hi I’m Evan Carmichael and welcome to
another edition of modeling the masters
I believe that the fastest and most
effective way to grow your business is
to model the strategies of people who’ve
already done what you’re trying to do so
today I’m going to look at how a farm
boy from Oklahoma wanted to continue his
education again a master’s degree but
couldn’t afford it so it was forced into
entrepreneurship open up his first
retail store and went on to become the
richest man in North America this is a
story of Walmart founder Sam Walton and
the top three lessons you can learn from
his success Sam Walton is an American
entrepreneur that built Walmart the
largest retail chain store in the world
he started out as a farm boy and became
the richest man in America in the 1980s
from the farmlands of Oklahoma Walton
began his journey in life his father
Thomas was a farmer that felt he
couldn’t raise his family on the money
being brought in from the farm so he
packed everybody up and moved the family
to Missouri there Thomas had become a
farm loan appraiser even though this job
meant that the Walton family would
travel all over Missouri Sam Walton
would not be discouraged he would also
excel at academics and sports leading
his high school football team as
quarterback the state championship from
high school Walton would attend the
University of Missouri and achieve his
bachelor’s degree in economics while
getting his bachelor’s degree he would
also become interested in commerce this
would make him want to enroll in the
Wharton School of Business but he
couldn’t afford to attend he would find
a job at JC Penney as a manager just
three days after graduating University
of Missouri but would eventually resign
this job so he’d be able to join the US
military after serving as a security
officer in the US Army intelligent core
for three years Walton would resign his
captain’s Commission in 1945 Walton
would ask his father-in-law for a loan
of $20,000 so he could buy his first
retail store a Ben Franklin variety
store
this would start a journey that would
help him discover many of the techniques
he would implement in his Walmart chain
of stores these remarkable chains of
events would make Walton worth more than
twenty three billion dollars in 1980s
and today
Walmart brings in more than 300 billion
dollars annually along with the sam’s
club franchise Walton started which
brings in more than 40 billion dollars
annually forced into entrepreneurship
because Sam Walton couldn’t afford to
continue his education he went from
Oklahoma farm boy into the richest man
in North America to help you transform
your business
here are top three action items and you
can learn from Sam Walton optional
number one treat the customer as the
boss Sam Walton was a true believer that
the customer was his boss this idea made
Walton implement many services and
customer friendly activities that were
designed around the attitudes of
small-town America from the greeter at
the door of every Walmart
to the satisfaction guaranteed sirens he
placed in his first Walmart store in
1962 Walmart with distinguish itself
from other retailers by maintaining the
philosophy but the customer was always
in charge according the Walton was only
one boss the customer and he can fire
everybody in the company from the
Chairman on down simply by spending his
money somewhere else the two most
important words I ever wrote were on
that first Walmart sign satisfaction
guaranteed they’re still up there
and they’ve made all the difference the
secret of successful retailing is to
give your customers what they want and
really if you think about it from the
point of view of the customer you want
everything a wide assortment of good
quality merchandise the lowest possible
prices guaranteed satisfaction with what
you buy friendly knowledgeable service
convenient hours free parking and a
pleasant shopping experience action item
number two success depends on employees
Walton was a firm believer that the
employees were key to the company’s
success by listening to his workers and
their ideas he could stay on top of his
game
Walton wanted every employee to think of
him as a partner not a boss note of the
passes along his employees wormer would
be one of the first organizations to
offer his employees a profit sharing
plan where the employees would benefit
from the success of the company it would
make them co-owners stockholders of the
company in order to keep morale levels
high Walton with challenges employees
through a variety of competitions giving
outrageous payoffs to the winners
he wanted to make sure all of his
employees knew that they were
appreciated
according to Walton the folks on the
front lines the ones who are actually
talking to the customer are the only
ones who really know what’s going on out
there this really is about total quality
in turn they will treat you as a partner
and together you will all perform beyond
your wildest expectations remain a
corporation and retain control if you
like but behave as a servant leader in a
partnership money and ownership alone
aren’t enough set high goals encourage
