and we started doing strange things like cranking up ice-cream machines on a
cranking up ice-cream machines on a
cranking up ice-cream machines on a sidewalk on Saturday night we’ve got
sidewalk on Saturday night we’ve got
sidewalk on Saturday night we’ve got ideas from all 380,000 people in the
ideas from all 380,000 people in the
ideas from all 380,000 people in the company we’ve made partners out of our
company we’ve made partners out of our
company we’ve made partners out of our folks rather than employees Sam
folks rather than employees Sam
folks rather than employees Sam genuinely cared about other people as
genuinely cared about other people as
genuinely cared about other people as soon as I could afford at all care
soon as I could afford at all care
soon as I could afford at all care started casting around for another
started casting around for another
started casting around for another location
location
location the focus was being the best at what we
the focus was being the best at what we
the focus was being the best at what we did
did
did I’ve been terrible about setting goals
I’ve been terrible about setting goals
I’ve been terrible about setting goals all my life his vision was to reduce the
all my life his vision was to reduce the
all my life his vision was to reduce the cost of living for people who shopped in
cost of living for people who shopped in
cost of living for people who shopped in our stores
our stores
our stores I wanted to gamble to a greater degree
I wanted to gamble to a greater degree
I wanted to gamble to a greater degree always and maybe you were ready to do
he was an American businessman and
he was an American businessman and entrepreneur he’s best known for
entrepreneur he’s best known for
entrepreneur he’s best known for founding walmart and Sam’s Club Forbes
founding walmart and Sam’s Club Forbes
founding walmart and Sam’s Club Forbes ranked him as the richest person in
ranked him as the richest person in
ranked him as the richest person in United States from 1982 to 1988 he’s Sam
United States from 1982 to 1988 he’s Sam
United States from 1982 to 1988 he’s Sam Walton and here his top ten rules for
Walton and here his top ten rules for
Walton and here his top ten rules for success neither one of us knew the
success neither one of us knew the
success neither one of us knew the business true and when we and with an we
business true and when we and with an we
business true and when we and with an we we knew so little about the variety
we knew so little about the variety
we knew so little about the variety store vendors that we had to take the
store vendors that we had to take the
store vendors that we had to take the book that was written by Ben Franklin
book that was written by Ben Franklin
book that was written by Ben Franklin and apply the principles and apply the
and apply the principles and apply the
and apply the principles and apply the controls the and the merchandise
controls the and the merchandise
controls the and the merchandise merchandising programs that the outline
merchandising programs that the outline
merchandising programs that the outline for us but of course knowing you and
for us but of course knowing you and
for us but of course knowing you and knowing I myself a little bit we added
knowing I myself a little bit we added
knowing I myself a little bit we added on didn’t we that’s that’s exactly right
on didn’t we that’s that’s exactly right
on didn’t we that’s that’s exactly right but we were Mavericks even then and we
but we were Mavericks even then and we
but we were Mavericks even then and we started doing strange things like
started doing strange things like
started doing strange things like cranking up ice cream machines on the
cranking up ice cream machines on the
cranking up ice cream machines on the sidewalk on Saturday night popcorn on
sidewalk on Saturday night popcorn on
sidewalk on Saturday night popcorn on the other end of the sidewalk Hawking
the other end of the sidewalk Hawking
the other end of the sidewalk Hawking anything we could Hawk on that looked
anything we could Hawk on that looked
anything we could Hawk on that looked like it might have a chance to sell
like it might have a chance to sell
like it might have a chance to sell wherever it made an easy life actually
wherever it made an easy life actually
wherever it made an easy life actually we worked hard that’s right but but it
we worked hard that’s right but but it
we worked hard that’s right but but it gave us a vehicle to to ride on that’s
gave us a vehicle to to ride on that’s
gave us a vehicle to to ride on that’s right exactly without without having to
right exactly without without having to
right exactly without without having to buy merchandise
buy merchandise
buy merchandise you know ourselves all the time or
you know ourselves all the time or
you know ourselves all the time or distribution centers not having to do
distribution centers not having to do
distribution centers not having to do the thing we’d have to do when we built
the thing we’d have to do when we built
the thing we’d have to do when we built Walmart we’ve had a lot of great leader
Walmart we’ve had a lot of great leader
Walmart we’ve had a lot of great leader in this company and the greatest thing
in this company and the greatest thing
in this company and the greatest thing is that we’ve got ideas from all 380,000
is that we’ve got ideas from all 380,000
is that we’ve got ideas from all 380,000 people in the company that’s the best
people in the company that’s the best
people in the company that’s the best part we’re all working together and I
part we’re all working together and I
part we’re all working together and I hope we can keep it going that way
hope we can keep it going that way
hope we can keep it going that way that’s that’s the secret that’s the key
