Sam Walton: 10 Rules for Building a Successful Business Value Innovation Be Different Setting Goals Motivating People Motivating and Communicating Attitude Motivation Crosspollination of Ideas New People Partnership Ten3 Business e-Coach: global success Burning Desire Committment Quotes Stand Out from Your Competitors Rules 1 to 5 Rules 6 to 10 Sam Walton: 10 Rules for Building a Successful Business  

Sam Walton, the Founder of Walmart, credited the rapid growth of Walmart to his associates.

Sam Walton shared his vision for the company with associates in a way that was nearly unheard of in the industry. He made them partners in the success of the company.

 

 

 

 

Rule 1. Commit to your business

Believe in it more than anybody else.

 

KoRe 12 Empowering Beliefs

 

 

 

I think I overcame every single one of my personal shortcomings by the sheer passion I brought to my work. I don't know if you're born with this kind of passion, or if you can learn it. But I do know you need it. If you love your work, you'll be out there every day trying to do it the best you possibly can, and pretty soon everybody around will catch the passion from you like a fever.

 

 

 

 

Rule 2. Share your profits with all your associates, and treat them as partners

In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations. Remain a corporation and retain control if you like, but behave as a servant leader in your partnership. Encourage your associates to hold a stake in the company. Offer discounted stock, and grant them stock for their retirement. It's the single best thing we ever did.

 

People Power

Gain Sharing

Benefits of Gain Sharing

Examples of Reward Systems

Silicon Valley Firms

Dell

Monsanto

 

 

 

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Rapid Learning

Rapid-Growth Business

 

 

 

 

 

Rule 3. Motivate your partners

Money and ownership alone aren't enough.

 

Synergistic Motivation

 

 

 

Constantly, day by day, think of new and more interesting ways to motivate and challenge your partners. Set high goals, encourage competition, and then keep score. Make bets with outrageous payoffs. If things get stale, cross-pollinate; have managers switch jobs with one another to stay challenged. Keep everybody guessing as to what your next trick is going to be. Don't become too predictable.

 

 

Sam Walton's rules for buiding a great business

Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, its amazing what they can accomplish.

Sam Walton

 

 

Rule 4. Communicate everything you possibly can to your partners

 

Managerial Communication

 

 

 

The more they know, the more they'll understand. The more they understand, the more they'll care. Once they care, there's no stopping them. If you don't trust your associates to know what's going on, they'll know you really don't consider them partners. Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors.

 

 

 

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Rapid Learning

Winning Organization

 

 

 

 

 

Rule 5. Appreciate everything your associates do for the business

 

The Power of Recognition

 

 

 

A paycheck and a stock option will buy one kind of loyalty. But all of us like to be told how much somebody appreciates what we do for them. We like to hear it often, and especially when we have done something we're really proud of. Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They're absolutely free and worth a fortune.

Next 5 Rules

 

 

 

 

 

 

   

"Sam Walton credited the rapid growth of Walmart not just to the low costs that attracted his customers, but also to his associates. He relied on them to give customers the great shopping experience that would keep them coming back. Sam Walton firmly believed that this partnership was what made Walmart great." ~ Walmart: Our History

 

 

 

Sam Walton's rules for buiding a great business

Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody else is doing it one way, there's a good chance you can find your niche by going in exactly the opposite direction.

Sam Walton