hi I’m Evan Carmichael and welcome to another edition of modeling the masters
another edition of modeling the masters
another edition of modeling the masters I believe that the fastest and most
I believe that the fastest and most
I believe that the fastest and most effective way to grow your business is
effective way to grow your business is
effective way to grow your business is to model the strategies of people who’ve
to model the strategies of people who’ve
to model the strategies of people who’ve already done what you’re trying to do so
already done what you’re trying to do so
already done what you’re trying to do so today I’m going to look at how a farm
today I’m going to look at how a farm
today I’m going to look at how a farm boy from Oklahoma wanted to continue his
boy from Oklahoma wanted to continue his
boy from Oklahoma wanted to continue his education again a master’s degree but
education again a master’s degree but
education again a master’s degree but couldn’t afford it so it was forced into
couldn’t afford it so it was forced into
couldn’t afford it so it was forced into entrepreneurship open up his first
entrepreneurship open up his first
entrepreneurship open up his first retail store and went on to become the
retail store and went on to become the
retail store and went on to become the richest man in North America this is a
richest man in North America this is a
richest man in North America this is a story of Walmart founder Sam Walton and
story of Walmart founder Sam Walton and
story of Walmart founder Sam Walton and the top three lessons you can learn from
the top three lessons you can learn from
the top three lessons you can learn from his success Sam Walton is an American
his success Sam Walton is an American
his success Sam Walton is an American entrepreneur that built Walmart the
entrepreneur that built Walmart the
entrepreneur that built Walmart the largest retail chain store in the world
largest retail chain store in the world
largest retail chain store in the world he started out as a farm boy and became
he started out as a farm boy and became
he started out as a farm boy and became the richest man in America in the 1980s
the richest man in America in the 1980s
the richest man in America in the 1980s from the farmlands of Oklahoma Walton
from the farmlands of Oklahoma Walton
from the farmlands of Oklahoma Walton began his journey in life his father
began his journey in life his father
began his journey in life his father Thomas was a farmer that felt he
Thomas was a farmer that felt he
Thomas was a farmer that felt he couldn’t raise his family on the money
couldn’t raise his family on the money
couldn’t raise his family on the money being brought in from the farm so he
being brought in from the farm so he
being brought in from the farm so he packed everybody up and moved the family
packed everybody up and moved the family
packed everybody up and moved the family to Missouri there Thomas had become a
to Missouri there Thomas had become a
to Missouri there Thomas had become a farm loan appraiser even though this job
farm loan appraiser even though this job
farm loan appraiser even though this job meant that the Walton family would
meant that the Walton family would
meant that the Walton family would travel all over Missouri Sam Walton
travel all over Missouri Sam Walton
travel all over Missouri Sam Walton would not be discouraged he would also
would not be discouraged he would also
would not be discouraged he would also excel at academics and sports leading
excel at academics and sports leading
excel at academics and sports leading his high school football team as
his high school football team as
his high school football team as quarterback the state championship from
quarterback the state championship from
quarterback the state championship from high school Walton would attend the
high school Walton would attend the
high school Walton would attend the University of Missouri and achieve his
University of Missouri and achieve his
University of Missouri and achieve his bachelor’s degree in economics while
bachelor’s degree in economics while
bachelor’s degree in economics while getting his bachelor’s degree he would
getting his bachelor’s degree he would
getting his bachelor’s degree he would also become interested in commerce this
also become interested in commerce this
also become interested in commerce this would make him want to enroll in the
would make him want to enroll in the
would make him want to enroll in the Wharton School of Business but he
Wharton School of Business but he
Wharton School of Business but he couldn’t afford to attend he would find
couldn’t afford to attend he would find
couldn’t afford to attend he would find a job at JC Penney as a manager just
a job at JC Penney as a manager just
a job at JC Penney as a manager just three days after graduating University
three days after graduating University
three days after graduating University of Missouri but would eventually resign
of Missouri but would eventually resign
of Missouri but would eventually resign this job so he’d be able to join the US
this job so he’d be able to join the US
this job so he’d be able to join the US military after serving as a security
military after serving as a security
military after serving as a security officer in the US Army intelligent core
officer in the US Army intelligent core
officer in the US Army intelligent core for three years Walton would resign his
for three years Walton would resign his
for three years Walton would resign his captain’s Commission in 1945 Walton
captain’s Commission in 1945 Walton
captain’s Commission in 1945 Walton would ask his father-in-law for a loan