that’s that’s the secret that’s the key
that’s that’s the secret that’s the key and if we can we’ll lower the cost of
and if we can we’ll lower the cost of
and if we can we’ll lower the cost of living for everyone not just in America
living for everyone not just in America
living for everyone not just in America but we’ll give the world an opportunity
but we’ll give the world an opportunity
but we’ll give the world an opportunity to see what it’s like to us save and
to see what it’s like to us save and
to see what it’s like to us save and have a better lifestyle and a better
have a better lifestyle and a better
have a better lifestyle and a better life a better life for all our companies
life a better life for all our companies
life a better life for all our companies built on people the success we’ve had is
built on people the success we’ve had is
built on people the success we’ve had is because of our people and I believe that
because of our people and I believe that
because of our people and I believe that you believed it from the beginning all
you believed it from the beginning all
you believed it from the beginning all of our associates believe it we’ve made
of our associates believe it we’ve made
of our associates believe it we’ve made partners out of our folks rather than
partners out of our folks rather than
partners out of our folks rather than employees and they know that we’ve been
employees and they know that we’ve been
employees and they know that we’ve been sincere in trying to share the profits
sincere in trying to share the profits
sincere in trying to share the profits with them and they in turn have worked
with them and they in turn have worked
with them and they in turn have worked harder than our competitors we’ve kept
harder than our competitors we’ve kept
harder than our competitors we’ve kept our prices lower than our competitors
our prices lower than our competitors
our prices lower than our competitors prices we’ve led the nation in in cost
prices we’ve led the nation in in cost
prices we’ve led the nation in in cost of doing business in sales per square
of doing business in sales per square
of doing business in sales per square foot in all the measurements you can
foot in all the measurements you can
foot in all the measurements you can imagine over about a 15 year period in
imagine over about a 15 year period in
imagine over about a 15 year period in this business that that we’ve all put
this business that that we’ve all put
this business that that we’ve all put together here in Bentonville Arkansas I
together here in Bentonville Arkansas I
together here in Bentonville Arkansas I got to know Sam over a number of years
got to know Sam over a number of years
got to know Sam over a number of years before I joined the company I watched
before I joined the company I watched
before I joined the company I watched how he operated and more than anything
how he operated and more than anything
how he operated and more than anything else I watched how he treated people Sam
else I watched how he treated people Sam
else I watched how he treated people Sam genuinely cared about other people Sam
genuinely cared about other people Sam
genuinely cared about other people Sam did not have in the ego it wasn’t all
did not have in the ego it wasn’t all
did not have in the ego it wasn’t all about Sam Sam would talk to people in
about Sam Sam would talk to people in
about Sam Sam would talk to people in the store who were coming out of a
the store who were coming out of a
the store who were coming out of a trailer unloading a trailer in the
trailer unloading a trailer in the
trailer unloading a trailer in the middle of summer sweaty people and
middle of summer sweaty people and
middle of summer sweaty people and everything he treated them no different
everything he treated them no different
everything he treated them no different than he treated the President of the
than he treated the President of the
than he treated the President of the United States because in Sam’s mind were
United States because in Sam’s mind were
United States because in Sam’s mind were all equal were created by our maker
all equal were created by our maker
all equal were created by our maker equally and so Sam viewed his role in
equally and so Sam viewed his role in
equally and so Sam viewed his role in the company of B
the company of B
the company of B being the person who showed and
being the person who showed and
being the person who showed and demonstrated respect for everybody and I
demonstrated respect for everybody and I
demonstrated respect for everybody and I suppose that’s the first thing that I
suppose that’s the first thing that I
suppose that’s the first thing that I really saw about him I saw how he
really saw about him I saw how he
really saw about him I saw how he treated me and then it’s interesting you
treated me and then it’s interesting you
treated me and then it’s interesting you can watch how people treat
can watch how people treat
can watch how people treat maybe waiters and waitresses or servant
maybe waiters and waitresses or servant
maybe waiters and waitresses or servant people you know people in the service
people you know people in the service
people you know people in the service industry and you can tell a little bit
industry and you can tell a little bit
industry and you can tell a little bit about them by the way they treat them
about them by the way they treat them
about them by the way they treat them and he was a very very humble man the
and he was a very very humble man the
and he was a very very humble man the chain store bug had already bitten me
chain store bug had already bitten me
chain store bug had already bitten me but and it wasn’t long as soon as I
but and it wasn’t long as soon as I
but and it wasn’t long as soon as I could afford it all
could afford it all
