In 1936, Sam enrolled at the University of Missouri to pursue a bachelor's degree in economics and served as president of the university's student government.
Sam graduated from college in 1940, shortly after the outbreak of World War II, and enlisted in the U.S. Army Intelligence Service.
After the war he returned to his hometown and borrowed $20,000 from his father-in-law, plus $5,000 he had saved from his military service. In July 1951, he and his wife, Helen, opened a store called "5&&10" in Bentonville, Arkansas.
In 1960, Walton had 15 stores in the area around Bentonville, with an annual turnover of $1.4 million.
In 1962, Walton founded the first WalMart discount department store in Rogers City, with a 1,500-square-meter business area and a turnover of $700,000 in the first year. And eventually, on October 31, 1969, Wal-Mart Stores Inc. was established.
In 1992, Walton received the U.S. Medal of Freedom, and passed away on April 5 of the same year.
The "women's pants theory" of money making
American author Follison pointed out in "How to be a Billionaire" that one of the secrets to becoming a billionaire is to have a thick skin. In explaining this secret, Faurisson is to Sam Walton as an example: he often disturbed the market price. Once caught the opportunity, he waited for the opportunity to suppliers to kill the price. So suppliers know that it is not easy to do business with Wal-Mart. So if you want to be Mr. Nice Guy, you'd better put the dream of being rich to rest.
Don't take this as a put-down of Sam Walton; in fact, your opinion of Sam will take a 180-degree turn when you learn that the tycoon "cheapskate" has donated hundreds of millions of dollars to five U.S. colleges and universities and has established numerous scholarships across the country.
Sam's "Women's Pants Theory" is the best illustration of Wal-Mart's marketing strategy: Women's pants cost $0.90 to buy and $1.20 to sell. If the price drops to $1, I'll make half as much, but I'll be able to sell three times as much. Back then, the little Waltons sat outside in the parking lot with their father and counted the cars parked there. All the numbers were later written down in Walton's notebook. This is the market research of 40 years ago, today's "Wal-Mart" computer system is based on the unique data.
During the 1970s, Wal-Mart's sales and net income grew at a rate of 40 percent a year. Sales revenues and net income grew 40 and 35 times, respectively, over a 10-year period. This catapulted Wal-Mart to become the nation's youngest regional retailer with more than $1 billion in annual sales revenue and the fastest-growing, leading regional discount department store. The 1980s, on the other hand, were the decade in which Wal-Mart became a giant, in which it maintained an annual growth rate of more than 35 percent and declining operating costs, making it a giant in the national retail industry.
The American Dream
It was in October 1985 that Sam Walton was first listed by Forbes magazine at the top of the list of the nation's billionaires. Sam and Wal-Mart Stores became the center of public attention in the United States overnight, and a large number of reporters flocked to Sam's residence. However, when they saw the number one richest man in the United States to live the most simple life, can not help but be disappointed: Sam wearing a set of cheap clothing sold in their own stores, wearing a discount baseball cap, driving a small freight truck to and from work in a dilapidated, worn out, and mounted on the back of the car off the hounds of the dog cage.
To say that Sam Walton is the soul of Wal-Mart is an understatement. Sam not only created Wal-Mart, and in nearly 30 years, has been personally leading its daily business, determining the direction of its development, and with their own style, personality, philosophy profoundly affect it, so that Wal-Mart not only created the largest miracle of the American retail industry after the Second World War, and become the most personalized company in the U.S. retail giant companies.
Sam worked diligently throughout his life. In his 60s, he still worked every day from 4:30 a.m. until late at night, occasionally visiting a distribution center at 4:00 a.m. one morning for breakfast and coffee with his employees. He often flew his own airplane from one location to another, spending at least four days a week, sometimes six, on such visits. Prior to weekend morning manager's meetings, he was usually in the office at 3:00 a.m. preparing documents and materials.In the 1970s, Sam continued to visit each store at least twice a year, and he became familiar with the managers and many of the employees at those stores. Later, the company became too big to visit every store, but he still runs as much as he can.
As the son of an ordinary farming family, Sam's accomplishments are truly something to be proud of. In a country that prizes personal struggle and entrepreneurial spirit, his life has been wonderful, and he has realized the "American dream" for thousands of ordinary Americans. As President George H.W. Bush wrote in his citation when he presented Sam with his award, "Sam Walden, an authentic American, has concretely demonstrated the spirit of entrepreneurship and epitomizes the American dream. ......"
In 1992, Sam, who was living in seclusion, passed away. In accordance with his will, his shares were divided among his wife, three sons and a daughter. The five members of the Walton family bagged the 7th to 11th spots on the Forbes list of the world's richest people in 2001, with the five's assets totaling $93.1 billion, $34.4 billion more than the world's richest man, Bill Gates, making them the richest family in the world.
