The unique story of becoming a top businessman from a salesman, know our words
There is only one boss in business and that is the customer.
Sam Walton is a well-known American industrialist. Who is known as the founder of the famous retail company called Walmart. The retail company established by them had changed the trend of the current market.
They believed that if we sell goods to the customer at a lower price than other shops, then we will get both customer satisfaction and profit. Today we are going to tell you in detail about the life of Sam Walton, filled with similar thoughts. Along with this, we will also know the history of Walmart Company founded by him. So let’s start……
table of contents
Sam Walton Short Bio
Full name – Samuel Moore Walton
Date of Birth – 29 March 1918
Date of Death – 5 April 1992
Cause of Death – Cancer
Age – 74
Place of Birth – Kingfisher, Oklahoma (US)
Father’s Name – Thomas Gibson Walton
Mother Name – Nancy Lee
Siblings – 1
Spouse Name – Helen Robson
Children – 3 sons and 1 daughter
Education – Bachelor Degree in Economics
College – University of Missouri
Global Identity – founder of walmart company (1988)
Awards and Honors – Presidential Medal of Freedom, Presidential Medal (received by US President George H. W. Bush in 1992)
Average income – 8.6 billion (as of 1992)
Sam Walton Life
Sam Walton was born in Oklahoma (United States of America) on March 29, 1918 in a simple family. His father Thomas Gibson Walton was a farmer. His mother, Nancy Lee, was a homemaker.
His full name is Samuel Moore Walton. His younger brother’s name was James. Sam was very good in studies since childhood. He completed his early education from Shelbina School in Missouri. Where he was made the youngest Eagle Scout when he was studying in 8th standard.
Then when he settled in Columbia with his family, he enrolled at David Hickman High School, Columbia to study in class X. Where he received the award for Most Versatile Boy. After this, Sam reached Missouri University on behalf of the Reserve Officers Training Corps (ROTC) for further studies.
From where he earned a bachelor’s degree in economics in the year 1940. It was during this time that Sam Walton had the opportunity to serve as the chair of a Bible class for his college students. Sam Walton was also elected a member of QEBH during his college days. Which used to be a group of senior people and people of the military society there.
Talking about the personal life of Sam Walton, he married Helen Robson on 14 February 1943. From whom they had 3 sons and 1 daughter. He always used to participate in religious and social functions with his family. One of his foundations was also created for the welfare of the poor. At the same time, he also loved going hunting and teaching children.
Sam Walton Career
The financial condition of Sam Walton’s family was not very good. Due to which he did many things in his youth like farming, distributing magazines, selling milk, rearing cows, selling newspapers etc.
He briefly worked as a sales man at JC Penney (American Department Store) early in his career. It was from here that he started considering the principle of “more satisfaction and less profit” in business.
But in the year 1942, during the Second World War, he left his job and joined the army and showed his patriotism. Where he served as an intelligence system in the US Army during the war. Along with this, he was also responsible for the security of the aircraft and camp prisoner.
He was also appointed to the rank of captain during the war. After the end of the war, he bought a franchise of Ben Frenklin Store in Newport (Arkasas) by taking some money away and investing all his savings. Where they sold goods to their customers at a much lower price than other stores.
Gradually, when he started benefiting in his business, then he along with his brother bought many more franchises of it. However, Ben Franklin’s executives did not accept his low price and oversell theory.
In such a situation, after some time he thought of opening his own store. Then in the year 1950, a store was opened in Bentonville by doing Sam 5 and Sam 10. Seeing it, he opened many stores and earned a lot of profit including fame.
History of Walmart company
The two most important words written by Sam Walton on Walmart’s signature are:-
On July 2, 1962, at the age of 44, Sam Walton opened his first Walmart store in the city of Rogers. where he did business with his brothers James and Stefan Dasbach. What they started with was to say that we will now open bigger stores at a discounted price. Whose main objective is to provide maximum satisfaction to the customers by selling the goods at low prices.
In this way, Walmart became famous throughout America in a very short time due to its low product prices. By the year 1967, he had opened about 24 Walmart stores. Where till now he had sold 12.7 million. Walmart got the recognition of the company in the year 1969.
After this, when Walmart became Private Limited in the year 1970. The first share of the Walmart company was worth $ 16.50. In 1971, Sam Walton opened Walmart’s distribution center in Bentonville, Arkansas.
Then in the year 1972, when Walmart also joined the New York Stock Exchange. Then the annual sales of Walmart company reached 74 million. During this, about 51 stores were included in the stock exchange.
Then in the year 1975 Walmart cheer and in the year 1979 the Walmart foundation was established. By 1980, when Walmart’s annual sales reached nearly 1 billion, the Walton Foundation was established. Through which essential services are delivered to the needy.