could afford it all to started casting around for another
to started casting around for another
to started casting around for another location and where did where was that
location and where did where was that
location and where did where was that Fayetteville on the squares it was that
Fayetteville on the squares it was that
Fayetteville on the squares it was that little 18 foot store shotgun 1950 1952
little 18 foot store shotgun 1950 1952
little 18 foot store shotgun 1950 1952 we got absurd Fayetteville started
we got absurd Fayetteville started
we got absurd Fayetteville started didn’t we but and it became very
didn’t we but and it became very
didn’t we but and it became very successful so then one day I got a call
successful so then one day I got a call
successful so then one day I got a call from Ben Franklin and they said hey we
from Ben Franklin and they said hey we
from Ben Franklin and they said hey we got a store in Kansas City and you
got a store in Kansas City and you
got a store in Kansas City and you remember the story
remember the story
remember the story I certainly do all and I thought well if
I certainly do all and I thought well if
I certainly do all and I thought well if I’ve got it if I’ve got to go to Kansas
I’ve got it if I’ve got to go to Kansas
I’ve got it if I’ve got to go to Kansas see I got to get me an airplane and I
see I got to get me an airplane and I
see I got to get me an airplane and I didn’t I had never flown probably it
didn’t I had never flown probably it
didn’t I had never flown probably it first looked at it in 53 I’d say and
first looked at it in 53 I’d say and
first looked at it in 53 I’d say and this was our first venture in the
this was our first venture in the
this was our first venture in the shopping center yeah and then there were
shopping center yeah and then there were
shopping center yeah and then there were practically no shopping centers at night
practically no shopping centers at night
practically no shopping centers at night that’s true that’s exactly right and
that’s true that’s exactly right and
that’s true that’s exactly right and this was something entirely new and
this was something entirely new and
this was something entirely new and different
different
different everybody was skinny Chevy no one else
everybody was skinny Chevy no one else
everybody was skinny Chevy no one else wanted the franchise one another one of
wanted the franchise one another one of
wanted the franchise one another one of those situations and but say well I’ll
those situations and but say well I’ll
those situations and but say well I’ll take half of it I think I can put put
take half of it I think I can put put
take half of it I think I can put put enough money together to get half of it
enough money together to get half of it
enough money together to get half of it I said well if you can out I’ll try to
I said well if you can out I’ll try to
I said well if you can out I’ll try to do my part and we’ll go up there and
do my part and we’ll go up there and
do my part and we’ll go up there and we’ll just take another gamble sure
we’ll just take another gamble sure
we’ll just take another gamble sure right and it was a gamble it was out 20
right and it was a gamble it was out 20
right and it was a gamble it was out 20 miles from the Kansas City City Limits
miles from the Kansas City City Limits
miles from the Kansas City City Limits time we got to store open why it was a
time we got to store open why it was a
time we got to store open why it was a winner for the day we I mean it was it
winner for the day we I mean it was it
winner for the day we I mean it was it was the best profit store I know one
was the best profit store I know one
was the best profit store I know one year it made $30,000 with us but more
year it made $30,000 with us but more
year it made $30,000 with us but more money than we’d ever heard or ever
money than we’d ever heard or ever
money than we’d ever heard or ever dreamed about being able to make out of
dreamed about being able to make out of
dreamed about being able to make out of one store his desire to always focus on
one store his desire to always focus on
one store his desire to always focus on being the best we did not focus on being
being the best we did not focus on being
being the best we did not focus on being the largest that wasn’t the focus the
the largest that wasn’t the focus the
the largest that wasn’t the focus the focus was being the best at what we did
focus was being the best at what we did
focus was being the best at what we did I’ve been terrible about setting go
I’ve been terrible about setting go
I’ve been terrible about setting go all my life and trying to get there and
all my life and trying to get there and
all my life and trying to get there and one of my one of my goals as you well
one of my one of my goals as you well
one of my one of my goals as you well know was to make that the best store in
know was to make that the best store in
know was to make that the best store in Arkansas that’s right
Arkansas that’s right
Arkansas that’s right and we got there before we left town we
and we got there before we left town we
and we got there before we left town we came became the biggest or most
came became the biggest or most
came became the biggest or most profitable well uh Ben Franklin store in
profitable well uh Ben Franklin store in
profitable well uh Ben Franklin store in a state of Arkansas Sam was driven by
a state of Arkansas Sam was driven by
a state of Arkansas Sam was driven by the idea of we’re in business to serve
the idea of we’re in business to serve
the idea of we’re in business to serve people let me share with you what Sam’s
people let me share with you what Sam’s
people let me share with you what Sam’s vision was his vision was to reduce the
vision was his vision was to reduce the
