This kind of laser focus is rare in business. It is so easy as a company gets larger to become lost in the weeds of things or start to think of economy of scale. That exists pervasively in nearly every industry that one might think was client focus and has opened huge gaping opportunities for competitors to interface and thereby steal customers.

In 1962, Sam Walton adapted to the rising trend of discounter stores by opening the first Wal-Mart and it was an immediate hit. Discounter stores were bigger than traditional variety stores and they had cheaper prices. 7. Low Prices: Overcome competition with a strong singular focus After succeeding with two stores at such a distance (and with the postwar baby boom in full effect), Walton became enthusiastic about scouting more locations and opening more Ben Franklin franchises. (Also, having spent countless hours behind the wheel, and with his close brother James "Bud" Walton having been a pilot in the war, he decided to buy a small second-hand airplane. Both he and his son John would later become accomplished pilots and log thousands of hours scouting locations and expanding the family business.) [18] As we said, Sam Walton franchised his first store through a company called Ben Franklin. They provided the store branding, systems and training. Ben Franklin taught Sam the basics of running a retail store, but their rules soon began to feel restrictive. Finances: He also worked to make his own money throughout school, starting with a newspaper route and later having multiple jobs.

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My 14 yr. old son and I listened to the audio version and it was fantastic! There were incredibly few places where Walton went against any libertarian principles that I could tell. And his explaining the nitty-gritty of motivating people and trying to get them to be more comfortable with and thrive under the constant change that is the marketplace was just fantastic. In the corporate culture of Walmart, the result of its beginning in small cities, some basic principles stand out: Frugality Running a "Ben Franklin" franchise, Sam learned that marketing is a basic principle in the retail world: by lowering the price of a product, you can profit more because of the higher sales volume. Yohannan T. Abraham; Yunus Kathawala; Jane Heron (December 26, 2006). "Sam Walton: Walmart Corporation". The Journal of Business Leadership, Volume I, Number 1, Spring 1988. American National Business Hall of Fame. Archived from the original on January 20, 2002 . Retrieved January 2, 2014.

Understood the value of a dollar, grew up during the depression. Continued to be frugal through all his years. Made sure all his businesses also understood the value of a dollar. From an early age he worked multiple jobs, never stopped moving. He has an urge to win, to win at everything.

Who is the author of Sam Walton: Made in America?

His remains are interred at the Bentonville Cemetery. He left his ownership in Walmart to his wife and their children: Rob Walton succeeded his father as the Chairman of Walmart, and John Walton was a director until his death in a 2005 plane crash. The others are not directly involved in the company (except through their voting power as shareholders), however his son Jim Walton is chairman of Arvest Bank. The Walton family held five spots in the top ten richest people in the United States until 2005. Two daughters of Sam's brother Bud Walton— Ann Kroenke and Nancy Laurie—hold smaller shares in the company. [34] Legacy [ edit ] Walton and President George H. W. Bush in March 1992; Sam Walton died 18 days after this photo was taken. How did Sam Walton go from throwing newspapers as a teenager to being the richest man in the world? The work begins by talking about his youth in Missouri and his childhood and adolescence achievements. Walton was a good student and a talented athlete. At this point in his life, he learned, through sport, the importance of teamwork. No question about it, a lot of my attitude toward money stems from growing up during a pretty hardscrabble time in our country’s history: the Great Depression.” p.4 Sam set big goals for himself. He wanted his little store to be the most profitable one in the area. Then he worked 6 or 7 days per week to achieve his goals. He usually came into the office before 5AM. In fact, he continued starting work this early even after Walmart became a big success. (However, he often did take time off to go hunting, play tennis or go on long summer road trips with his family.)

Hodges, Sam (April 20, 2007). "Presbyterian obit on Wal-Mart founder's widow". The Dallas Morning News. Archived from the original on November 1, 2019 . Retrieved November 1, 2019. Realizing that the company had become too big, Sam hired trained professionals to develop the management and infrastructure of his business. He considers that time, between 1968 and 1976, the most important phase of the development of Walmart. Going public When they joined the company, Ron Mayer and Royce Chambers brought with them sophisticated communication and distribution systems that made Walmart's national projection possible, as they allowed a concentration of goods, which were now stored in the distribution center and redirected to stores. FamilyOf course he gives a wonderfully folksy description of the history of his with the help of many, many associates' building the great Wal-Mart corp. Lots of neat comments from his family, top Wal-Mart employees and others regularly interspersed in his story.

I have always pursued everything I was interested in with a true passion — some would say obsession — to win. I’ve always held the bar pretty high for myself: I’ve set extremely high personal goals. The summary gives a rough idea of Sam Walton’s business practices, but you can learn so much more from the book. His 10 rules at the very end of the book are worth twice the price of the copy alone. Plus, since it’s an autobiography, it puts all lessons in the context of his own life’s story, which lets you get a lot better grasp on everything. Self-service stores. In the past, a store employee would find the items you want and bring them to you. Sam heard about the first self-service stores and rode an overnight bus to see them firsthand. Then he opened the 3rd self service store in the USA.Sam really had only one goal for all of his stores: to make each and every single customer as happy as possibly can be.