41. A mans background can affect his philosophies
Amongst other things Sam liked to hire people who at least partly worked their way through school, because he had to do the same as well when he was younger.
People have to be careful what they expose themselves to while growing up because that can have a big impact on their choices as grown-ups. Sometimes though we can miss out on great people because we are looking to them to have taken similar paths to Us, and that’s not always the case.
42. Be more than bright and hard-working
According to Sam in the old days, being bright and hard-working was enough
What obtains now? I believe depending on the kind of organization you are building. The above statement might be true or may not be true. For example hotels.ng CEO Mark Essien might not agree with Sam’s statement, especially the ‘bright’ part
43. Train your workforce
The world of business especially in relation to technology and communication has become fast paced and so employees being skillful and knowledgeable in those areas has become important for the growth of a successful business. Workforce training is in the interest of both the company and the workforce.
Even when employees go to work for another company, it helps the image of the first company, in that they are known by other companies and prospective employers for producing competent and quality employees.
44. Charity begins at home
According to Sam, Walmart is in fact a charitable organization because of their philosophy of giving customers the lowest price possible, which has served customers tens of millions of dollars.
Sam actually made the above statement in response to the claim by some that Walmart as an organization did not do much philanthropy. Do I actually agree with Sam’s position? A few years ago, I would have said I’m not sure; Today, I would say that I do.
45. The wealthy use its power
According to Sam, corporations that has become very wealthy and influential must not abuse their power.
While this is a very noble thing to say, it begs the question ‘what does it mean for a corporation to abuse its powers?’ Walmart has been accused of using its position to influence building permits from Walmart stores. Is that an abuse of power? Google also comes to mind with their unofficial motto “Don’t be Evil”. Although they removed this phrase from the code of conduct a couple of years back, It shows that they understood from the get go the impact their Business could have. See this article to read why Google stopped using that phrase.
46. Acknowledge your team
Sam always gave credit to his team.
I’ve heard it said once before, and to an extent I believe it that great leaders look in the mirror when things go wrong and out the window when things go right. The reverse is the case for many organizations though. Their leaders look in the mirror when things go right out the window when things go wrong.
47. Three most important things every entrepreneur needs
Build a team
Always have goals and set them high. Have your goals in front of you.
Having your goals in front of your will ensure you exert energy in the right place and that you choose the right team to work with. I would place goal setting as number one.
48. Sam claimed to have a list of 10 rules that worked for him in building successful company
Many great entrepreneurs have listed different diverse factors responsible for building a successful company. I believe if you want to follow someone else’s rules you will get their results however if you create your own rules you may get better results. See his list of 10 rules here.
49. Consistence is key
According to Sam, to achieve the big goals he set for himself, he had to get at it and stay at it everyday
Consistency is what separates the boys from the men.
50. Make it your Calling
Sam truly believed Walmart was his Calling, and he gave it everything he got and then some. He was truly in love with Walmart and he wholeheartedly believed that the lives of the American people were better off because of his Company. Do you want to be number one and to be the best?.
One can see Sam was obsessed with Walmart. Even after Walmart became a huge company Sam still used to go into non-Walmart stores like Kmart and any store that he saw around him to spy out the place and see if there were things to learn.
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