would ask his father-in-law for a loan
would ask his father-in-law for a loan of $20,000 so he could buy his first
of $20,000 so he could buy his first
of $20,000 so he could buy his first retail store a Ben Franklin variety
retail store a Ben Franklin variety
retail store a Ben Franklin variety store
store
store this would start a journey that would
this would start a journey that would
this would start a journey that would help him discover many of the techniques
help him discover many of the techniques
help him discover many of the techniques he would implement in his Walmart chain
he would implement in his Walmart chain
he would implement in his Walmart chain of stores these remarkable chains of
of stores these remarkable chains of
of stores these remarkable chains of events would make Walton worth more than
events would make Walton worth more than
events would make Walton worth more than twenty three billion dollars in 1980s
twenty three billion dollars in 1980s
twenty three billion dollars in 1980s and today
and today
and today Walmart brings in more than 300 billion
Walmart brings in more than 300 billion
Walmart brings in more than 300 billion dollars annually along with the sam’s
dollars annually along with the sam’s
dollars annually along with the sam’s club franchise Walton started which
club franchise Walton started which
club franchise Walton started which brings in more than 40 billion dollars
brings in more than 40 billion dollars
brings in more than 40 billion dollars annually forced into entrepreneurship
annually forced into entrepreneurship
annually forced into entrepreneurship because Sam Walton couldn’t afford to
because Sam Walton couldn’t afford to
because Sam Walton couldn’t afford to continue his education he went from
continue his education he went from
continue his education he went from Oklahoma farm boy into the richest man
Oklahoma farm boy into the richest man
Oklahoma farm boy into the richest man in North America to help you transform
in North America to help you transform
in North America to help you transform your business
your business
your business here are top three action items and you
here are top three action items and you
here are top three action items and you can learn from Sam Walton optional
can learn from Sam Walton optional
can learn from Sam Walton optional number one treat the customer as the
number one treat the customer as the
number one treat the customer as the boss Sam Walton was a true believer that
boss Sam Walton was a true believer that
boss Sam Walton was a true believer that the customer was his boss this idea made
the customer was his boss this idea made
the customer was his boss this idea made Walton implement many services and
Walton implement many services and
Walton implement many services and customer friendly activities that were
customer friendly activities that were
customer friendly activities that were designed around the attitudes of
designed around the attitudes of
designed around the attitudes of small-town America from the greeter at
small-town America from the greeter at
small-town America from the greeter at the door of every Walmart
the door of every Walmart
the door of every Walmart to the satisfaction guaranteed sirens he
to the satisfaction guaranteed sirens he
to the satisfaction guaranteed sirens he placed in his first Walmart store in
placed in his first Walmart store in
placed in his first Walmart store in 1962 Walmart with distinguish itself
1962 Walmart with distinguish itself
1962 Walmart with distinguish itself from other retailers by maintaining the
from other retailers by maintaining the
from other retailers by maintaining the philosophy but the customer was always
philosophy but the customer was always
philosophy but the customer was always in charge according the Walton was only
in charge according the Walton was only
in charge according the Walton was only one boss the customer and he can fire
one boss the customer and he can fire
one boss the customer and he can fire everybody in the company from the
everybody in the company from the
everybody in the company from the Chairman on down simply by spending his
Chairman on down simply by spending his
Chairman on down simply by spending his money somewhere else the two most
money somewhere else the two most
money somewhere else the two most important words I ever wrote were on
important words I ever wrote were on
important words I ever wrote were on that first Walmart sign satisfaction
that first Walmart sign satisfaction
that first Walmart sign satisfaction guaranteed they’re still up there
guaranteed they’re still up there
guaranteed they’re still up there and they’ve made all the difference the
and they’ve made all the difference the
and they’ve made all the difference the secret of successful retailing is to
secret of successful retailing is to
secret of successful retailing is to give your customers what they want and
give your customers what they want and
give your customers what they want and really if you think about it from the
really if you think about it from the
really if you think about it from the point of view of the customer you want
point of view of the customer you want
point of view of the customer you want everything a wide assortment of good
everything a wide assortment of good
everything a wide assortment of good quality merchandise the lowest possible
quality merchandise the lowest possible
quality merchandise the lowest possible prices guaranteed satisfaction with what
prices guaranteed satisfaction with what
prices guaranteed satisfaction with what you buy friendly knowledgeable service
you buy friendly knowledgeable service
