Sam Walton has impacted American business from his first store to the Walmart empire. But it isn’t just him who can learn from this man’s story.
There are nine lessons you, too, could take away if we look at what he did right and how others like us might achieve success without managing all of life’s stresses (or even avoiding them).
1. Make Time for Yourself
As Sam once said in an interview with Success magazine, “If you want to be treated like a commodity, then act like one.” While working hours are important, they’re not the only part of life that matters. Taking time to relax with your co-workers or family can do wonders for your well-being and productivity.
He didn’t spend all his time working. His passion for the sea led him to take up sailing, and he wasn’t bad at it either!
2. Give Your Customers Everything They Want
Being a savvy shopper is often a mark of success in life, whether it’s not paying full price or getting the best deal possible at all times. Sam Walton wanted to provide that service for his customers, which led him to build an empire based on bargains.
Take time to think about what your customers want before you even start thinking about the product itself. Before Walmart opened its doors at dawn on June 6, 1962 (the day after Sam’s 44th birthday), he thought of all the things that could go wrong. He prepared for problems like not enough carts, long lines of people waiting to check out, and unorganized stock. But, instead, he wanted his customers to have a pleasant experience from start to finish, and that’s what he gave them.
3. Find Your Passion
Don’t immediately jump at the first job you can get. Instead, try to follow your dreams and act on the early stages of an idea. Sam Walton loved retail so much that he spent 13 years in one place, working for another company before he decided it was time to open his store.
Not all ideas you have will work out, but it doesn’t matter if you’re passionate about what you do!
4. Get Along with the Competition (But Don’t Let them Walk All Over You!)
Sam Walton once said that if you want to finish first, run faster than everybody else or cheat better. He wasn’t just cheeky when he said this either because to be the best. You have to be willing to work harder than your competition.
This doesn’t mean that you can be reckless or take risks that could harm everything you’ve built up, though. Your business is more important than silly games with the competition, so it’s time to think strategically about your actions and how they’ll affect others too.
5. Pay Attention to the Small Details
Even though Walmart was a huge success from the start, Sam recognized that it wasn’t perfect. He recognized there were always people who would complain about how things could be improved. Whether they had a better idea or not, he paid attention to what they were saying and did his best to make them happy by changing how business was done.
He also made sure that all of his employees were happy and treated them with respect, which made for a better work environment overall.
6. Always Plan Ahead
Failing to plan is planning to fail! This isn’t just true when it comes to business, either. We can learn something from Sam Walton’s unshakeable faith that he would be a successful store owner.
He was so sure of his ability to run a business that he invested everything he owned, refusing to take out loans or accept investments from others. When you believe in yourself and your abilities, no challenge seems insurmountable!
7. Give Back to the Community
Sam Walton didn’t only want to make money. He also wanted to give back too. So he started a “Made in America” program, which recycles worn-out appliances and machinery and gives them to people who need them.
When your business is doing well, you should always think about how you can use that success to improve the lives of others!
8. Don’t Stop Improving
We’ve already learned from Sam Walton how to take the best care of our customers and employees, but there’s one more life lesson he can teach us: to never stop improving your business!
Every night before going home, he would go through his store and look for ways to improve it. No matter how big or small the change was, he wanted to ensure that it would help his business be more successful.
9. Know When It’s Time To Let Go
One day, Sam Walton decided that Walmart had gone as far as it could, and it was time for him to step down from his role as CEO. Losing someone you respect is never easy, but as wise as he was, he knew it would be better if he let someone else take over.
He didn’t want to stop being a part of the company that he had started and loved so much, though. So even after retiring from his role as CEO, Walton continued serving on Walmart’s board of directors until the day he died.
If you’ve ever wanted to have your own business, then maybe it’s time you started living your entrepreneur dream just like Sam Walton did!