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 Given its scale and economic influence, Walmart is noted to significantly impact any region in which it establishes a store. These impacts, both positive and negative, have been dubbed the "Walmart Effect". [25] Personal life [ edit ] With the new Bentonville "Five and Dime" opening for business, and 220 miles away, a year left on the lease in Newport, the money-strapped young Walton had to learn to delegate responsibility. [18] [19] Taking the job away from Mayer when he was the CEO was a risky move. Nobody takes demotions from a power position lightly. Fishman, C. (2006). The Wal-Mart Effect: How the World's Most Powerful Company Really Works – and HowIt's Transforming the American Economy. Penguin.

Landrum, Gene N. (2004). Entrepreneurial Genius: The Power of Passion. Brendan Kelly Publishing. p.120. ISBN 1895997232 . Retrieved December 30, 2012. I read a good amount of biographies of successful business people and obviously there are many parallels between them both in personality and business development. Sam loved what he was doing and his enthusiasm and motivation to grow more and more lead to the fast growth of his career. I also liked to read about his private and humble (obviously only for a Billionaire) life.

Sam Walton: Made in America” is available in English language editions. There are no known translations available in other languages. Book Editions He and his family (now with another son, James, born in 1921) moved from Oklahoma. They moved from one small town to another for several years, mostly in Missouri. While attending eighth grade in Shelbina, Missouri, Sam became the youngest Eagle Scout in the state's history. [6] In adult life, Walton became a recipient of the Distinguished Eagle Scout Award from the Boy Scouts of America. [7] Understood the value of a dollar, grew up during the depression. Continued to be frugal through all his years. Made sure all his businesses also understood the value of a dollar. From an early age he worked multiple jobs, never stopped moving. He has an urge to win, to win at everything. These rules to create empathy in buyers proved priceless. The increased communication helped Wal-Mart stay nimble as they grew; it became easier to find something selling well at one store and figure out what other stores to try the same thing. a b c d e Gross, Daniel; Forbes Magazine Staff (August 1997). Greatest Business Stories of All Time (Firsted.). New York: John Wiley & Sonsf. p. 269. ISBN 0-471-19653-3. Archived from the original on June 10, 2020 . Retrieved December 18, 2019.

Efficiency is further explored in Chapter 15, in which Walton describes the business philosophy he used to guide Walmart’s growth. By controlling his expenses better than his competitors, thus creating a more efficient operation, he was able to establish and maintain an edge on his competition. Great ideas come from everywhere if you just listen and look for them. You never know who’s going to have a great idea.” 324 a b Gross, Daniel; Forbes Staff (August 1997). Greatest Business Stories of All Time (Firsted.). New York: John Wiley & Sons, Inc. p. 283. ISBN 0-471-19653-3. Harris, Art (November 17, 1985). "America's Richest Man Lives...Here?Sam Walton, Waiting in Line At the Wal-Mart With Everybody Else". Washington Post. ISSN 0190-8286 . Retrieved March 22, 2021.

Of course he gives a wonderfully folksy description of the history of his with the help of many, many associates' building the great Wal-Mart corp. Lots of neat comments from his family, top Wal-Mart employees and others regularly interspersed in his story.

He pointed to Walmart’s customer-centric approach as being hugely beneficial for the communities it serves. He suggested that, by keeping prices extremely low, Walmart helps communities save billions of dollars every year. LS Robson; “He influenced me a great deal. He was a great salesman, one of the most persuasive individuals I have ever met. And I am sure his success as a trader and a businessman, his knowledge of finance and the law, and his philosophy had a big effect on me. My competitive nature was such that i saw his success and admired it . I didn’t envy it. I admired it. I said to myself: maybe I will be as successful as he is someday.” p.7 Being an employee at Wal-Mart now for almost three years I knew this is a book I wanted to read. I also enjoy reading books about companies especially if the author is the founder. Wal-Mart's story is a fantastic story of America's free enterprise. I will tell you that some of the things revealed in the book about employees were either not correct or they have changed through the years. I know for a fact that many have changed and I think Sam Walton would not be happy about some of the changes. To help you understand was an amazing success story Wal-Mart is I have included a quote from the book below: Sam Walton knew the power of praise, much like our favorite first lady of praise, Mary Kay Ash. Walton went to great lengths to find opportunities to recognize people and create ways to make a habit. Top performing experiments: If a manager ran an experiment that worked well, Walton was sure to call it out and recognize them in front of their peers.You see, Sam Walton grew up during the Great Depression and his parents taught him not to spend money foolishly. He didn’t grow up poor, but his parents worked hard at regular jobs. So even as Sam became more successful, he continued to avoid luxury and unnecessary spending. Most people put their egos ahead and look at the competition to gloat about what they’re doing better.