you buy friendly knowledgeable service convenient hours free parking and a
convenient hours free parking and a
convenient hours free parking and a pleasant shopping experience action item
pleasant shopping experience action item
pleasant shopping experience action item number two success depends on employees
number two success depends on employees
number two success depends on employees Walton was a firm believer that the
Walton was a firm believer that the
Walton was a firm believer that the employees were key to the company’s
employees were key to the company’s
employees were key to the company’s success by listening to his workers and
success by listening to his workers and
success by listening to his workers and their ideas he could stay on top of his
their ideas he could stay on top of his
their ideas he could stay on top of his game
game
game Walton wanted every employee to think of
Walton wanted every employee to think of
Walton wanted every employee to think of him as a partner not a boss note of the
him as a partner not a boss note of the
him as a partner not a boss note of the passes along his employees wormer would
passes along his employees wormer would
passes along his employees wormer would be one of the first organizations to
be one of the first organizations to
be one of the first organizations to offer his employees a profit sharing
offer his employees a profit sharing
offer his employees a profit sharing plan where the employees would benefit
plan where the employees would benefit
plan where the employees would benefit from the success of the company it would
from the success of the company it would
from the success of the company it would make them co-owners stockholders of the
make them co-owners stockholders of the
make them co-owners stockholders of the company in order to keep morale levels
company in order to keep morale levels
company in order to keep morale levels high Walton with challenges employees
high Walton with challenges employees
high Walton with challenges employees through a variety of competitions giving
through a variety of competitions giving
through a variety of competitions giving outrageous payoffs to the winners
outrageous payoffs to the winners
outrageous payoffs to the winners he wanted to make sure all of his
he wanted to make sure all of his
he wanted to make sure all of his employees knew that they were
employees knew that they were
employees knew that they were appreciated
appreciated
appreciated according to Walton the folks on the
according to Walton the folks on the
according to Walton the folks on the front lines the ones who are actually
front lines the ones who are actually
front lines the ones who are actually talking to the customer are the only
talking to the customer are the only
talking to the customer are the only ones who really know what’s going on out
ones who really know what’s going on out
ones who really know what’s going on out there this really is about total quality
there this really is about total quality
there this really is about total quality in turn they will treat you as a partner
in turn they will treat you as a partner
in turn they will treat you as a partner and together you will all perform beyond
and together you will all perform beyond
and together you will all perform beyond your wildest expectations remain a
your wildest expectations remain a
your wildest expectations remain a corporation and retain control if you
corporation and retain control if you
corporation and retain control if you like but behave as a servant leader in a
like but behave as a servant leader in a
like but behave as a servant leader in a partnership money and ownership alone
partnership money and ownership alone
partnership money and ownership alone aren’t enough set high goals encourage
aren’t enough set high goals encourage
aren’t enough set high goals encourage competition and then keep score
competition and then keep score
competition and then keep score nothing else can quite substitute for a
nothing else can quite substitute for a
nothing else can quite substitute for a few well-chosen well time sincere words
few well-chosen well time sincere words
few well-chosen well time sincere words of praise through absolutely free and
of praise through absolutely free and
of praise through absolutely free and worth a fortune action at number three
worth a fortune action at number three
worth a fortune action at number three embrace new technology before the age of
embrace new technology before the age of
embrace new technology before the age of the internet and instant ecommerce
the internet and instant ecommerce
the internet and instant ecommerce stores across America were relatively
stores across America were relatively
stores across America were relatively low tech it wasn’t until a select few
low tech it wasn’t until a select few
low tech it wasn’t until a select few entrepreneurs including Sam Walton
entrepreneurs including Sam Walton
entrepreneurs including Sam Walton decided to push the boundaries of the
decided to push the boundaries of the
decided to push the boundaries of the retail industry that new technologies
retail industry that new technologies
retail industry that new technologies began to be embraced he went to the IBM
began to be embraced he went to the IBM
began to be embraced he went to the IBM school in upstate New York in 1966 to
school in upstate New York in 1966 to
school in upstate New York in 1966 to find the best technology students so
find the best technology students so
find the best technology students so Walmart would always be on the cutting
Walmart would always be on the cutting