"Crazy" corporate culture
Sam Walton's son, Robertson Walton, is the current chairman of the board of Wal-Mart Stores, Inc. and believes that Wal-Mart's success is inextricably linked to its unique corporate culture. Whenever you walk into any Wal-Mart chain store, you are sure to find the lowest-priced merchandise and the genuine service you desire. In every sales room of every chain store, you will have a feeling of being in your own home. That's Wal-Mart's corporate culture.
"Customer satisfaction" is Wal-Mart's primary goal. Sam famously said, "Please show your eight teeth to the customer." In Sam's view, only to smile to the extent of showing eight teeth, can be called qualified "smile service". Sam also taught his employees, "When a customer comes within 10 feet of you, look him gently in the eye and encourage him to ask for advice and help." This is summarized as the "10-foot attitude" and has become Wal-Mart's employee code. Wal-Mart's corporate culture of "do not put off today's work until tomorrow", "always provide service beyond customer expectations" and other rules, has been written into the U.S. marketing textbooks.
Wal-Mart employees always try to make life interesting and full of surprises, they will often make almost crazy behavior to attract people's attention, so that customers feel interesting. Sam himself is a case in point, once he promised to put on a hula skirt and Hawaiian shirt and do the hula on Wall Street if the company took a quantum leap. The company's turnover did exceed his expectations, so he really did dance the hula on Wall Street, the financial capital of the United States, and was then exposed by the press.
While some people think Wal-Mart has a bunch of crazy people, those who know the culture understand its intent, which is designed to encourage people to break out of their stereotypes and monotonous lives to try to innovate. "To have more fun at work." That's Sam's philosophy of "whistling for work."
Walmart's innovative spirit also led it to enter the online sales industry four years ago, capitalizing on its consistent strengths in service and pricing to make a name for itself in the highly competitive online retail industry.
"Sun Down" and "Ten Feet of Attitude"
Sam opened the store adhering to the belief that "as long as the store can offer the most complete range of goods and the best service, customers will flock to it. " He made two demands of his employees: the "sun goes down" and the "ten-foot attitude."
"The sun goes down" means that every employee must complete his or her tasks for the day before the sun goes down, and, if a customer makes a request, it must be met before the sun goes down; the "10-foot attitude" means that when a customer walks within 10 feet of an employee, the customer must be satisfied before the sun goes down; and the "10-foot attitude" means that when a customer walks within 10 feet of an employee, the customer must be satisfied before the sun goes down. The "10-foot attitude" means that when a customer comes within 10 feet of an employee, the employee must take the initiative to ask the customer what he or she wants and must look the customer in the eye when speaking.
He also developed three mottos for the company: "The customer is God," "Respect every employee," and "Strive for excellence every day. Follow the beliefs of Sam Walton, Wal-Mart chain stores more and more open, and discount stores, shopping malls Sam's Club and home stores four, all held by the company, the implementation of direct chain.
The whole family is "stingy children"
Although Sam became a billionaire, but his frugal habits have not changed. He has not purchased a mansion, has always lived in Bentonville, often driving his old truck in and out of town. Everyone in town knows that Sam is a "stingy" old man, every haircut only spends 5 dollars - the lowest price for a haircut in the area. But the "cheapskate" has given hundreds of millions of dollars to five U.S. colleges and universities and has established many scholarships across the country.
Walton Sr.'s sons have also inherited their father's frugality. Large U.S. companies generally have luxurious offices, the current company president Jim Walton's office is only 20 square meters, the company's board of directors chairman Robinson Walton's office is only 12 square meters, and the furnishings in their offices are very simple, so many people describe Wal-Mart as "'poor man ' store for the poor to buy."
The "thrifty" Wal-Mart has expanded rapidly in just a few decades. Now, Wal-Mart has 1,702 chain stores in the United States, 952 supermarkets, "Sam's Club" storage supermarkets 479; it also has 1,088 chain stores overseas. 2000, Wal-Mart's global sales reached 191.3 billion U.S. dollars, and even more than the U.S. General Motors, second only to Exxon-Mobil Oil, ranked second in the world. Oil, ranking second in the world.
In the Forbes 400 list announced in September 2003, Wal-Mart's five Walton to 20.5 billion U.S. dollars, tied for fourth place, straight ahead of 22 billion U.S. dollars ranked third of Microsoft's founders, Paul Allen, at the same time to 102.5 billion U.S. dollars in total assets, far more than the first Bill Gates 46 billion U.S. dollars of total wealth, is a true the world's first wealthy family. The Waltons have held half of the top 10 spots on the Forbes rich list in this manner for several years. In that year's release of Fortune's "America's Top 10 Most Admired Companies of 2003," Wal-Mart topped the list for the first time .