased or built to shape the metal to make those thousands of guns."

This quote describes the scope of Colt's first company and the transition to machine-based manufacturing, highlighting the industrial significance of his efforts.

• Colt invested in a large factory before knowing how to mass-produce his hand-made guns.
• His company faced delays and financial issues, with the factory construction behind schedule and no guns to sell.
• Colt spent money extravagantly, believing in his eventual success, which led to significant debt.

"Adapting machines to copy the prototypes was far more difficult than he or anyone else had anticipated."

This quote captures the challenges Colt faced in transitioning from hand-made prototypes to machine-made guns.

"Colt spent like a young man who believed he was destined to be rich."

This quote reflects Colt's confidence and spending habits, which contributed to his financial difficulties.

• Sam Colt earns significantly more than a skilled tradesman but spends extravagantly on hotels, clothes, and alcohol.
• Colt displays overconfidence in his product's success, assuming the army will purchase his guns in large quantities.
• His spending habits mirror those of Felix Dennis, who spent $100 million in a decade similarly.

"He's making ten times what a skilled tradesman would make at this time. He's spending money on expensive hotels, clothes and alcohol."

The quote illustrates Colt's financial imprudence despite earning a high income, leading to eventual financial difficulties.

• Colt receives critical feedback from the United States Ordinance Department, which tests and procures weapons for the military.
• The initial assessment of Colt's revolver is negative, stating it is unsuitable for service and inferior to existing muskets and rifles.
• Despite his frustration, Colt later acknowledges the validity of the criticism, noting the early guns were complicated for the average soldier.

"Entirely unsuited to the general purpose of the service. The best guns for the service, the board concluded, were those already in use."

This quote summarizes the Ordinance Department's negative feedback, which challenges Colt to improve his product.

• Colt's early guns challenge army discipline and the prevailing understanding of warfare.
• The Ordinance Board's verdict reflects the unsuitability of repeating firearms for the warfare of the time.
• The author suggests that Colt's product is ahead of its time, requiring a different kind of fighting force and enemy.

"But the guns challenged army discipline on a more basic level. By lending themselves to individual and improvisational fighting, they contravened the terms on which army discipline was imposed under its own understanding of war."

This quote explains how Colt's guns conflicted with the military's traditional approach to discipline and warfare, highlighting the difficulty in changing established military practices.

• Colt's refusal to admit defeat is evident even in the face of business failure and personal tragedy.
• He continues to improve his product and file new patents despite financial struggles and criticism.
• Colt's dedication to simplifying his product and manufacturing process reflects a commitment to innovation.

"Between plying government officials with liquor and dodging debts, Colt somehow found time to improve his guns and file a new patent in August of 1839."

The quote demonstrates Colt's relentless drive to enhance his product amidst significant personal and financial challenges.

• Colt is described as a paradoxical figure, simultaneously wasteful with finances and a gifted inventor.
• His focus on simplicity leads to the improvement of his guns, aligning with the philosophy that simplicity is the ultimate sophistication.

"One half of Sam Colt was the fabulous the walking bonfire of other people's money. The other half was a truly gifted inventor."

This quote captures the duality of Colt's character, highlighting his contrasting traits of extravagance and inventiveness.

• Colt's first business venture collapses, but he does not give up and continues to pursue other opportunities.
• Cultural events and market demand, such as the need for effective weapons in Texas, play a significant role in the revival of Colt's revolver business.
• Colt's product finds a niche market in Texas, where unconventional warfare necessitates a superior weapon like his revolver.

"Sam's again, the army won't buy them, so he's trying to sell weapons to individuals. They don't have any money."

The quote reflects the challenging market conditions Colt faced, underscoring the importance of finding the right market for his product.

• Market demand is highlighted as a critical factor in a company's success, with the suggestion that the market can pull a product out of a company.
• The Texas market, in particular, recognizes the value of Colt's revolver for their specific needs in guerrilla warfare.
• The lesson is to find customers who inherently understand the value of the product without the need for extensive marketing.

"If you're in a great market, the market will pull the product out of you."

This quote from Mark Andreessen emphasizes the significance of market forces in the success of a product or company.

• Weapon makers often mistakenly believe their inventions will end war, a recurring theme throughout history.
• Colt, along with other inventors like Hiram Maxim and Alfred Nobel, believed their creations would lead to peace.
• Entrepreneurs frequently misunderstand how their products will be used, as evidenced by Thomas Edison's incorrect assumptions about the phonograph.