competition and then keep score
nothing else can quite substitute for a
few well-chosen well time sincere words
of praise through absolutely free and
worth a fortune action at number three
embrace new technology before the age of
the internet and instant ecommerce
stores across America were relatively
low tech it wasn’t until a select few
entrepreneurs including Sam Walton
decided to push the boundaries of the
retail industry that new technologies
began to be embraced he went to the IBM
school in upstate New York in 1966 to
find the best technology students so
Walmart would always be on the cutting
edge as an example Walmart became one of
the first stores who develop Universal
barcodes and was the first retail chain
to use electronic scanners as cash
registers not only that the cash
registers scan individual items
it was networked to the inventory
control compare
the stores would know when stock was
running low and reorder was necessary
this allowed the stores always be
stocked with the items that sold the
most by implementing and embracing new
technology Walmart could grow faster and
maintain a competitive edge
according to Walton I’ve always been
driven to buck the system to innovate
take things beyond where they’ve been a
computer can tell you down to the dime
what you’ve sold but it can’t never tell
you how much you could have sold Sam
often started his first retail store
right after serving in the military a
Ben Franklin variety store chain
however after making it very successful
the owner of the building would not
renew his lease wanting to take the
franchise over and make the money Walton
was making Walton would be pushed out
and eventually sold the Ben Franklin
store to the owner of the building for
$50,000 which Walton would say was a
fair price
this would teach Walton a lesson that
he’d never forget owned the land and
building your building your business on
when it starts to become successful this
would lead him to open the first Walmart
discount city in 1962 and concentrate on
owning the building and the land as well
as sell american-made products ad pick
myself up and get on with it
do it all over again only even better
this time
Walton eventually said Walton proved
that being underestimated by others was
no obstacle to achievement
you
thank you for joining me for another
edition modeling monsters if you liked
the video and want to see more please
give it a thumbs up below I’d also love
to hear what you have to think if you
want to leave a comment under the video
and stay tuned for next episode
you
another edition of modeling the masters
I believe that the fastest and most
effective way to grow your business is
to model the strategies of people who’ve
already done what you’re trying to do so
today I’m going to look at how a farm
boy from Oklahoma wanted to continue his
education again a master’s degree but
couldn’t afford it so it was forced into
entrepreneurship open up his first
retail store and went on to become the
richest man in North America this is a
story of Walmart founder Sam Walton and
the top three lessons you can learn from
his success Sam Walton is an American
entrepreneur that built Walmart the
largest retail chain store in the world
he started out as a farm boy and became
the richest man in America in the 1980s
from the farmlands of Oklahoma Walton
began his journey in life his father
Thomas was a farmer that felt he
couldn’t raise his family on the money
being brought in from the farm so he
packed everybody up and moved the family
to Missouri there Thomas had become a
farm loan appraiser even though this job
meant that the Walton family would
travel all over Missouri Sam Walton
would not be discouraged he would also
excel at academics and sports leading
his high school football team as
quarterback the state championship from
high school Walton would attend the
University of Missouri and achieve his
bachelor’s degree in economics while
getting his bachelor’s degree he would
also become interested in commerce this
would make him want to enroll in the
Wharton School of Business but he
couldn’t afford to attend he would find
a job at JC Penney as a manager just
three days after graduating University
of Missouri but would eventually resign
this job so he’d be able to join the US
military after serving as a security
officer in the US Army intelligent core
for three years Walton would resign his
captain’s Commission in 1945 Walton
would ask his father-in-law for a loan
of $20,000 so he could buy his first
retail store a Ben Franklin variety
store
this would start a journey that would
help him discover many of the techniques
he would implement in his Walmart chain
of stores these remarkable chains of
events would make Walton worth more than
twenty three billion dollars in 1980s
and today
Walmart brings in more than 300 billion
dollars annually along with the sam’s
club franchise Walton started which
brings in more than 40 billion dollars
annually forced into entrepreneurship
because Sam Walton couldn’t afford to
continue his education he went from
Oklahoma farm boy into the richest man
in North America to help you transform
