Sam WaltonJoin now to read essay Sam WaltonSam Walton, the retailing maverick and founder of the now largest company in the world, started his career with a small investment, a small loan from his family and a lot of determination.
Walton had a dream to grow his small discount store, Wal-Mart, at a relentless pace that would increase his sales high enough that he could drive all costs out of merchandising. Walton believed that finding costs wherever they lay – in the stores, in the manufacturers’ profit margins and with the middleman – and eliminating them, he could drive the prices of his goods down and make Wal-Mart a competitive force in discounting (Huey, par.4).
Walton, through his vision, determination, ability to motivate people and to build a culture within his organization in line with his ideals, has secured himself a title of one of the greatest business leaders of all time.
SAM: THE MANSamuel Moore Walton was born March 29, 1918 in Kingfisher, Oklahoma. He later moved to Missouri where he attended and was elected the class president at the University of Missouri. To pay the tuition bill, he worked as a lifeguard, waiter, and maintained a newspaper delivery route of one hundred sixty customers (Kennon, par. 4). After graduation he aspired to attend graduate school, but found he couldn’t afford it and instead took a position with J.C. Penny in their management trainee program.
The seeds of Wal-Mart were planted in the Ben Franklin variety store chain (Friedman, par. 9). Walton opened a Ben Franklin franchise store in Newport, Arkansas in 1945. He quickly grew it to become the top performing Ben Franklin franchise with $250,000 in sales. When his lease was up in 1950, it had become so successful that his landlord, P.K. Holmes thought running a retail store must be a piece of cake (Friedman, par. 10). He refused to renew Walton’s lease forcing Walton to turn the business over to him.
Walton didn’t relinquish his franchise easily. Only after a trip to an attorney was he convinced that there was nothing he could do to save his business. Attorney Fred Pickens Jr. described Walton’s reaction: After clenching and unclenching his fists, Walton stood up and said, “I’m not whipped. I found Newport, and I found the store. I can find another good town and another Ben Franklin. Just wait and see” (Friedman, par. 12).
In 1950, Walton purchased another Ben Franklin franchise, this time in Bentonville, Arkansas. This store he immediately changed the name to Walton’s 5 & 10. Today this store is a Wal-Mart visitor’s center serving as a museum of sorts of Wal-Mart’s historical founding.
It wasn’t until 12 years later that the first Wal-Mart opened its doors. Early on, operations were somewhat chaotic. Walton had merchandise stacked to the ceiling with promotions always running in every aisle. Accounting was based on the ESP method: if the books did not balance, there must be an Error Some Place (Economist, par. 4). Right off the bat, Wal-Mart was a success because of Walton’s devotion to keeping prices down. Later this shambles grew into one of the world’s best-managed companies, with the most sophisticated distribution system in the business.
THE WAL-MART VISIONWal-Mart began with the dream of one man, Sam Walton, to own his own store. He cherished and nurtured that dream in such a way-with a sense of sacred duty and a willingness to let the dream enable him to grow personally-that the dream itself grew into something beyond his or anyone else’s wildest imagination (Soderquist, p.xvi).
Walton had 10 rules for building a business that he shared with all of his employees (Bickford, par. 2):Commit to your businessShare your profits with your associates and treat them as partnersMotivate your partnersCommunicate everything you possibly can to your partnersAppreciate everything your associates do for the businessCelebrate your successListen to everyone in your companyExceed your customers’ expectationsControl your expenses better than your competitionSwim upstreamWalton saw the future of his industry in discounting, which was actually very new at the time. In 1962, companies of the likes of K-Mart, Target and Woolco also opened their doors for the first time. Walton knew that in order for him to stay ahead of his competition
Theodore A. Walton
Walton’s work ethic and self-sacrifice are exemplified today with his tireless efforts to increase the number of schools and libraries in all 50 states. He dedicated his time as a businessman to the cause of education. He even had a daughter named Amanda. These days, Walton can be found among the top 20 Americans in the country for his dedication to education and philanthropy. As a person of character and character-building skills, “Walton became a pillar of the movement to create the next generation of business leaders through private sector philanthropy”, he told us years ago, and I am proud to hear about his personal contributions to the organization. It is this remarkable dedication of character and dedication that motivates the entire Walton family at the age of 74, as well as the entire family itself, with many of them now coming to see his legacy impact all of us together.
