Already known by the name of Sam Walton, or even just heard this name. Sam Walton was a successful entrepreneur founder of Wal-mart. Wal-mart is a company founded in 1962 in a town called Arkansas and its founder Sam Walton and Bud Walton.
Sam Walton was born in 1918 in Oklahoma. He grew up in Missouri and got his first retail experience in the store owned by his father while still in school. Sam Walton raised when the Great Depression hit the United States. He Knows well that hard work and saving is a way of life. He was milking cows belonging to the family, put the rest of the milk into the bottle, and sell them to customers. After that, he worked delivering newspapers. Sam himself is dreamful working in his father's shop. In 1940, he graduated from the University of Missouri with a degree in economics. Despite graduating from college, he still follows the steps of his father by opening a retail store.
After 17 years running a retail store franchise, Sam Walton opened his first Wal-Mart discount first city in Roger, Arkansas, in 1962. He cut the price of goods up to a maximum and provide low prices to customers. Sam Walton does this in a way:
Filling shelves with a variety of valuable products is tiny;
Make in the crowded shop is so available to the customer;
Remain open when most stores closed as at Christmas;
Experiments with merchant discount (buy from the primary distributor thus enabling lower prices and sell more goods, which increases the volume of sales and profits);
Wal-Mart has specialized in the brand which gives a low price, and even Sam Walton was surprised by the success of Wal-Mart. After that, the Wal-Mart store chain spread throughout America and became the world's largest retailer in 1991 with 1700 stores and an enormous profit.
Sam Walton split a successful recipe in a book entitled "The Wall-Mart Story," here he opens the secret of success:
Rule 1: Commit Business. Hold these principles requires more than others. If we love what we do, then we will do our best to do it. It will spread on the surrounding people.
Rule 2: Divide the advantages to all the staff and treat them as partners. If you can do this, then together with yourself they will show the performance that far exceeds your expectations. The shares offered to them at a discount and reward them with shares as stock retirement.
Rule 3: Motivation your business partner. Always create new ways and more attractive to motivate staff and partners. Specify a higher target, cultivate a healthy competition, perform periodic staff rotation so that they continue to feel challenged, and create performance appraisal scores. To be more attractive, you have to be more creative when creating new measures to motivate, so they are hard to predict what you do next.
Rule 4: Communicate what you can do for the business associates. The more they know what you can do then they are more familiar. The more they understand, they will be more concerned. If a sense of caring that already exists, then nothing can stop them. If you are overwhelmed with disbelief, then they will know you think of them not as a partner then so can they run into your competitor.
Rule 5: Appreciate what has been done by the staff. Loyalty may be gained from a high salary or stock bid. But as humans, we would be happy if there were argued that what we have done, if it is something that should be run. This real appreciation did not eat the cost but priceless.
Rule 6: Celebrate success. If there was an error or failure, do not collapsed. Find the humor element of the failure and laugh together. Have fun and always show enthusiasm in work. Do not forget to celebrate success.
Rule 7: Always listen to what people in the company and find a way to get them to talk. Those in the front line is that most people know the customer's wishes. Listen to them and always find a way so that their ideas can go out and if possible realize their thoughts. Inevitably, they will be responsible and will promote the organization.
Rule 8: Create a higher parameter consumer satisfaction. If it can do, then the customer will keep coming back. Give them more of what they want so that the clients know how much you appreciate them. If you make a mistake, do not find justification but apologize.
Rule 9: Control your expenses. Control your spending, lest you spend money only for work in vain. With these tips, you will find a competitive advantage. The key here is efficiency. The series of mistakes can happen, but we can still recover if it can be efficient in operational activities. Or, you can just brilliant in business concepts, but still, it will be eliminated from the competition due to the inefficient.
Rule 10: Swim upstream. Do not want to be stuck with following what is done by others. Create ways and means of their own business and do not be afraid when contrary to the belief of many businesspeople. Sam proved successful Walton founded the store in town with a population only 50 thousand people. Whereas, many individuals in business believe the stores that give discounts can not last long in the city whose population is limited.
Sam Walton key to success is "If you love your job, you'll be out there every day trying to do the best you can do, and soon, everyone around you will catch your spirit."
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