Samuel moore walton walmart

Document Type:Research Paper

Subject Area:History

Document 1

The businessmen and leaders have achieved a lot in their reign and have influenced a lot of people directly and indirectly. This paper thus delves to discuss one of the prominent leaders known as Sam Walton where it will major on his early life, corporate management and personal vision, management philosophy and practice, significant accomplishments and failures and then legacy. The early years Sam Walton is an American businessman who is well known for his major company known as Walmart and also Sam’s Club. Moreover, the company founded by Walton has emerged as the largest company in the world and has also employed a good number of people in the world. Walton was born in 1918 12th march of Thomas Walton and Nancy Lee who was his mother.

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C. Penney. He used to earn $75 per month which he used to support his family. Moreover, Walton also joined the military and even World War II which he also participated in. he, therefore, served in the army and got promotions up to the captain level. Walton, therefore, applied some of his economic ideas and also got to learn more of business while still managing his stores. In 1962, he made his first achievement of establishing the first Walmart store in Rogers. The store was previously known as the Walmart Discount store that was located on Walnut Street (Walton, 2013). Moreover, he created different ideas in the market and improved by marketing African made products that attracted a large consumer base. Many other American suppliers supplied his stores with many other products which were sold.

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Management philosophy and practices Sam Walton was a great entrepreneur and made some philosophies which are still implemented in the business world today. His theories are great for business entrepreneurs and are helpful for business growth. He beloved strongly in his philosophies which also ensured his business success of the Walmart stores. Sam Walton had ten philosophies which he came up with himself in his business era. One of the philosophies was to commit yourself to your business and believe in it more than anyone else. It is believed that the employees will have a better understanding of the business when they know many things about it. Information is, therefore, a high power in the business organization and managers should consider implementing an effective communication strategy in the organization to achieve the employee goals of business understanding.

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The fifth philosophy is to appreciate all the activities conducted by the associates in the business. Appreciation is always considered as a significant motivation factor in any industry. The employees who are also the company associates perform most of the tasks in the business. The customers always look for quality in the products and services. Increasing their expectations through the creation of high-quality products and services will increase the number of customers and their return rates. Moreover, the entrepreneurs should also observe the philosophy of controlling the expenses better than the competition (Bergdahl, 2010). It is imperative to increase the competitiveness of the company by monitoring the financial flows of the company which is to be monitored and controlled significantly. Finally, the philosophy of swimming upstream is essential for all organization as it is very significant to move to one direction of success where a firm can get many ideas which are very helpful.

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He therefore never gave up in influencing people and changing the lives of many people through the economy. Some of the failures of Sam Walton was giving up on the Ben Franklin and founding the Walmart because he could not make up his sales. He could also not run two business operation by then and decided to stick on one. At some point, moreover, Sam Walton failed to expand his business activities because he was afraid of managing large chains of the store with a perspective of them being tiresome. Legacy Sam Walton was one of the most influential people in the 20th century and motivated a lot of entrepreneurs, and he was also honoured for his achievement and retail work that he did in his entire life.

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