The last, and most important, item being Walton for many of us is the fact that if a business or a culture gets that far into the next 10 years, it will be because of Mr. Walton. And because I can honestly say that if an individual, especially one of his business acolytes, gets such a small cut of the pie within 15 years, then it will not be because of Mr. Walton because he has been at it for just five or more years. He is a man who has dedicated his life to his family and to others both here in this Country and internationally, and in fact has been in the spotlight since he received his first call to action.
We want to thank the people of Washington, D.C., who offered support and support to this amazing man who was always dedicated to his business and who was always open about his experience as an entrepreneur:
And to everyone who gave generously and supported him with the kindness and enthusiasm of one kind heart,
(He was in attendance at an industry call from his family when he first arrived to visit them in Salt Lake City.),
(Walton will be remembered as a caring, dedicated man, who gave his life to make it possible for his children and grandchildren to live a normal lifestyle, and who gave his life to make sure that we all were safe, have fun and grow up. He is known best for his philanthropy and commitment to making a positive difference for all of those who have lived and helped on this journey)
Theodore A. Walton
Walton’s work ethic and self-sacrifice are exemplified today with his tireless efforts to increase the number of schools and libraries in all 50 states. He dedicated his time as a businessman to the cause of education. He even had a daughter named Amanda. These days, Walton can be found among the top 20 Americans in the country for his dedication to education and philanthropy. As a person of character and character-building skills, “Walton became a pillar of the movement to create the next generation of business leaders through private sector philanthropy”, he told us years ago, and I am proud to hear about his personal contributions to the organization. It is this remarkable dedication of character and dedication that motivates the entire Walton family at the age of 74, as well as the entire family itself, with many of them now coming to see his legacy impact all of us together.
[…]
Walton and his family have a remarkable record of success in helping people succeed. Together, they became a nation of innovation, social justice, self-reliance, and innovation. Together, the Walton family contributed more to the overall economy than any other U.S. company. Together, they earned more as the nation’s top private-sector company by spending more than $10 trillion ($11 trillion today from the rest of the world). Together, the Walton family produced $1 trillion worth of goods and services in the United States, $700 billion out of a combined $11 trillion dollar economy, and they made more than 11 billion dollars in taxes from an asset class not only in the United States but all 20 foreign nations. The Waltons’ philanthropy has put our country on the path to global economic greatness, both globally and globally. They and their family have invested more and more dollars in these industries of the U.S. than any other corporation, American or foreign. In all probability, a family of more than 80 was involved in the development, growth, and expansion of more than five hundred new companies over three decades, creating thousands of jobs, and a tremendous economic and social response. Their contributions have inspired countless others in the world, many generations ago in their native countries. Together, our government has contributed more than $20 trillion to the private sector alone, a record number of which is on display in these images of the family’s philanthropy.
[[Image Credit: The National Archives]]
[…]
Walton and his family have been a fixture of the nation’s economic life for more than two thousand years. They contributed more than three thousand jobs to the U.S. economy and generated even more in wealth than any other U.S. corporation in the history of the country. Both their father’s wealth and mother’s wealth were directly and indirectly owned by the Walton Family family, the only people standing before the U.S. Capitol in Washington DC. It is one of the richest families in this country and they have earned their wealth through the generosity and selflessness of everyone involved in putting forth the American idea of an equal society. And for that reason alone, the American people deserve the credit of continuing to be inspired and inspired by the principles and values of the Walton family and its family and its children. They have provided invaluable support to millions of workers and children in New York, California, Florida, and elsewhere during their own time of need and prosperity. It was this organization’s own contribution to America’s prosperity that they embraced in the 1990s and are doing today, and their continued contribution to helping our country rise to prosperity has led to some of the wealthiest families in the history of the country.
[…]
In the 1950s and early 1960s, Walton developed the idea of a new, national initiative to help pay for education through increased access to public college education. During that period, he established a model system in which every American had the right to education, along with access to quality education. It is our goal today to ensure that those who are not born into privilege in our democracy deserve education of their people. One of the things that I think that the public and non-profits of the era can provide with help in the present age is the opportunity to empower our citizens to be empowered to improve their futures for themselves and families, and to provide the opportunity for the good of American families to grow much larger, more successful, and healthier. The U.S.
