4 Valuable Lessons For You from Walmart Founder Sam Walton. Walmart has grown to become the most successful retailer in the world (now number two in the Amazon) with a market value of $200 billion in more than ten thousand stores.
One day in the early 1960s, 44-year-old Sam Walton founded his first department store in Bentonville, Arkansas a few years after being forced to let go of his first store that was successful because of contract issues. Starting today, July 2, 1962, Walmart has grown to become the most successful retailer in the world (now number two in the Amazon) with a market value of $200 billion in more than ten thousand stores. It was all because of a dedicated and hardworking man who lived by his principles and gave many ambitious people, including me, inspiration to do and grow more.
Based on Walton’s autobiography, “Sam Walton: Made In America” Ã¢â‚¬â€¹Ã¢â‚¬â€¹and these are four main lessons for you:
4 Valuable Lessons For You from Walmart Founder, Sam Walton
1. Understand the value of dollars
Walton never believed he had a striking lifestyle and was able to balance the love of life by keeping expenses out. He had seen people sell their companies to enjoy a rich experience, then suffer later when everything was in vain. He also believes that to give value to his customers he must cut his expenses and be wise in spending money.
So he built the philosophy that every penny he saved, was a penny saved for his customers and created the famous Walmart motto: Save money. Life is better. Walton ate in a family restaurant, slept in a room while traveling with his executive and among the eighteen planes he had bought in his lifetime, none of them were new.
Every time Wal-Mart spends a dollar stupidly, it comes right out of the pocket of our customers. Every time we save a dollar, it makes us one step ahead of the competition –Sam Walton.
2. Learn from every mistake and protect your success
After five years of hard work in Arkansas, Walton finally managed to outperform its competitors and build the largest and most profitable variety shop in the entire region. Unfortunately, he lost everything due to a contract error. The owner became greedy and wanted to give Walton’s shop to his son, so he refused to extend the rent at any price.
To be honest, the man offered Walton a fair price by exchanging his franchise name and inventory, but this was not what Walton wanted, and he had to abandon all the success he had just built and passed.
But because of his positive mindset, Walton did not blame anyone but himself for the mistake and vowed to learn from the mistake and spend two times reading each rental in the future. He also realized that his family needed someone with legal experience who could also have their best interests, so he encouraged his eldest son, Rob, to become a lawyer.
3. Learn everything you can about your business
Desperate to learn everything about business and get along with those who know more about you. Wal-Mart stores have dominated the retail industry for years, but do you know who made Walton interested in such a business? The barber The first rule Walton learned about retail work came from his barber and his brothers who later grew their variety shop into a chain of sixty stores.
Walton also spent most of Sunday at his manager’s house to study business and talk about retail. Even when he later left JCPenney and moved to Arkansas, he had to find someone who was experienced to study so he spent his lunch breaks in competitor stores and copied his best practices.
Commit to your business. Trust more than anyone. – Sam Walton
The best word to describe Walton is very competitive. He got it from his mother who taught him to take life seriously and tried to be the best in everything he did. He works as a coast guard, waits for a table in exchange for food, and stops earning pocket money once high school starts. He also made a lot of money while studying despite living through the longest and most common depression in the 20th century.
Walton was so competitive that he played baseball, soccer and basketball at the same time and won state championships in two different sports. It did not mention rising Scout rankings at a very young age and was elected president of the city Bible Class.
This intense experience helped Walton direct his mindset towards success and understand the importance of teamwork. He realized that publicly running his ego was not the right way to build a strong business, so he invested heavily in attracting the best, most talented, and most loyal people to his team.