"I would not have made it known, meaning my revolver. Did I not think it would put a stop to war?"

Colt's quote reflects the common but misguided belief among weapon inventors that their technology will deter conflict.

• Colt's letter to his brother reveals his ambition and determination to succeed despite numerous failures.
• He advises his brother to aim high and to study human nature, emphasizing the importance of independence and self-reliance.

"Make up your mind determinedly what station in life you will reach, and rely upon it with proper exertion, and you will not be thwarted."

The quote highlights Colt's philosophy of setting ambitious goals and working tirelessly to achieve them.

• President Polk's expansionist policies, known as Manifest Destiny, indirectly benefit Colt's business by increasing the demand for his revolvers.
• The Mexican-American War and the California Gold Rush create new use cases for Colt's product, making it essential for settlers traveling west.

"Polk laid out a design so grand that it seemed to come from a mind not of a technocrat, but of a prophet or a madman."

This quote illustrates the ambitious and potentially irrational nature of Polk's territorial expansion plans, which coincidentally aid in the proliferation of Colt's revolvers.

• Sam Colt's gun was indispensable during the settlement of the American frontier.
• His product was seen as necessary for survival and success in the unknown territories.
• Colt's gun played both a defensive and offensive role in the West.

"The west would have been settled sooner or later, but how it was settled and when it was settled owed a great deal to Colt's gun."

This quote highlights the significant role Colt's gun played in the timing and manner of the American West's settlement, emphasizing its importance in history.

• Sam Colt spent a decade perfecting military inventions without profit.
• His persistence and willingness to work hard for a long period are noteworthy.
• Jack Hayes and Sam Walker recognized the value of Colt's guns and helped promote them.

"I have spent the last ten years of my life without profit in perfecting military inventions."

Colt reflects on his dedication to perfecting his military inventions, showing his commitment and perseverance despite a lack of immediate financial success.

• Walker's feedback led to improvements in Colt's weapon.
• The collaboration between Colt and Walker was pivotal in the history of American manufacturing.
• Their partnership bridged Eastern innovation with Western practicality.

"With improvements, I think they can be rendered the most perfect weapon in the world for light mounted troops."

Walker's belief in the potential of Colt's guns, suggesting that with improvements, they could become the ideal weapon for certain military units.

• Sam Walker played a key role in reviving Colt's business by convincing the army to purchase his revolvers.
• Colt had to overcome the challenge of producing a large order of guns without a factory or workforce.

"Colt was suddenly back in the gun business."

This statement marks the turning point where Colt re-enters the gun business with a significant contract, despite the logistical challenges he faced.

• Colt learned from past failures and decided to subcontract the initial production to Eli Whitney Jr.
• He pursued a gradual approach, starting with subcontracting before building his own factory.

"Here I am working on my own hook and have sole control and management of my business, no longer subject to the whims of a pack of damn fools styling themselves as a board of directors."

Colt expresses his intention to maintain complete control over his business, avoiding the issues he faced with previous ventures that involved other directors.

• Colt recruited Elijah Root to revolutionize machine production in his factory.
• Root played a critical role in the implementation of the American system of manufacturing, a precursor to the assembly line.

"The credit for the revolver belongs to Colt for the way they were made, mainly to root."

This quote acknowledges the significant contributions of both Sam Colt and Elijah Root in the creation and manufacturing of the revolver.

• Colt's relentless work ethic and poor health contributed to his early death.
• He indulged in excessive spending and had a tendency to push himself to the limits.

"He dies. They think it's rheumatoid arthritis or some kind of gout, but they thought it might have been like a secondary infection that is also caused by that, by a compromised immune system, because there's, like, some swelling that's going on in his brain, and I think something with his intestines as well."

This quote provides a possible explanation for Colt's death, suggesting that his health issues may have been exacerbated by his lifestyle and work habits.

• Colt's perseverance and inability to concede defeat were both his strengths and weaknesses.
• He was known for his productivity and for making the most of his life.

"Colt's life was intense, his mind ever on the strain, his brain teeming with plans and hopes and enterprises."

The quote captures the essence of Colt's character, describing him as a person of intense ambition and ceaseless innovation.