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Sam Walton

Sam Walton founded the retail chain Walmart in 1962. He showed entrepreneurial qualities from a young age, taking on jobs to help support his family during the Great Depression. With $25,000 in startup capital, he opened his first Ben Franklin variety store in Arkansas. Walton pioneered low prices and a wide selection of goods. He opened the first Walmart store in 1962 in Rogers, Arkansas. Through his unique management style of being hardworking, risk-taking, and focused on continuous improvement, Walmart grew to become a global retail leader with over 6,500 stores.

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44 views2 pages

Sam Walton

Sam Walton founded the retail chain Walmart in 1962. He showed entrepreneurial qualities from a young age, taking on jobs to help support his family during the Great Depression. With $25,000 in startup capital, he opened his first Ben Franklin variety store in Arkansas. Walton pioneered low prices and a wide selection of goods. He opened the first Walmart store in 1962 in Rogers, Arkansas. Through his unique management style of being hardworking, risk-taking, and focused on continuous improvement, Walmart grew to become a global retail leader with over 6,500 stores.

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agrawalrohit_228384
Copyright
© Attribution Non-Commercial (BY-NC)
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Mr.

Samuel Walton

Introduction: Sam Walton was born on 29th March, 1918 in Oklahoma. He was an American
businessman and entrepreneur who founded the retail chain named as Wal-Mart, which is the
biggest retail chain of the world having more than 6500 retail stores across the globe.

Businessman: He showed the qualities of an entrepreneur from the very young age. He groomed
as an entrepreneur because of the great depression in 1929.He did many jobs to help his to family
meet their financial needs. Walton milked the cows which the family owned and bottled the milk
to deliver to customers, and also delivered newspapers. This quality of Walton shows the level of
dedication, and commitment towards the goal.

Career: Walton had a vast experience of working at different places throughout his career
before the start of Wal-mart. He completed his graduation as major in Economics from
university of Missouri. During this time, he worked various odd jobs, including waiting tables in
exchange for meals. Walton joined JC Penney's as a management trainee in Des Moines, within
three days after his graduation. He also worked at a DuPont munitions plant near Tulsa,
Oklahoma. Soon he joined the military in the U.S. Army Intelligence Corps, supervising security
at aircraft plants and prisoner of war camps. He eventually reached the rank of captain.

Strategy: With a loan of $20,000, from his father in law along with a saving of $5,000 he had
saved from his time in the Army, Walton purchased a Ben Franklin variety store in Newport,
Arkansas. Walton pioneered many concepts that would prove to be vital to his success. Making
sure a store that was consistently stocked with a wide range of goods at low prices. One factor
that made this store successful was its central location, making it accessible to a wide range of
customers. The first Wal-mart stores were opened at July 2, 1962 in Rogers, Arkansas called the
Wal-Mart Discount City store.

Leadership quality: Sam's leadership style was popular amongst his employees and he founded
some of the basic concepts that are still in use today. Still it is believed that Walton was a born
leader and a great motivator. Walton continued focus on maximizing customer satisfaction; his
pricing philosophies and innovative human resource practices had made Wal-Mart, a global
leader in the retailing industry.
Management Style: Walton's management style is believed as unique, entrepreneurial,
participative and goal-oriented. He is always considered as hardworking, highly motivated and
determined personality always willing to take risks.He is well known for his constant application
of novel ways to do things and strived for continuous improvement. Management thinkers and
philosophers are said to be impressed by his two qualities. First, he was habitual of getting up
every day bound and determined to improve something. Second, he was less afraid of being
wrong.

Learning’s:

 Be committed towards the goals.


 Customer is the boss.
 Be loyal towards customers as well as employees.
 Communicate all you know
 Work smarter than others.

Net worth of the company: USD 128 billion (approx)

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