and we started doing strange things like
cranking up ice-cream machines on a
sidewalk on Saturday night we’ve got
ideas from all 380,000 people in the
company we’ve made partners out of our
folks rather than employees Sam
genuinely cared about other people as
soon as I could afford at all care
started casting around for another
location
the focus was being the best at what we
did
I’ve been terrible about setting goals
all my life his vision was to reduce the
cost of living for people who shopped in
our stores
I wanted to gamble to a greater degree
always and maybe you were ready to do
he was an American businessman and
entrepreneur he’s best known for
founding walmart and Sam’s Club Forbes
ranked him as the richest person in
United States from 1982 to 1988 he’s Sam
Walton and here his top ten rules for
success neither one of us knew the
business true and when we and with an we
we knew so little about the variety
store vendors that we had to take the
book that was written by Ben Franklin
and apply the principles and apply the
controls the and the merchandise
merchandising programs that the outline
for us but of course knowing you and
knowing I myself a little bit we added
on didn’t we that’s that’s exactly right
but we were Mavericks even then and we
started doing strange things like
cranking up ice cream machines on the
sidewalk on Saturday night popcorn on
the other end of the sidewalk Hawking
anything we could Hawk on that looked
like it might have a chance to sell
wherever it made an easy life actually
we worked hard that’s right but but it
gave us a vehicle to to ride on that’s
right exactly without without having to
buy merchandise
you know ourselves all the time or
distribution centers not having to do
the thing we’d have to do when we built
Walmart we’ve had a lot of great leader
in this company and the greatest thing
is that we’ve got ideas from all 380,000
people in the company that’s the best
part we’re all working together and I
hope we can keep it going that way
that’s that’s the secret that’s the key
and if we can we’ll lower the cost of
living for everyone not just in America
but we’ll give the world an opportunity
to see what it’s like to us save and
have a better lifestyle and a better
life a better life for all our companies
built on people the success we’ve had is
because of our people and I believe that
you believed it from the beginning all
of our associates believe it we’ve made
partners out of our folks rather than
employees and they know that we’ve been
sincere in trying to share the profits
with them and they in turn have worked
harder than our competitors we’ve kept
our prices lower than our competitors
prices we’ve led the nation in in cost
of doing business in sales per square
foot in all the measurements you can
imagine over about a 15 year period in
this business that that we’ve all put
together here in Bentonville Arkansas I
got to know Sam over a number of years
before I joined the company I watched
how he operated and more than anything
else I watched how he treated people Sam
genuinely cared about other people Sam
did not have in the ego it wasn’t all
about Sam Sam would talk to people in
the store who were coming out of a
trailer unloading a trailer in the
middle of summer sweaty people and
everything he treated them no different
than he treated the President of the
United States because in Sam’s mind were
all equal were created by our maker
equally and so Sam viewed his role in
the company of B
being the person who showed and
demonstrated respect for everybody and I
suppose that’s the first thing that I
really saw about him I saw how he
treated me and then it’s interesting you
can watch how people treat
maybe waiters and waitresses or servant
people you know people in the service
industry and you can tell a little bit
about them by the way they treat them
and he was a very very humble man the
chain store bug had already bitten me
but and it wasn’t long as soon as I
could afford it all
to started casting around for another
location and where did where was that
Fayetteville on the squares it was that
little 18 foot store shotgun 1950 1952
we got absurd Fayetteville started
didn’t we but and it became very
successful so then one day I got a call
from Ben Franklin and they said hey we
got a store in Kansas City and you
remember the story
I certainly do all and I thought well if
I’ve got it if I’ve got to go to Kansas
see I got to get me an airplane and I
didn’t I had never flown probably it
first looked at it in 53 I’d say and
this was our first venture in the
shopping center yeah and then there were
practically no shopping centers at night
that’s true that’s exactly right and
this was something entirely new and
different
everybody was skinny Chevy no one else
wanted the franchise one another one of
those situations and but say well I’ll
take half of it I think I can put put
enough money together to get half of it
I said well if you can out I’ll try to
do my part and we’ll go up there and
we’ll just take another gamble sure
right and it was a gamble it was out 20
miles from the Kansas City City Limits
time we got to store open why it was a
winner for the day we I mean it was it
was the best profit store I know one
year it made $30,000 with us but more
money than we’d ever heard or ever
dreamed about being able to make out of
one store his desire to always focus on
being the best we did not focus on being
the largest that wasn’t the focus the
focus was being the best at what we did
I’ve been terrible about setting go
all my life and trying to get there and
one of my one of my goals as you well
know was to make that the best store in
Arkansas that’s right
and we got there before we left town we
came became the biggest or most
profitable well uh Ben Franklin store in
a state of Arkansas Sam was driven by
the idea of we’re in business to serve
people let me share with you what Sam’s
vision was his vision was to reduce the