Sam’s Club was founded by Sam Walton in 1983. After this, he connected his company with modern technology. In 1988, he opened a Walmart super center in Missouri (Washington), where a huge amount of stock is kept.
And by the year 1990, the value of his company’s share became 45 billion. Thus, in the year 1991, Walmart became the world’s number one retail company. At the same time, it declared itself as a multinational company by forming a joint venture with Mexico’s largest company.
Currently, Walmart has 11,000 stores in 28 countries. It currently employs more than 25 lakh employees. All those who today are selling more by Sam Walton’s business idea i.e. by buying more goods from suppliers at a lower price, selling them at less profit.
Thus, Walmart is an American company. Which runs online stores, discount stores and general merchant’s stores in many countries all over the world.
Walmart’s Other Important Years
1993: 1 billion cells in a week
1994: Opened 122 stores in Canada
1996: Walmart’s first store in China
1997: First company to make 100 billion in annual sales
nineteen ninety eight: Opened stores in the UK.
2000: Creation of online shopping portal.
2002: Top 500 Big Companies in America (Fortune 500)
2005: Financial assistance of 18 million given to hurricane victims
2007: Online payment facility at most stores
2009: annual sales 400 billion and investment in Chile
2010: Opened its first store in India named Best Prize, as well as assured to help the hungry and poor with 2 billion dollars.
2011: Opened its first store in South Africa.
2012: The company celebrated its silver jubilee.
2015: Appointed Doug Mcmillon as CEO of the company. He is currently the CEO of Walmart.
2018: Bought 77% stake in India’s largest e-commerce company Flipkart and made the biggest investment ever in India.
Sam Walton Death
Sam Walton assumed the position of CEO of Walmart company in the year 1988. But in the year 1992, he died on 5 April. He was suffering from Child Cell Leukemia and Bone Marrow Cancer at the end of his life.
We can say that Sam Walton, who communicated the new revolution in the retail world, developed a new way of doing business in the world. For which he was declared the top 100 and the richest person in the United States of America from 1982 to 1988.
Along with this, the policy of earning more profit to the people and less profit itself earned them the honor of the Presidential Medal of Freedom.
Sam Walton Quotes
1. To be successful in the world, you have to change yourself all the time.
2. Having high expectations in life can be the key to achieving everything.
3. We are all working together, that is the biggest secret.
4. Try to find the best in everything in the world, then adapt it to your needs.
5. First consider what your customer wants, then deliver it.
6. The leader who is of high thoughts, he gives his whole life to increase the self-esteem of his workers.
7. If you don’t listen to your customers, will someone else listen?
8. Let everyone guess what the next stop is going to be, be very predictable.
9. Most of us do not invent ideas, but take the ideas of others.
10. People do not win in business when they are alone. Rather a whole team wins.
11. There is only one owner in any company and that is the customer. Who can remove everyone from the post in any company except the chairman. Only by spending your money elsewhere.
12. People who work hard enough can turn negative into positive.
13. You can learn from everyone in this world.
14. If people are doing the same thing then this can be an opportunity for you, because when you try to do something in opposite way, you can get a good market. For this you have to ignore the conventional wisdom and methods.
15. One should remain committed to his business. He should trust his business more than anyone else.
16. People who love their work. He tries to do his job well each day, and very soon people will understand your passion.
17. Great ideas can come from anywhere. What you hear and see. Because you never know where a great idea is going to come to you.
18. The person who loses his smile also loses his customers.
19. Leaders should always put their people before them. This enables your business to take care of itself.
20. I always believe in setting goals in life, and always keep them high.
21. If I ever had to choose one thing in life. So the biggest difference to my life, then, would be the passion to compete.
22. Most of what I have done in life, I have imitated someone else.
23. My role is to choose good people. To whom it is my duty to give maximum rights and responsibility.
24. One should control his expenses better than his competition. This is where you can find an advantage like a competitor.
25. Celebrate your success and find the humor in your failures.
26. Business is an ongoing competitive endeavor. Whereas the job is secured only as long as its customers are satisfied.
27. It has taken 20 years to achieve success in just one night.
28. I chose my destination and moved on. Where I did better every time.
29. Always try to give your customers more than what they expected. Then he will come to you again and again.
30. Be sure to praise everything your associates do to grow your business.
Thus Sam Walton who was not only a famous entrepreneur but also a great personality and social worker. Who has spent his entire life serving and satisfying his customers. His inspiring life will always be remembered by all of us.
Hope you must have liked Sam Walton ki Jivani. Similarly, do not forget to visit our website Gurukul99 to know about great people.