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I've been reading the biography of Sam Walton for the past month. I got it for Christmas from my girlfriend and I have been loving it.
There are a few key lessons that I've taken from it so far.
1. Admit you're wrong. When you are wrong, accept it immediately and turn the other direction.
2. Study what works. It doesn't matter what business you're in, look at your competitors and tweak your business to use the most efficient and effective systems they use. Sam would fly a plane over cities and look for full parking lots. Once he found them, he would land the plane and go watch what was working inside to bring customers in.
3.Hire great talent. Always hire people who are better than you at their tasks.
4. Play. The retail business was play to Sam. He wasn't motivated by fancy cars or houses. He simply got up every morning with the drive to make improvements. If your play also includes cars and houses, get them. But make sure that you play in business and life, not work.
5. Go all in/ Play to Win. When he started the Walmart brand in his early 40's (I do not pay attention to details such as age unless necessary) he put 100% of his time, energy and resources into it. It was a calculated risk but he played to win.
What do you think?
Do you have any Walmart lessons? (And I don't mean "the people of Walmart" stories. Keep it to the business)
There are a few key lessons that I've taken from it so far.
1. Admit you're wrong. When you are wrong, accept it immediately and turn the other direction.
2. Study what works. It doesn't matter what business you're in, look at your competitors and tweak your business to use the most efficient and effective systems they use. Sam would fly a plane over cities and look for full parking lots. Once he found them, he would land the plane and go watch what was working inside to bring customers in.
3.Hire great talent. Always hire people who are better than you at their tasks.
4. Play. The retail business was play to Sam. He wasn't motivated by fancy cars or houses. He simply got up every morning with the drive to make improvements. If your play also includes cars and houses, get them. But make sure that you play in business and life, not work.
5. Go all in/ Play to Win. When he started the Walmart brand in his early 40's (I do not pay attention to details such as age unless necessary) he put 100% of his time, energy and resources into it. It was a calculated risk but he played to win.
What do you think?
Do you have any Walmart lessons? (And I don't mean "the people of Walmart" stories. Keep it to the business)
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