cost of living for people who shopped in
our stores and it began in small rural
communities spread to midsize markets
spread to suburban areas and ultimately
to major metro areas and he was
absolutely driven by the fact that we’re
going to reduce the cost of living the
second part of his vision was do it with
a group of people who believe in what I
believe in and so he there was a natural
gravitation to Sam he was he was a tough
manager but it was very obvious he loved
people he loved to talk to people very
very unusual the relationship we’ve had
I think the respect that we’ve always
had for one another
disagree yes both of both both of us at
times and you win some and you lose some
but afters over with we just go on down
the road and what decision was made and
that was it it been very rewarding and
to look back you know we’re talking
somewhere in the neighborhood of 40 some
years now even close but no guys didn’t
have any money up wide most of mine and
finally got it you know some of it paid
out out when we left Newport so it’s
quite a story but we relied on each
other you all you always to me seemed
like a balance wheel I wanted to gamble
to a greater degree always then maybe
you were ready to do and I would listen
to you we’d argue a little bit maybe but
once we decided we were going to do go
or not go while we were both together
and I think that was that was something
that we can be awfully proud
in 1983 when we hit the 8% Santa I don’t
know that I’ve ever told a story before
but Sam Walton came down to my office
and he said do you think anybody that
company remembers that I promise to do
the who if we made 8% and I said
everybody in the company remembers that
and he says well you got me into it so
you arrange it and don’t screw it up and
and left well I had a trip that I had to
make to to New York and so we got up
there and we staged this thing and there
was press from everywhere this is so
ridiculous but I tried for three months
what I thought for two months that it
would actually happen but our numbers
were just barely 8% pre-tax 8.04 and
everyone in the company said this wrong
you’ve got to perform we did it now you
do it okay
this is true again
I’m fulfilling an obligation to our
employees i wagered with them a year and
a half ago that in the year 1983 they
never could possibly achieve a better
than 8% net profit corporately
Oh
okay
everybody
baby candy
looky looky
okay gimme a via get me out – ah hey
give me at all
ah okay and what is your spoon Wow
we know summer one thank you so much for
watching I made this video because xx
word alive xx asked me to so if there’s
a famous entrepreneur that you want me
to profile next leave in the comments
below and I’ll see what I can do
I’d also love to know which of Sam
Walton’s top 10 rules meant the most to
you at the biggest impact leave in the
comments and I’ll join in the discussion
thank you so much for watching continue
to believe and we’ll see you soon
cranking up ice-cream machines on a
sidewalk on Saturday night we’ve got
ideas from all 380,000 people in the
company we’ve made partners out of our
folks rather than employees Sam
genuinely cared about other people as
soon as I could afford at all care
started casting around for another
location
the focus was being the best at what we
did
I’ve been terrible about setting goals
all my life his vision was to reduce the
cost of living for people who shopped in
our stores
I wanted to gamble to a greater degree
always and maybe you were ready to do
he was an American businessman and
entrepreneur he’s best known for
founding walmart and Sam’s Club Forbes
ranked him as the richest person in
United States from 1982 to 1988 he’s Sam
Walton and here his top ten rules for
success neither one of us knew the
business true and when we and with an we
we knew so little about the variety
store vendors that we had to take the
book that was written by Ben Franklin
and apply the principles and apply the
controls the and the merchandise
merchandising programs that the outline
for us but of course knowing you and
knowing I myself a little bit we added
on didn’t we that’s that’s exactly right
but we were Mavericks even then and we
started doing strange things like
cranking up ice cream machines on the
sidewalk on Saturday night popcorn on
the other end of the sidewalk Hawking
anything we could Hawk on that looked
like it might have a chance to sell
wherever it made an easy life actually
we worked hard that’s right but but it
gave us a vehicle to to ride on that’s
right exactly without without having to
buy merchandise
you know ourselves all the time or
distribution centers not having to do
the thing we’d have to do when we built
Walmart we’ve had a lot of great leader
in this company and the greatest thing
is that we’ve got ideas from all 380,000
people in the company that’s the best
part we’re all working together and I
hope we can keep it going that way
that’s that’s the secret that’s the key
and if we can we’ll lower the cost of
living for everyone not just in America
but we’ll give the world an opportunity
to see what it’s like to us save and
have a better lifestyle and a better
life a better life for all our companies
built on people the success we’ve had is
because of our people and I believe that
you believed it from the beginning all
of our associates believe it we’ve made
partners out of our folks rather than
employees and they know that we’ve been
sincere in trying to share the profits
with them and they in turn have worked
harder than our competitors we’ve kept
our prices lower than our competitors
prices we’ve led the nation in in cost
of doing business in sales per square
foot in all the measurements you can
imagine over about a 15 year period in
this business that that we’ve all put
together here in Bentonville Arkansas I
got to know Sam over a number of years
before I joined the company I watched
how he operated and more than anything