1
Many people in the United States have a great deal of financial power and access to power. Even a relatively small amount of it is actually necessary in order to help the citizens of a country. In this area, there is no shortage of powerful people who have direct political power. Some of these are our friends and family members. They tend to have certain economic and political interests, and they may be highly qualified to serve on a national advisory board in a way that enhances the lives of many.
### I am grateful for your comments, as much of the original content I received is of great substance and insight. It is particularly refreshing to hear some of my colleagues continue to share that advice with me, not only because it is of great value to them in their time in office but because its a helpful reminder of how important such an approach was to the past. So much of this piece is derived from the experience, my own experiences, conversations, and observations I have had with Bill Gulliver. Bill is a professor of policy, government relations, and foreign affairs and a former top national security advisor for the Obama administration and a former senior fellow at the Brookings Institution. He is the author, most recently, of the book The Future is an Option: A History of American Foreign Policy, and The State of the United States in the New Millennium. Bill and her wife, Jana Gulliver, are the former deputy assistant secretaries for economic and foreign affairs for former Presidents Barack Obama and George W. Bush as well as to the former U.S. Senator, Barack Obama, a former member of the National Security Council and one of my top aides. Bill is now a fellow at the Brookings Institution and is the author of several books including Foreign Policy: An Insurgency Strategy of the Future (Oxford University Press, 2014).
Copyright © 2013 Bill Gulliver. All rights reserved.
The last, and most important, item being Walton for many of us is the fact that if a business or a culture gets that far into the next 10 years, it will be because of Mr. Walton. And because I can honestly say that if an individual, especially one of his business acolytes, gets such a small cut of the pie within 15 years, then it will not be because of Mr. Walton because he has been at it for just five or more years. He is a man who has dedicated his life to his family and to others both here in this Country and internationally, and in fact has been in the spotlight since he received his first call to action.
We want to thank the people of Washington, D.C., who offered support and support to this amazing man who was always dedicated to his business and who was always open about his experience as an entrepreneur:
And to everyone who gave generously and supported him with the kindness and enthusiasm of one kind heart,
(He was in attendance at an industry call from his family when he first arrived to visit them in Salt Lake City.),
(Walton will be remembered as a caring, dedicated man, who gave his life to make it possible for his children and grandchildren to live a normal lifestyle, and who gave his life to make sure that we all were safe, have fun and grow up. He is known best for his philanthropy and commitment to making a positive difference for all of those who have lived and helped on this journey)
Theodore A. Walton
Walton’s work ethic and self-sacrifice are exemplified today with his tireless efforts to increase the number of schools and libraries in all 50 states. He dedicated his time as a businessman to the cause of education. He even had a daughter named Amanda. These days, Walton can be found among the top 20 Americans in the country for his dedication to education and philanthropy. As a person of character and character-building skills, “Walton became a pillar of the movement to create the next generation of business leaders through private sector philanthropy”, he told us years ago, and I am proud to hear about his personal contributions to the organization. It is this remarkable dedication of character and dedication that motivates the entire Walton family at the age of 74, as well as the entire family itself, with many of them now coming to see his legacy impact all of us together.
[…]
Walton and his family have a remarkable record of success in helping people succeed. Together, they became a nation of innovation, social justice, self-reliance, and innovation. Together, the Walton family contributed more to the overall economy than any other U.S. company. Together, they earned more as the nation’s top private-sector company by spending more than $10 trillion ($11 trillion today from the rest of the world). Together, the Walton family produced $1 trillion worth of goods and services in the United States, $700 billion out of a combined $11 trillion dollar economy, and they made more than 11 billion dollars in taxes from an asset class not only in the United States but all 20 foreign nations. The Waltons’ philanthropy has put our country on the path to global economic greatness, both globally and globally. They and their family have invested more and more dollars in these industries of the U.S. than any other corporation, American or foreign. In all probability, a family of more than 80 was involved in the development, growth, and expansion of more than five hundred new companies over three decades, creating thousands of jobs, and a tremendous economic and social response. Their contributions have inspired countless others in the world, many generations ago in their native countries. Together, our government has contributed more than $20 trillion to the private sector alone, a record number of which is on display in these images of the family’s philanthropy.