your business
here are top three action items and you
can learn from Sam Walton optional
number one treat the customer as the
boss Sam Walton was a true believer that
the customer was his boss this idea made
Walton implement many services and
customer friendly activities that were
designed around the attitudes of
small-town America from the greeter at
the door of every Walmart
to the satisfaction guaranteed sirens he
placed in his first Walmart store in
1962 Walmart with distinguish itself
from other retailers by maintaining the
philosophy but the customer was always
in charge according the Walton was only
one boss the customer and he can fire
everybody in the company from the
Chairman on down simply by spending his
money somewhere else the two most
important words I ever wrote were on
that first Walmart sign satisfaction
guaranteed they’re still up there
and they’ve made all the difference the
secret of successful retailing is to
give your customers what they want and
really if you think about it from the
point of view of the customer you want
everything a wide assortment of good
quality merchandise the lowest possible
prices guaranteed satisfaction with what
you buy friendly knowledgeable service
convenient hours free parking and a
pleasant shopping experience action item
number two success depends on employees
Walton was a firm believer that the
employees were key to the company’s
success by listening to his workers and
their ideas he could stay on top of his
game
Walton wanted every employee to think of
him as a partner not a boss note of the
passes along his employees wormer would
be one of the first organizations to
offer his employees a profit sharing
plan where the employees would benefit
from the success of the company it would
make them co-owners stockholders of the
company in order to keep morale levels
high Walton with challenges employees
through a variety of competitions giving
outrageous payoffs to the winners
he wanted to make sure all of his
employees knew that they were
appreciated
according to Walton the folks on the
front lines the ones who are actually
talking to the customer are the only
ones who really know what’s going on out
there this really is about total quality
in turn they will treat you as a partner
and together you will all perform beyond
your wildest expectations remain a
corporation and retain control if you
like but behave as a servant leader in a
partnership money and ownership alone
aren’t enough set high goals encourage
competition and then keep score
nothing else can quite substitute for a
few well-chosen well time sincere words
of praise through absolutely free and
worth a fortune action at number three
embrace new technology before the age of
the internet and instant ecommerce
stores across America were relatively
low tech it wasn’t until a select few
entrepreneurs including Sam Walton
decided to push the boundaries of the
retail industry that new technologies
began to be embraced he went to the IBM
school in upstate New York in 1966 to
find the best technology students so
Walmart would always be on the cutting
edge as an example Walmart became one of
the first stores who develop Universal
barcodes and was the first retail chain
to use electronic scanners as cash
registers not only that the cash
registers scan individual items
it was networked to the inventory
control compare
the stores would know when stock was
running low and reorder was necessary
this allowed the stores always be
stocked with the items that sold the
most by implementing and embracing new
technology Walmart could grow faster and
maintain a competitive edge
according to Walton I’ve always been
driven to buck the system to innovate
take things beyond where they’ve been a
computer can tell you down to the dime
what you’ve sold but it can’t never tell
you how much you could have sold Sam
often started his first retail store
right after serving in the military a
Ben Franklin variety store chain
however after making it very successful
the owner of the building would not
renew his lease wanting to take the
franchise over and make the money Walton
was making Walton would be pushed out
and eventually sold the Ben Franklin
store to the owner of the building for
$50,000 which Walton would say was a
fair price
this would teach Walton a lesson that
he’d never forget owned the land and
building your building your business on
when it starts to become successful this
would lead him to open the first Walmart
discount city in 1962 and concentrate on
owning the building and the land as well
as sell american-made products ad pick
myself up and get on with it
do it all over again only even better
this time
Walton eventually said Walton proved
that being underestimated by others was
no obstacle to achievement
you
thank you for joining me for another
edition modeling monsters if you liked
the video and want to see more please
give it a thumbs up below I’d also love
to hear what you have to think if you
want to leave a comment under the video
and stay tuned for next episode
you
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