5 Success lessons to learn from self-made billionaire Sam Walton

Sam Walton was an American retail magnate who founded (1962) Wal-Mart Stores, Inc. and developed it, by 1990, into the largest retail sales chain in the United States. Below are his lesson on making your life a success:

Lesson 1: Don’t follow the money; follow your passion
Sam Walton didn’t start his variety stores with an ambition to become rich; he had a passion for his craft, and at each point in time, he only wanted to do it better and better.

If you follow the money, you’ll run from one business opportunity to another without any focus. But Sam Walton had one focus: retail, and so should you. When you follow your passion, you’ll be successful in whatever craft you do, and you will become a leader in that field that you commit yourself to.

Lesson 2: Capture great ideas
The schooling school has made us believe that getting ideas from others is wrong and we should always try to reinvent the wheel all the time. What is key is that ideas are everywhere, and what matters is taking them and executing them your way.

Facebook was not a new idea, but Mark Zuckerberg executed it well and at the right time. Sam Walton advises that it is important to go check what your competitor is doing and copy only the good ones. There is no need to start from zero. Build on what’s been done.

“Go in and check our competition. Check everyone who is our competition. And don’t look for the bad. Look for the good. If you get one good idea, that’s one more than you went into the store with, and we must try to incorporate it into our company.”

Lesson 3: Stick to fundamental values
Sam Walton had simple values that guided him through his life and business. He didn’t follow the latest management fad, nor did he believe in any of the get-rich-quick ideas. He was solidly living his life by the values that he grew up with.

Lesson 4: Learn everything you can about your business
Be obsessed to learn everything about business and hang around those who know better than you. Wal-Mart stores have dominated the retail industry for years but did you know who made Walton interested in such business? His barber. The first rules Walton ever learned about retail work came from his barber and his brothers who had later grown their variety store into a sixty-store chain. “Commit to your business. Believe in it more than anybody else.” – Sam Walton

Lesson 5: Exceed your customer’s expectations
If you do, they’ll come back over and over. Give them what they want – and a little more. Let them know you appreciate them. Make good on all your mistakes, and don’t make excuses – apologize. Stand behind everything you do. The two most important words I ever wrote were on that first Wal-Mart sign: “Satisfaction Guaranteed.” They’re still up there, and they have made all the difference.

“If you can differentiate yourself from your competitors by exceeding clients’ expectations, they will be talking about you all over town. You will turn the average happy client into an active and passionate brand ambassador!” Tobie vd Merwe

Courtesy:—- Greatness Demystified

Leave a Comment