Sam Walton : Made in America My Story
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Sam Walton : Made in America My Story
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Sam Walton Biography". 7infi.com. Archived from the original on August 10, 2017 . Retrieved August 10, 2017. Walton supported various charitable causes. He and Helen were active in 1st Presbyterian Church in Bentonville; [27] Sam served as an Elder and a Sunday School teacher, teaching high school age students. [28] The family made substantial contributions to the congregation. Walton worked the concept of “service leadership” into the corporate structure of Walmart based on the concept of Christ being a servant leader and emphasized the importance of serving others based in Christianity. [29] Here’s how I look at it: my life has been a trade off. If I wanted to reach the goals I set for myself, I had to get at it and stay at it every day. I had to think about it all the time. And I guess what David Glass said about me is true: I had to get up every day with my mind set on improving something. Charlie Baum was right too when he said I was driven by a desire to always be on the top of the heap. But in the larger sense - the life and death sense - did I make the right choices?” p.320 In the initial phase of Walmart, the company was ignored by distributors and wholesalers due to the remote location of its stores. Therefore, it had to organize its own distribution system, which ended up being a competitive advantage, due to the consequent flexibility, agility, and economy. How did Sam Walton go from throwing newspapers as a teenager to being the richest man in the world?
Walton, Sam (2012). Sam Walton: Made in America. Random House Publishing Group. p.4. ISBN 978-0-345-53844-4. Sam Walton wrote this book to recount his fascinating story of how Walmart made it from a small-town America discount store to the present-day giant retailer. The tone of the book is informal, as if Sam Walton is right in front of you. That makes the book funny and engaging. Contrary to common sense at the time, Walmart became the largest independent offal company in the United States.But at the time the Newport and the Ben Franklin had great potential, and I’ve always believed in goals, so I set myself one: I wanted my little Newport store to be the best, most profitable variety store in Arkansas within five years. I felt I had the talent to do it, that it could be done, and why not go for it? Set that as a goal and see if you can’t achieve it. If it doesn’t work, you’ve had fun trying.” p.28 It’s true that I was 45 when we opened our first Wal-Mart in 1962, but the store was totally an outgrowth of everything we’d been doing since Newport — another case of me being unable to leave well enough along, another experiment. And like most other overnight successes, it was about 20 years in the making. Management Style Playing on Strengths My whole life I never played a losing football game. […] I think that record had an important effect on me. It taught me to expect to win, to go into tough challenges always planning to come out victorious. Bias towards Action I learned from a very early age that it was important for us kids to help provide for the home, to be contributors rather than just takers. In the process, of course, we learned how much hard work ti took to get your hands on a dollar, and that when you did it was worth something. One thing my mother and dad shared completely was their approach to money: they just didn’t spend it. Obsession to Win This book captured Sam Walton’s voice and spirit and I bought in right away. There are many concepts I’d like to include in my teaching or coaching - I’m not in retail or a conventional “business”. I plan on using much of my highlights from Made in America in my Sociology class. I don’t know much about Sam Walton as a person, except from my experiences in his stores and from this book. I understand there are many critics, but I am not one of them.
The final chapter focuses on legacy. If free enterprise runs our society, then businesses that are not customer-centric will not survive. People vote with their dollars. Of course, Walton’s shrewd strategies garnered plenty of criticism, and he was repeatedly accused of driving local stores out of business, a sentiment that’s still commonly expressed today. Walton saw it differently. He believed the market decides the nature of business. If a customer chooses Walmart over several local stores, it’s because Walmart served them better, and that is always defined by the customer. And if Walmart cannot meet a customer’s needs, employees have no problem recommending a competitor’s store. A winning mentality and letting go of your own mistakes or achievements, for that matter, can take you far away - “To succeed in this world, you have to change all Trimble, Vance H. (1991). Sam Walton: the Inside Story of America's Richest Man. Penguin Books. ISBN 0-451-17161-6. ISBN 978-0-451-17161-0
He is a very competitive person who values the customers & employees. He also believes in saving every dollar:
Samuel Moore Walton was a born entrepreneur. In his book, "Sam Walton: Made in America", the founder of Walmart claims to be, in many of its basic values, such as religion, family and politics, a conservative. The book was never boring and seemed quite fair. He admitted in the book to making many mistakes, and that was nice to see. He did not come across as arrogant at all, just very strong willed and having almost unbounded energy and focus on the business. Sam Walton graduated college in 1945 and he began working at JC Penney as a management trainee. This experience got him excited about the retail business and he decided to open his own store. But before he could do that, he served in the US army and got married. He was also reading all the books he could find in the libraries about the retail business. Samuel Moore Walton was born to Thomas Gibson Walton and Nancy Lee, in Kingfisher, Oklahoma. He lived there with his parents on their farm until 1923. However, farming did not provide enough money to raise a family, and Thomas Walton went into farm mortgaging. He worked for his brother's Walton Mortgage Company, which was an agent for Metropolitan Life Insurance, [3] [4] where he foreclosed on farms during the Great Depression. [5]
Sam Walton encourages his people to care about Walmart by sharing the success. Early store managers, company executives and even regular employees are rewarded when Walmart does well. Conclusion When it comes to business, however, he has always been inclined to reject the system. Change is an integral part of his philosophy. Walmart outcompeted other retail stores by always having the lowest prices. Everything else was less important than maintaining that strong focus on selling for less. 8. Shared Ownership: Give your people responsibility and recognition
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