Overview of Sam Walton
Sam Walton created the retail empire of Wal-Mart. Sam was born on March 29, 1918 to Thomas Gibson Walton and Nancy “Nannie” Lee Lawrence. Sam lived in several Midwestern states as his father changed careers from a farmer to mortgage man. Sam was a stellar athlete and student body leader in high school. He majored in economics at the University of Missouri and was an ROTC officer. After graduation Sam took a job as a manager trainee with JC Penney, which was the beginning of his career in retail.
After serving time in the military during WWII Sam took his savings along with a loan from his father-in-law and purchased a Ben Franklin variety store. Sam implemented many new retailing concepts in his store and it became extremely successful. It was so successful that the owner of the building would not renew Sam’s lease. Sam then opened a new store in the town that would become the headquarters of Wal-Mart—Bentonville, Arkansas. Sam took his younger brother under his wing and together they opened several more Ben Franklin stores.
In 1962 he opened the first Wal-Mart, which has become the world’s largest retailer. Sam went on to become a billionaire using the concept of discounting. He worked to cut costs as low as possible in order to drive prices down. Sam was included in Time’s list of 100 most influential people of the 20th Century. He was a supporter of various charities and tried to promote capitalism in Central America in an effort to combat communism. Sam was also the recipient of the Presidential Medal of Freedom for his retailing efforts and innovations. Sam beat cancer once, but at 74 he passed away after losing his second bout with cancer. He left his ownership in Wal-Mart to his wife and four children. Sam became known as the “bargain billionaire.” (Thompson & Cascio, 1997)
McHenry, S. (1998, December 7). Sam Walton. Time. Retrieved January 30, 2009 from http://www.time.com/time/time100/builder/profile/walton.html
Thompson, M. (Writer), & Cascio, M. (Director/Producer). (1997). A & E Biography-Sam Walton Bargain Billionaire [Television Series Episode]. New York: A&E Television Networks.
It is amazing to see what a "novel" idea can yield. He is someone who could have perpetuated the idea of selling products at top dollar and earning all he could. He, however, saw the need of the general public and marketed products to them at reduced prices. In the long run, the lower prices brought him the greater reward.
ReplyDeleteTo me, Sam Walton is a leader because he had the ability to reshape the financial sector. His ability to keep prices down and sell more products truly revolutionized the world. Walmart can be considered one of America's cornerstone for business. Walmarts are everywhere in America. They continue to turn out quality products at affordable prices.
ReplyDeleteAlthough their ages separated them by nearly 40 years, Sam Walton and Steve Jobs had many business experiences in common. Both received first-hand training from business greats early in their careers. (Walton began working with the retailer JC Penney, and Jobs had the opportunity to work for Hewlett-Packard and Atari, both industry leaders at the time.) Walton and Jobs each had trusting business partners whose skills complimented their own, a leadership strategy suggested by Rath (Strengthsfinder 2.0, 2007).
ReplyDelete