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Sam Walton & Wal-Mart: A Retail Success Story
Contrary to popular belief, Sam Walton, the founder of retail giant Wal-Mart, was not from Arkansas. Walton actually hailed from Kingfisher, Oklahoma, born on Marc 29, 1918. He was raised in Missouri where he worked in his father’s store as a student. This was where he first learned about retailing and experienced the joy of the business. When he graduated from the University of Missouri in 1940, he started his own career as a retail merchant when he opened the first of several franchises of the Ben Franklin five-and-dime franchises in Arkansas. This would lead to bigger and better things and he soon opened his first Wal-Mart store in 1962 in Rogers, Arkansas. Wal-Mart specialized in name-brands at low prices and Sam Walton was surprised at the huge success that came to him and his retail business. Soon, a chain of Wal-Mart stores sprang up across rural America.
Walton is a legend in the retail industry. His management style was popular with employees and he founded some of the basic concepts of management that are still in use today. After taking the company public in 1970, Walton introduced his “profit sharing plan”. The profit sharing plan was a plan for Wal-Mart employees to improve their income dependent on the profitability of the store. Sam Walton believed that “individuals don’t win, teams do”. Employees at Wal-Mart stores were offered stock options and store discounts. Such benefits are very common nowadays, but it was Walton who was one of the first in the business who implemented those business strategies. He believed that by giving employees a part of the company and making their success dependent on the company’s success, they would care about the company.
By the 1980′s, Wal-Mart had sales of over one billion dollars and over three hundred stores across North America. Wal-Mart’s unique decentralized distribution system, also Walton’s idea, created the edge needed to further spur growth in the 1980′s amidst growing complaints that the “superstore” was squelching smaller, traditional Mom and Pop stores. By 1991, Wal-Mart was the largest U.S. retailers with 1,700 stores. Walton remained active in managing the company, as president and CEO until 1988 and was the chairman until his death in 1992. He was awarded the Medal of Freedom shortly before his death.
When Walton died, he held the position of being the world’s second richest man, behind Bill Gates. He passed his company down to his three sons, daughter and wife. Wal-Mart Stores Incorporated (located in Bentonville, Arkansas) is also in charge of Sam’s Club, a chain of membership-only retail clubs. Wal-Mart stores now operate in Mexico, Canada, Argentina, Brazil, South Korea, China and Puerto Rico. Sam Walton’s visions were indeed successful.
In Walton’s biography, Made in America : My Story he outlines what he feels are the ten commandments of business:
1. Commit to your goals
2. Share your rewards
3. Energize your colleagues
4. Communicate all you know
5. Value your associates
6. Celebrate your success
7. Listen to everyone
8. Deliver more than you promise
9. Work smarter than others
10. Blaze your own path
By following his advice maybe you too can become a retail giant someday.
About the Author
The author recommends Sqwishland Retail for wholesale bulk toys supplies like squishy squinkies toy capsules
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2009 Benjamin Franklin Medal Winner: Stephen Benkovic
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Franklin Mint Sterling Mini-Ingot: 1911 Andrew Carnegie Sparks Philanthropy $7.15 |
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Franklin Mint Sterling Silver Mini-Ingot: 1784 Congress Ratifies Peace Treaty $5.35 |
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Franklin Mint Sterling Silver Mini-Ingot: 1827 American Labor Movement $5.35 |
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1952 AMERICA LIKES “IKE” FRANKLIN MINT BRONZE MEDAL FREE S+H $15.00 |
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The Genius Of Rembrandt Franklin Mint 2ozt Silver Medal Danae; Silver Value List $50.99 |
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Benjamin Franklin – Shell’s “Famous Americans Coins” $6.25 |
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+1964 Equal Representation “One Man, One Vote” -Franklin Mint Solid Bronze Medal $4.95 |
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1982 Franklin D Roosevelt Medal, National Historic Mint: 1 Oz 99.99 silver $27.00 |
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1982 Franklin D Roosevelt Medal, National Historic Mint: 1 Oz 99.99 silver $27.07 |
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Franklin Mint Sterling Mini-Ingot: 1847 US Marines Take “Halls of Montezuma” $8.95 |
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Franklin Mint Sterling Silver Mini-Ingot: San Francisco Earthquake 1906 $8.95 |
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Alabama States of the Union Medal Franklin Mint Bronze Proof Coin $5.99 |
