When Walton died in 1992, the family's net worth approached $25 billion. Today, Wal-Mart is the world's #1 retailer, with more than 4,150 stores, including discount stores, combination discount andgrocery stores, and membership-only warehouse stores (Sam's Club).
Read Sam Walton's 10 Rules for Building a Successful Business:
Rule 1: Commit to your business. Believe in it more than anybodyelse. If you love your work, you'll be out there every day trying to do the best you can, and pretty soon everybody around will catch the passion from you - like a fever.
Rule 2: Share your profits withall your associates, and treat then as partners. In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations.
Rule 3: Motivate your partners. Moneyand ownership aren't enough. Set high goals, encourage competition and then keep score. Make bets with outrageous pay offs.
Rule 4: Communicate everything you possibly can to your partners. The morethey know, the more they'll understand. The more they understand, the more they'll care. Once they care, there's no stopping them. Information is power, and the gain you get from empowering yourassociates more than offsets the risk of informing your competitors.
Rule 5: Appreciate everything your associates do for the business. A pay check and a stock option will buy one kind of loyalty. But allof us like to be told how much somebody appreciates what we do for them. We like to hear it often and especially when we have done something we're really proud of.
Nothing else can quite substitutefor a well-chosen, well-timed, sincere words of praise. They're absolutely free - and worth a fortune.
Rule 6: Celebrate your success. Find some honour in your failures. Don't take yourself soseriously. Loosen up and everyone around you will loosen up. Have fun and always show enthusiasm. When all else fails, put on a costume and sing a silly song. Then make everybody else sing with you.
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