Sam walton essay

The chief executive officer of the organization has relied heavily on the entrepreneurship principles and practices adopted by the founder of the organization. Innovation has been a point of emphasis within the company as it is considered to be a strategic measure to assist the organization in capitalizing on available market opportunities (Lidow, 2018, p. Another entrepreneurship ability that Sam Walton had was the ability to identify market opportunities and to exploit them to increase Walmart’s presence and success. In the earlier years, Sam Walton decided to adopt the strategy of relocating its branches to rural areas where there was a high demand for these products. An understanding of the critical competencies of the family business is essential to understand the concepts and models of entrepreneurship.

This is a strategy that paid off as managers were motivated to take ownership of their roles in the retail stores and to sharpen their managerial skills. By introducing the one-stop retail store concept, Walmart increased its sales. Another strategy that Walmart used in the early years was to locate the retail stores in smaller towns and not larger cities. The entrepreneur created an elaborate logistics theme to establish retail stores within a day's drive (Lidow, 2018, p. Another strategy that he employed was to ensure that regional warehouses were near retail stores to prompt efficient delivery services and the sale of discounted products. Some of the core values that Sam Walton advocated for was a culture of respect and service to customers (Lidow, 2018, p.

As a family entrepreneur, Sam Walton was successful in developing foundation strategies that would ensure that is business continued succeeding even after his death. As a consequence of his policy of continually being innovation and looking for opportunities, the company has been able to expand our presence in the e-commerce market (Frederiksen et al. 2016, p. The reputation of Sam Walton as an entrepreneur is denoted by key aspects an ability to exhibit integrity and self-confidence which reaffirmed his leadership model. Sam Walton was also able to instill the leadership and creativity concept in his management team. The focus of the entrepreneur was to develop the resources of the organization and to ensure that sufficient training and motivation opportunities were accorded to improve human capacity and to increase a sense of creativity in decision-making and problem resolution (Lang, 2014, p.

To reward the managers who were focused and to achieve set objectives. Sam Walton set high achievement awards to recognize the members of the management team who were able to make decisions during uncertain times and those who performed exceptionally well. Sam Walton adopted a business strategy for identifying product niches and introducing retail stores to deal with consumer needs. Sam Walton realized earlier on that he had resource constraints in establishing his business. He, therefore, decided to address the issue of a low resource base by approaching family members such as his father-in-law and asking for a contribution to expanding his business operations (Shores, 2014, p. Sam Walton also developed a strategy that allowed him to raise money from his family members and his managers by urging them to invest in the business by taking important company positions.

With time, Sam Walton forged partnerships as he sought to expand his retail store operations rapidly. Additionally, Sam Walton adopted the entrepreneurial strategy of opportunity recognition. The founder also believes that the policy of establishing clear communication strategies to create an accurate understanding of corporate objectives (Romberg & Romberg, 2017, p. Middle-level management and top level management systems caused entrepreneurs to invest in strategy formulation and creating structures to enhance information congruence within the company. Regular training and employee development sessions were organized to equip managers and staff members with requisite skills for decision making. Reflection on Learning Modules & Outcomes The learning modules and outcomes have expounded my view of entrepreneurship. Throughout this course, I have been able to understand the concept of entrepreneurship, evaluate each process and the available different types of entrepreneurship.

By participating in the course, I have learnt that there are challenges and opportunities that entrepreneurs have to face in executing their day-to-day tasks and responsibilities. The course has also enabled me to learn the different solutions that can be implemented to deal with the challenges of entrepreneurship to improve business success. Conclusion Sam Walton also became a family business entrepreneur. Before his death in 1992, Walton had successfully expanded Walmart to become the largest retail organization in the world even as he was ranked as the richest man. The family business success was based on the concepts and the models of customer service and discounted prices that Sam Walton used. , Wennberg, K. And Balachandran, C. Mobility and Entrepreneurship: Evaluating the Scope of Knowledge–Based Theories of Entrepreneurship.