[[Image Credit: The National Archives]]
[…]
Walton and his family have been a fixture of the nation’s economic life for more than two thousand years. They contributed more than three thousand jobs to the U.S. economy and generated even more in wealth than any other U.S. corporation in the history of the country. Both their father’s wealth and mother’s wealth were directly and indirectly owned by the Walton Family family, the only people standing before the U.S. Capitol in Washington DC. It is one of the richest families in this country and they have earned their wealth through the generosity and selflessness of everyone involved in putting forth the American idea of an equal society. And for that reason alone, the American people deserve the credit of continuing to be inspired and inspired by the principles and values of the Walton family and its family and its children. They have provided invaluable support to millions of workers and children in New York, California, Florida, and elsewhere during their own time of need and prosperity. It was this organization’s own contribution to America’s prosperity that they embraced in the 1990s and are doing today, and their continued contribution to helping our country rise to prosperity has led to some of the wealthiest families in the history of the country.
[…]
In the 1950s and early 1960s, Walton developed the idea of a new, national initiative to help pay for education through increased access to public college education. During that period, he established a model system in which every American had the right to education, along with access to quality education. It is our goal today to ensure that those who are not born into privilege in our democracy deserve education of their people. One of the things that I think that the public and non-profits of the era can provide with help in the present age is the opportunity to empower our citizens to be empowered to improve their futures for themselves and families, and to provide the opportunity for the good of American families to grow much larger, more successful, and healthier. The U.S.
1
Many people in the United States have a great deal of financial power and access to power. Even a relatively small amount of it is actually necessary in order to help the citizens of a country. In this area, there is no shortage of powerful people who have direct political power. Some of these are our friends and family members. They tend to have certain economic and political interests, and they may be highly qualified to serve on a national advisory board in a way that enhances the lives of many.
### I am grateful for your comments, as much of the original content I received is of great substance and insight. It is particularly refreshing to hear some of my colleagues continue to share that advice with me, not only because it is of great value to them in their time in office but because its a helpful reminder of how important such an approach was to the past. So much of this piece is derived from the experience, my own experiences, conversations, and observations I have had with Bill Gulliver. Bill is a professor of policy, government relations, and foreign affairs and a former top national security advisor for the Obama administration and a former senior fellow at the Brookings Institution. He is the author, most recently, of the book The Future is an Option: A History of American Foreign Policy, and The State of the United States in the New Millennium. Bill and her wife, Jana Gulliver, are the former deputy assistant secretaries for economic and foreign affairs for former Presidents Barack Obama and George W. Bush as well as to the former U.S. Senator, Barack Obama, a former member of the National Security Council and one of my top aides. Bill is now a fellow at the Brookings Institution and is the author of several books including Foreign Policy: An Insurgency Strategy of the Future (Oxford University Press, 2014).
Copyright © 2013 Bill Gulliver. All rights reserved.
The last, and most important, item being Walton for many of us is the fact that if a business or a culture gets that far into the next 10 years, it will be because of Mr. Walton. And because I can honestly say that if an individual, especially one of his business acolytes, gets such a small cut of the pie within 15 years, then it will not be because of Mr. Walton because he has been at it for just five or more years. He is a man who has dedicated his life to his family and to others both here in this Country and internationally, and in fact has been in the spotlight since he received his first call to action.
We want to thank the people of Washington, D.C., who offered support and support to this amazing man who was always dedicated to his business and who was always open about his experience as an entrepreneur:
And to everyone who gave generously and supported him with the kindness and enthusiasm of one kind heart,
(He was in attendance at an industry call from his family when he first arrived to visit them in Salt Lake City.),
(Walton will be remembered as a caring, dedicated man, who gave his life to make it possible for his children and grandchildren to live a normal lifestyle, and who gave his life to make sure that we all were safe, have fun and grow up. He is known best for his philanthropy and commitment to making a positive difference for all of those who have lived and helped on this journey)