Walmart is the number one company which generates maximum revenue among other companies. About more than the population of Canada visit Walmart store in one day. Walmart has 2.3 million employee which is largest in any private company. How Walmart reach this position, the mind worked behind this great company was Sam Walton who understand how to compete with others and be the best among them. Jeff Bezos learned an important lesson from the book of Sam Walton Made in America, so here are the 7 lessons which you can learn and understand the mind of Sam Walton.
Value of Making Money
You have to always give value to money, Sam Walton said if I am earning lots of money from the company and spend on my self it looks like I am spending my money as customers on myself so I always try to live a simple life and think about the contributor, not a spender. Because of this mentality when he makes a profit from the company he tries to open new stores not by taking more salary from the company, he always thinks about to make Walmart great and not spending money on himself.
Work to be the best
Sam Walton believe that he has to work hard and think that he has right to be the best by doing in a proper way. Charlie Baum, early Walmart partner said that for Sam money, it is not a priority but always be in top position is the number one priority he believes, so you have to always competitive and be the best in your work.
People skills and teamwork
Sam Walton understand this skills because of that he always meets and initiates talks to the people either he knows them or not, because of that every employee think that he knows them. These skills help him to build better relationships between employee and use them as team Power to establish the company, so you have to always use this skills in your life or company to get successful.
Be positive and focus to win
Sam Walton bought store by ta aking loan from his Father in law, but those people who sold that store was already on the loss but did not tell Sam and sold it. After some time Sam knew but he didn’t think about why I bought it, he immediately take positive action to handle this and research how he will make this store run on profit. He went to the nearby store and know how they are making money and after research on other stores, Sam applied on the store and within one year convert his store from the loss to profit. So you have to always think about what positive action have to take for the company because sometimes you take bad situation but never think about negative and try to focus on how you will win under these circumstances.
Create a Result
Sometimes Sam Walton take a bold decision on which employee and other people contradict but because of his beliefs on the decision he tries hard and converts best for the store. Because of such result, nobody takes action on Sam Walton, so always believe in bold decisions and create results.
The store which Sam Walton operating was under franchisee of Ben Franklin, but there was some problem in the contract that sam will take again because of that Ben Franklin think about profit and take that store from Sam Walton. He didn’t give up and then start his own store and again by using experience and lesson learned from the previous store he makes his store on profit. So you have to always become self-sufficient to handle the pressure under any circumstances.
Cope with a new innovation
Sam Walton heard about new things of self-service inside the store of some other locality that time self-service was a new concept only two stores was applying. So he went to the store and learned how this service helps his store and applied this concept in his store. This lesson teaches you that if new things are coming and will help your needs so apply immediately without it will become common.