He was born in Oklahoma. He lived there with his parents on their farm until 1923. However, farming did not provide enough money to raise a family, and He went into farm mortgaging.
He worked for his brother’s Walton Mortgage Company, which was an agent for Metropolitan Life Insurance, where he foreclosed on farms during the Great Depression. He and his family (now with another son, James, born in 1921) moved from Oklahoma. They moved from one small town to another for several years, mostly in Missouri
Later He went into Military to serve the army, served as an Army captain from 1942 to 1945, stationed stateside because of a heart condition.
In 1945, after leaving the military, Walton took over management of his first variety store at the age of 26. With the help of a $20,000 loan from his father-in-law, plus $5,000 he had saved from his time in the Army, He purchased a Ben Franklin variety store in Newport, Arkansas . The store was a franchise of the Butler Brothers chain. His name was SAM WALTON.
Samuel Moore Walton was an American businessman and entrepreneur best known for founding the retailers Walmart and Sam’s Club. Wal-Mart Stores Inc. grew to be the world’s largest corporation by revenue as well as the biggest private employer in the world. For a period of time, Walton was the richest man in America
Exploration of WALMART!!!
Sam Walton built his leadership style through some key traits like:
1. Self Awareness
2. Relationship building
3. Motivating others
4. Leading change
5. Enterprise basics
Expansion of Walmart
Throughout the 1950s, using borrowed money and the profits from stores he already owned, Walton acquired one variety store after another. By 1960, he was the proud owner of 15 stores. But he wasn’t seeing the profits he’d expected and thought he ought to be making more money for the kind of effort he was putting in. He decided to adopt a new strategy—dramatically cutting prices in hopes of undercutting his competition and making up the difference in price through a higher volume of sales. The practice wasn’t exactly new, but at the time, discount stores tended to be small, to be located in cities, and to only discount specialty items. Walton’s idea was to build big stores that discounted everything they stocked, and to place them in small towns.
Walmart seemed to understand exactly what its customers wanted. It developed complicated consumer analytics and used that data, along with relentless pressure on suppliers, to become a retail powerhouse that sold practically everything at the lowest possible prices.
Walton had funded expansion from profits and borrowing, but in 1970, he decided to take the company public. The initial offering generated nearly $5 million, and although Walton and his family retained 61 percent ownership of the stock, the proceeds allowed him to pay off the company’s debts and move forward with his ambitious expansion plans.
Sam Walton’s 10 Commandments
1. Commit to your business.
2. Share your profits with your associates and treat them like your partners.
3. Energize your colleagues.
4. Communicate everything you possibly can to your partners.
5. Appreciate everything your associates do for the business.
6. Celebrate your success.
7. Listen to everyone in your company.
8. Exceed your customers’ expectations.
9. Control your expenses better than your competition.
10. Blaze your own path.
For the fiscal year ending in January 2020, Walmart’s total revenue was $524 billion. The company employs 2.2 million people around the world in 11,766 store locations. Once a haven for rural shoppers, the company expects to clear $38 billion in online revenue in 2020.
Sam Walton’s dedication & sincerity towards his walmart exploration journey. His commitment & dashing enthusiasm were key roles to his success. His analysing skills & professionalism proved that he was very much dedicated to his work in expanding his kingdom. His perseverance ,conviction& belief were really inspiring. I feel like I am inspired with his work & even consider Sam Walton’s ideologies as lessons for my career.