else I watched how he treated people Sam
genuinely cared about other people Sam
did not have in the ego it wasn’t all
about Sam Sam would talk to people in
the store who were coming out of a
trailer unloading a trailer in the
middle of summer sweaty people and
everything he treated them no different
than he treated the President of the
United States because in Sam’s mind were
all equal were created by our maker
equally and so Sam viewed his role in
the company of B
being the person who showed and
demonstrated respect for everybody and I
suppose that’s the first thing that I
really saw about him I saw how he
treated me and then it’s interesting you
can watch how people treat
maybe waiters and waitresses or servant
people you know people in the service
industry and you can tell a little bit
about them by the way they treat them
and he was a very very humble man the
chain store bug had already bitten me
but and it wasn’t long as soon as I
could afford it all
to started casting around for another
location and where did where was that
Fayetteville on the squares it was that
little 18 foot store shotgun 1950 1952
we got absurd Fayetteville started
didn’t we but and it became very
successful so then one day I got a call
from Ben Franklin and they said hey we
got a store in Kansas City and you
remember the story
I certainly do all and I thought well if
I’ve got it if I’ve got to go to Kansas
see I got to get me an airplane and I
didn’t I had never flown probably it
first looked at it in 53 I’d say and
this was our first venture in the
shopping center yeah and then there were
practically no shopping centers at night
that’s true that’s exactly right and
this was something entirely new and
different
everybody was skinny Chevy no one else
wanted the franchise one another one of
those situations and but say well I’ll
take half of it I think I can put put
enough money together to get half of it
I said well if you can out I’ll try to
do my part and we’ll go up there and
we’ll just take another gamble sure
right and it was a gamble it was out 20
miles from the Kansas City City Limits
time we got to store open why it was a
winner for the day we I mean it was it
was the best profit store I know one
year it made $30,000 with us but more
money than we’d ever heard or ever
dreamed about being able to make out of
one store his desire to always focus on
being the best we did not focus on being
the largest that wasn’t the focus the
focus was being the best at what we did
I’ve been terrible about setting go
all my life and trying to get there and
one of my one of my goals as you well
know was to make that the best store in
Arkansas that’s right
and we got there before we left town we
came became the biggest or most
profitable well uh Ben Franklin store in
a state of Arkansas Sam was driven by
the idea of we’re in business to serve
people let me share with you what Sam’s
vision was his vision was to reduce the
cost of living for people who shopped in
our stores and it began in small rural
communities spread to midsize markets
spread to suburban areas and ultimately
to major metro areas and he was
absolutely driven by the fact that we’re
going to reduce the cost of living the
second part of his vision was do it with
a group of people who believe in what I
believe in and so he there was a natural
gravitation to Sam he was he was a tough
manager but it was very obvious he loved
people he loved to talk to people very
very unusual the relationship we’ve had
I think the respect that we’ve always
had for one another
disagree yes both of both both of us at
times and you win some and you lose some
but afters over with we just go on down
the road and what decision was made and
that was it it been very rewarding and
to look back you know we’re talking
somewhere in the neighborhood of 40 some
years now even close but no guys didn’t
have any money up wide most of mine and
finally got it you know some of it paid
out out when we left Newport so it’s
quite a story but we relied on each
other you all you always to me seemed
like a balance wheel I wanted to gamble
to a greater degree always then maybe
you were ready to do and I would listen
to you we’d argue a little bit maybe but
once we decided we were going to do go
or not go while we were both together
and I think that was that was something
that we can be awfully proud
in 1983 when we hit the 8% Santa I don’t
know that I’ve ever told a story before
but Sam Walton came down to my office
and he said do you think anybody that
company remembers that I promise to do
the who if we made 8% and I said
everybody in the company remembers that
and he says well you got me into it so
you arrange it and don’t screw it up and
and left well I had a trip that I had to
make to to New York and so we got up
there and we staged this thing and there
was press from everywhere this is so
ridiculous but I tried for three months
what I thought for two months that it
would actually happen but our numbers
were just barely 8% pre-tax 8.04 and
everyone in the company said this wrong
you’ve got to perform we did it now you
do it okay
this is true again
I’m fulfilling an obligation to our
employees i wagered with them a year and
a half ago that in the year 1983 they
never could possibly achieve a better
than 8% net profit corporately
Oh
okay
everybody
baby candy
looky looky
okay gimme a via get me out – ah hey
give me at all
ah okay and what is your spoon Wow
we know summer one thank you so much for
watching I made this video because xx
word alive xx asked me to so if there’s
a famous entrepreneur that you want me
to profile next leave in the comments
below and I’ll see what I can do
I’d also love to know which of Sam
Walton’s top 10 rules meant the most to
you at the biggest impact leave in the
comments and I’ll join in the discussion
thank you so much for watching continue
to believe and we’ll see you soon
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