Walmart would always be on the cutting edge as an example Walmart became one of
edge as an example Walmart became one of
edge as an example Walmart became one of the first stores who develop Universal
the first stores who develop Universal
the first stores who develop Universal barcodes and was the first retail chain
barcodes and was the first retail chain
barcodes and was the first retail chain to use electronic scanners as cash
to use electronic scanners as cash
to use electronic scanners as cash registers not only that the cash
registers not only that the cash
registers not only that the cash registers scan individual items
registers scan individual items
registers scan individual items it was networked to the inventory
it was networked to the inventory
it was networked to the inventory control compare
control compare
control compare the stores would know when stock was
the stores would know when stock was
the stores would know when stock was running low and reorder was necessary
running low and reorder was necessary
running low and reorder was necessary this allowed the stores always be
this allowed the stores always be
this allowed the stores always be stocked with the items that sold the
stocked with the items that sold the
stocked with the items that sold the most by implementing and embracing new
most by implementing and embracing new
most by implementing and embracing new technology Walmart could grow faster and
technology Walmart could grow faster and
technology Walmart could grow faster and maintain a competitive edge
maintain a competitive edge
maintain a competitive edge according to Walton I’ve always been
according to Walton I’ve always been
according to Walton I’ve always been driven to buck the system to innovate
driven to buck the system to innovate
driven to buck the system to innovate take things beyond where they’ve been a
take things beyond where they’ve been a
take things beyond where they’ve been a computer can tell you down to the dime
computer can tell you down to the dime
computer can tell you down to the dime what you’ve sold but it can’t never tell
what you’ve sold but it can’t never tell
what you’ve sold but it can’t never tell you how much you could have sold Sam
you how much you could have sold Sam
you how much you could have sold Sam often started his first retail store
often started his first retail store
often started his first retail store right after serving in the military a
right after serving in the military a
right after serving in the military a Ben Franklin variety store chain
Ben Franklin variety store chain
Ben Franklin variety store chain however after making it very successful
however after making it very successful
however after making it very successful the owner of the building would not
the owner of the building would not
the owner of the building would not renew his lease wanting to take the
renew his lease wanting to take the
renew his lease wanting to take the franchise over and make the money Walton
franchise over and make the money Walton
franchise over and make the money Walton was making Walton would be pushed out
was making Walton would be pushed out
was making Walton would be pushed out and eventually sold the Ben Franklin
and eventually sold the Ben Franklin
and eventually sold the Ben Franklin store to the owner of the building for
store to the owner of the building for
store to the owner of the building for $50,000 which Walton would say was a
$50,000 which Walton would say was a
$50,000 which Walton would say was a fair price
fair price
fair price this would teach Walton a lesson that
this would teach Walton a lesson that
this would teach Walton a lesson that he’d never forget owned the land and
he’d never forget owned the land and
he’d never forget owned the land and building your building your business on
building your building your business on
building your building your business on when it starts to become successful this
when it starts to become successful this
when it starts to become successful this would lead him to open the first Walmart
would lead him to open the first Walmart
would lead him to open the first Walmart discount city in 1962 and concentrate on
discount city in 1962 and concentrate on
discount city in 1962 and concentrate on owning the building and the land as well
owning the building and the land as well
owning the building and the land as well as sell american-made products ad pick
as sell american-made products ad pick
as sell american-made products ad pick myself up and get on with it
myself up and get on with it
myself up and get on with it do it all over again only even better
do it all over again only even better
do it all over again only even better this time
this time
this time Walton eventually said Walton proved
Walton eventually said Walton proved
Walton eventually said Walton proved that being underestimated by others was
that being underestimated by others was
that being underestimated by others was no obstacle to achievement
thank you for joining me for another
thank you for joining me for another edition modeling monsters if you liked
edition modeling monsters if you liked
edition modeling monsters if you liked the video and want to see more please
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give it a thumbs up below I’d also love
give it a thumbs up below I’d also love to hear what you have to think if you
to hear what you have to think if you
to hear what you have to think if you want to leave a comment under the video
want to leave a comment under the video
want to leave a comment under the video and stay tuned for next episode
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