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Franklin Mint LTD ED Gold Medal Flour 115 TH Anniversary Plate # RA1859 $10.85 |
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WOODROW WILSON STERLING SILVER PRESIDENTIAL MEDAL FRANKLIN MINT OVER 1 OZ $44.99 |
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CHESTER ARTHUR STERLING SILVER PRESIDENTIAL MEDAL FRANKLIN MINT OVER 1 OZ $44.99 |
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FRANKLIN D. ROOSEVELT STERLING SILVER PRESIDENTIAL MEDAL FRANKLIN MINT OVER 1 OZ $44.99 |
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THEODORE ROOSEVELT STERLING SILVER PRESIDENTIAL MEDAL FRANKLIN MINT OVER 1 OZ $44.99 |
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SET OF 20 AMERICAN HERITAGE STERLING SILVER MEDALS -FRANKLIN MINT $999.99 |
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FRANKLIN PIERCE STERLING SILVER PRESIDENTIAL MEDAL FRANKLIN MINT OVER 1 OZ $44.99 |
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Declaration Signers B. Franklin J Hancock Bronze Medals $5.00 |
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FRANKLIN D. ROOSEVELT SOLID BRASS 1″ MEDAL $10.00 |
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2.08 Oz (Tr) .999 .925 SILVER BAR INGOT FIRST MINNEAPOLIS BANK FRANKLIN RARE $129.99 |
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Good Luck Medal Collection – from the Franklin Mint $400.00 |
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Alleluia! The Praise Continues Very Rare – featuring solos by: Sandi Patti, Mylon, Cynthis Clawson, George Beverly Shea, Russ Taff and more! Songs are: 1. Let’s Just Praise The Lord 2. There’s Something About That Name (Cynthia Clawson) 3. King Of Kings – Lord Of Lords 4. Bethlehem…Galilee…Gethsemane (Russ Taff) 5. God Gave The Song (Sandi Patti) 6. Let’s Just Praise The Lord – Reprise 7. The Longer I Serve Him (George Beve… |
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Charlie Rose (January 16, 2006) $24.95 A re-broadcast of an hour with John Hope Franklin, Professor Emeritus of history at Duke University, which originally aired December 1, 2005. Franklin’s autobiography, “Mirror To America”, tells the story of American racial relations during his lifetime.This product is manufactured on demand using DVD-R recordable media. Amazon.com’s standard return policy will apply…. |
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Gold Medal Murder (Nancy Drew/Hardy Boys Super Mysteries) $5.99 When a world-famous Olympic swimmer is sabotaged during the Summer Games, Nancy Drew, her friends, and the Hardy brothers have their work cut out for them after they decide to investigate the scandal. Can they find out who wants the swimming superstar to sink, or are they in water over their heads?… |
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A Guide Book of Franklin & Kennedy Half Dollars $12.89 A Guide Book of Franklin & Kennedy Half Dollars is the 15th entry in Whitman’s bestselling Bowers Series of numismatic reference books. Franklin and Kennedy Half Dollars are affordable favorites of collectors. Lavishly illustrated in full color, this book features high-resolution enlargements for important overdates and other varieties. Mintages, specifications, market values in multiple grades (i… |
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Reflections of a Warrior $19.95 Another Vietnam story only this one will challenge any assumptions about the country that you had and will definitely disturb some people. Sergeant Major Miller has put together tales of direct combat and humorous tales as well as the account of the incident for which he was awarded the Medal of Honor…. |
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got franklin? Men’s Tee Shirt in 12 colors Small thru 6XL Great looking 100% cotton shirt. Please refer to our sizing chart for measurements.This design also available as a women’s tee shirt, and a men’s hoodie and sweat shirt in our other amazon.com listings…. |
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got franklin? Women’s Regular Fit Tee Shirt in 3 Colors Small thru XXL Regular standard fit womens style. Please refer to our sizing chart for measurements…. |
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got franklin? Kids T Shirt In 5 Colors 2T thru Youth XL Great looking 100% cotton shirt. Please refer to our sizing chart for measurements.This design also available as a men’s or women’s tee shirt, and a men’s hoodie and sweat shirt in our other amazon.com listings…. |
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Photo Jigsaw Puzzle of Sir John Franklin from Mary Evans $29.99 Photo Puzzle, SIR JOHN FRANKLIN. SIR JOHN FRANKLIN – English explorer and sailor. . Chosen by Mary Evans. 10×14 Photo Puzzle with 252 pieces. Packed in black cardboard box of dimensions 5 5/8 x 7 5/8 x 1 1/5. Puzzle image 5×7 affixed to box top. Puzzle pieces printed on RA4 paper at 300 dpi. This item is shipped from our American lab…. |
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2009 Topps American Heritage Heroes Medal of Honor #MOH45 – J. Franklin Bell 2009 Topps American Heritage Heroes Medal of Honor #MOH45 – J. Franklin Bell… |