Walmart has 2,300,000 employees.
But it all started with 1 man: Sam Walton.
Here are 5 lessons from Walton worth your time:
But it all started with 1 man: Sam Walton.
Here are 5 lessons from Walton worth your time:
Sam Walton was a cheap guy.
But he somehow turned a few discount stores in Arkansas into a $500 billion empire and the largest employer in the world.
How?
By ignoring what every silicon valley techie tells you.
Let's dive in...
But he somehow turned a few discount stores in Arkansas into a $500 billion empire and the largest employer in the world.
How?
By ignoring what every silicon valley techie tells you.
Let's dive in...
Lesson 1: Obsession with Competition
Peter Thiel was the CEO of PayPal and 1st investor in Facebook.
He famously says,
"Competition is for losers".
Well, Sam Walton never got the message.
He was so obsessed with the competition that he went to jail...
Peter Thiel was the CEO of PayPal and 1st investor in Facebook.
He famously says,
"Competition is for losers".
Well, Sam Walton never got the message.
He was so obsessed with the competition that he went to jail...
Sam took a trip to Brazil and stayed with a host.
And one night the hosts get a strange call.
The police found and arrested an "old man" crawling around the floors of a Brazilian retail store with a tape measure.
And one night the hosts get a strange call.
The police found and arrested an "old man" crawling around the floors of a Brazilian retail store with a tape measure.
What?!
Sam was measuring the width of the store aisles to figure out if the Brazilians knew something he didn't.
He obsessed over his competitors, stole the best, and discarded the rest.
Sam was measuring the width of the store aisles to figure out if the Brazilians knew something he didn't.
He obsessed over his competitors, stole the best, and discarded the rest.
Lesson 2: Go Where No One Is
Common Business Advice:
"Go to the big cities! Your target customer is a 25 year old guy who drinks Starbucks in NYC."
No.
Walmart grew through small southern towns.
They went into towns nobody else would and created value nobody else could.
Common Business Advice:
"Go to the big cities! Your target customer is a 25 year old guy who drinks Starbucks in NYC."
No.
Walmart grew through small southern towns.
They went into towns nobody else would and created value nobody else could.
Lesson 3: Price is About Trust
"The lowest prices anytime, anywhere."
-- Sam Walton
"Keeping prices very low earns customer trust over time."
-- Jeff Bezos
Short-term thinkers raise prices.
Long-term thinkers save customers money today to earn trust tomorrow.
"The lowest prices anytime, anywhere."
-- Sam Walton
"Keeping prices very low earns customer trust over time."
-- Jeff Bezos
Short-term thinkers raise prices.
Long-term thinkers save customers money today to earn trust tomorrow.
Lesson 4: Be a Learning Addict
Most of us think learning ends in college.
You get the grade and move on.
But Sam saw learning as a lifelong mission with the next golden nugget just around the corner.
And every great business mind shares this 1 trait:
Lifelong learners
Most of us think learning ends in college.
You get the grade and move on.
But Sam saw learning as a lifelong mission with the next golden nugget just around the corner.
And every great business mind shares this 1 trait:
Lifelong learners
Lesson 5: Simplicity Sticks
You can explain a beautiful business in a line.
• "Lowest prices anywhere" - Walmart
• "1,000 songs in your pocket" - Apple iPod
• "Make Chrome Faster" - @MightyApp
Even better, simplicity is a viral engine.
And the gas is Word of Mouth..
You can explain a beautiful business in a line.
• "Lowest prices anywhere" - Walmart
• "1,000 songs in your pocket" - Apple iPod
• "Make Chrome Faster" - @MightyApp
Even better, simplicity is a viral engine.
And the gas is Word of Mouth..
If I tell my friend about a product, they always ask,
"What is it?"
The answer can't be:
"Provide mission-critical software to conquer solutions and help your business be better."
Yea I still have no clue what they do and my friend just fell asleep from boredom.
"What is it?"
The answer can't be:
"Provide mission-critical software to conquer solutions and help your business be better."
Yea I still have no clue what they do and my friend just fell asleep from boredom.
A punchy sentence sparks word of mouth to ignite your business engine.
Sam Walton made Walmart's value so simple that it was impossible to forget.
Sam Walton made Walmart's value so simple that it was impossible to forget.
If you picked up a golden nugget, retweet the 1st tweet linked here:
And thanks to @tegusHQ for being the best research tool for investor and corporate development teams to better understand businesses.
And thanks to @tegusHQ for being the best research tool for investor and corporate development teams to better understand businesses.
Follow me @chrishlad for more threads on frameworks and business breakdowns.
I also saved 2 of Walton's best lessons for my newsletter.
Join 9,800+ others to get it on Thursday!
chris-hladczuk.ck.page
I also saved 2 of Walton's best lessons for my newsletter.
Join 9,800+ others to get it on Thursday!
chris-hladczuk.ck.page
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