Connect with us

Entrepreneurs

4 Lessons You Can Learn From the Founder of Walmart, Sam Walton

Published

on

sam walton
Image Credit: Sam Walton

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 successful store for contract problems. Since this day, July 2nd, 1962, Walmart has grown to be the most successful retailer in the world (now is second to Amazon) with over ten thousand stores and more than $200 billion in market value. All that because of one dedicated and hard-working man who lived by his principles and gave many ambitious people, including me, the inspiration to do and grow more.

I have read Walton`s autobiography, ‘Sam Walton: Made In America’ and these are my top four lessons for you:

1. Understand the value of the dollar

Walton never believed in a having a flashy lifestyle and was capable of balancing the love of life with keeping expenses at bay. He had seen people selling their companies for little to enjoy the rich experience, then suffer later when it all goes down the drain. He also believed that to provide value to his customers he had to cut his expenses and be wise with spending money.

So he built a philosophy that every penny he saves, is a penny saved for his customers and created the famous Walmart motto: Save money. Live better. Walton dined at family restaurants, slept two to a room when traveling with his executives and among all of the eighteen airplanes he bought in his lifetime, none of them were brand new.

”Every time Wal-Mart spends one dollar foolishly, it comes right out of our customers’ pockets. Every time we save them a dollar, that puts us one more step ahead of the competition” – Sam Walton

2. Protect your success and learn from every mistake

After five years of hard work in Arkansas, Walton eventually managed to outperform his competitors and build the largest and most profitable variety store in the whole region. Unfortunately, he lost everything over a contract mistake. His landlord got greedy and wanted to give Walton’s store to his son, so he refused to renew his lease at any price.

To be honest, the man did offer Walton a fair price in exchange of his franchise name and inventory but this wasn’t what Walton wanted, and he had to leave behind all the success he’d just built and go.

But because of his positive mindset, Walton blamed nobody but himself for that mistake and vowed to learn from that mistake and spend double the time reading any future lease. He also realized his family needed someone with law experience who can also hold their best interest so, he encouraged his oldest son, Rob, to become a lawyer.

3. Learn everything you can about your business

Be desperate to learn everything about business and hang around those who know better than you. Wal-Mart stores have dominated the retail industry for years but did you know who made Walton interested in such business? His barber. The first rules Walton ever learned about retail work came from his barber and his brothers who had later grown their variety store into a sixty-store chain.

Walton also spent most of his Sundays at his manager`s house learning the business and talking about retailing. Even when he later left JCPenney and moved to Arkansas, he had to find someone experienced to learn from so he spent his lunch breaks at his competitor`s store and copied his best practices.

“Commit to your business. Believe in it more than anybody else.” – Sam Walton

4. Be competitive

The best word to describe Walton is competitive. He got that from his mother who taught him to take life seriously and try to be the best at everything he did. He worked as a lifeguard, waited tables in exchange for meals and stopped getting allowance as soon as high school began.  He also made a considerable sum of money during college despite living through the most prolonged, and most prevalent depression of the 20th century.

Walton was so competitive that he played baseball, football, and basketball all at the same time and won the state championship in two different sports. Not mentioning climbing up the Boy Scout ranks at a very young age and being elected president of the town’s Bible Class.

This intense experience helped Walton set his mindset towards success and understand the importance of teamwork. He realized that publicly exercising his ego wasn’t the right way to build a strong business, so he invested much in attracting the best, most talented, and most loyal people to his team.

What do you think of the entrepreneur who built one of the largest retail empires in the world? Comment below!

Advertisement
4 Comments

4 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

Why Entrepreneurial Innovation Matters More Than Ever

Innovation and disruption are a key part of thought leadership online. But most online business owners today are blinded by tactics

Published

on

Image Credit: Unsplash

Innovation is a topic often discussed in software applications, app development, and the world of tech. However; you don’t hear it as much in the online business space, particularly among service providers. But innovation is the lifeblood of market leadership.  (more…)

Continue Reading

Entrepreneurs

How to Lose a Team in 10 Days: Are You a True Leader?

The dichotomy between good leadership and poor leadership is that you are either showing up for your people or expecting your people to show up for you.

Published

on

Image Credit: Unsplash

“If you don’t like working here, I’m not going to force any of you to stay. Put in your transfer or resignation papers and I will sign them today and you can go work someplace else.” (more…)

Continue Reading

Entrepreneurs

How You Can Start Networking in Style in 2023

By investing your time and effort in networking, you will gain more business through the relationships you make

Published

on

Image Credit: Unsplash

Are you completely new to networking?

Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.

It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?

Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.

Rock up with confidence

If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.

Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!

“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie

Where to go networking

If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.

For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!

If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.

Get more leads and referrals

This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.

Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.

When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!

Grow your business

By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.

We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.

2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.

Continue Reading

Entrepreneurs

5 Keys to Building a Valuable Business

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing.

Published

on

Image Credit: Unsplash

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing. Or the chance to make money doing something you truly love and the ability to be your own boss and set your own hours.  (more…)

Continue Reading

Trending