vision was his vision was to reduce the cost of living for people who shopped in
cost of living for people who shopped in
cost of living for people who shopped in our stores and it began in small rural
our stores and it began in small rural
our stores and it began in small rural communities spread to midsize markets
communities spread to midsize markets
communities spread to midsize markets spread to suburban areas and ultimately
spread to suburban areas and ultimately
spread to suburban areas and ultimately to major metro areas and he was
to major metro areas and he was
to major metro areas and he was absolutely driven by the fact that we’re
absolutely driven by the fact that we’re
absolutely driven by the fact that we’re going to reduce the cost of living the
going to reduce the cost of living the
going to reduce the cost of living the second part of his vision was do it with
second part of his vision was do it with
second part of his vision was do it with a group of people who believe in what I
a group of people who believe in what I
a group of people who believe in what I believe in and so he there was a natural
believe in and so he there was a natural
believe in and so he there was a natural gravitation to Sam he was he was a tough
gravitation to Sam he was he was a tough
gravitation to Sam he was he was a tough manager but it was very obvious he loved
manager but it was very obvious he loved
manager but it was very obvious he loved people he loved to talk to people very
people he loved to talk to people very
people he loved to talk to people very very unusual the relationship we’ve had
very unusual the relationship we’ve had
very unusual the relationship we’ve had I think the respect that we’ve always
I think the respect that we’ve always
I think the respect that we’ve always had for one another
had for one another
had for one another disagree yes both of both both of us at
disagree yes both of both both of us at
disagree yes both of both both of us at times and you win some and you lose some
times and you win some and you lose some
times and you win some and you lose some but afters over with we just go on down
but afters over with we just go on down
but afters over with we just go on down the road and what decision was made and
the road and what decision was made and
the road and what decision was made and that was it it been very rewarding and
that was it it been very rewarding and
that was it it been very rewarding and to look back you know we’re talking
to look back you know we’re talking
to look back you know we’re talking somewhere in the neighborhood of 40 some
somewhere in the neighborhood of 40 some
somewhere in the neighborhood of 40 some years now even close but no guys didn’t
years now even close but no guys didn’t
years now even close but no guys didn’t have any money up wide most of mine and
have any money up wide most of mine and
have any money up wide most of mine and finally got it you know some of it paid
finally got it you know some of it paid
finally got it you know some of it paid out out when we left Newport so it’s
out out when we left Newport so it’s
out out when we left Newport so it’s quite a story but we relied on each
quite a story but we relied on each
quite a story but we relied on each other you all you always to me seemed
other you all you always to me seemed
other you all you always to me seemed like a balance wheel I wanted to gamble
like a balance wheel I wanted to gamble
like a balance wheel I wanted to gamble to a greater degree always then maybe
to a greater degree always then maybe
to a greater degree always then maybe you were ready to do and I would listen
you were ready to do and I would listen
you were ready to do and I would listen to you we’d argue a little bit maybe but
to you we’d argue a little bit maybe but
to you we’d argue a little bit maybe but once we decided we were going to do go
once we decided we were going to do go
once we decided we were going to do go or not go while we were both together
or not go while we were both together
or not go while we were both together and I think that was that was something
and I think that was that was something
and I think that was that was something that we can be awfully proud
that we can be awfully proud
that we can be awfully proud in 1983 when we hit the 8% Santa I don’t
in 1983 when we hit the 8% Santa I don’t
in 1983 when we hit the 8% Santa I don’t know that I’ve ever told a story before
know that I’ve ever told a story before
know that I’ve ever told a story before but Sam Walton came down to my office
but Sam Walton came down to my office
but Sam Walton came down to my office and he said do you think anybody that
and he said do you think anybody that
and he said do you think anybody that company remembers that I promise to do
company remembers that I promise to do
company remembers that I promise to do the who if we made 8% and I said
the who if we made 8% and I said
the who if we made 8% and I said everybody in the company remembers that
everybody in the company remembers that
everybody in the company remembers that and he says well you got me into it so
and he says well you got me into it so
and he says well you got me into it so you arrange it and don’t screw it up and
you arrange it and don’t screw it up and
you arrange it and don’t screw it up and and left well I had a trip that I had to
and left well I had a trip that I had to
and left well I had a trip that I had to make to to New York and so we got up
make to to New York and so we got up
make to to New York and so we got up there and we staged this thing and there
there and we staged this thing and there
there and we staged this thing and there was press from everywhere this is so
was press from everywhere this is so
was press from everywhere this is so ridiculous but I tried for three months
ridiculous but I tried for three months
ridiculous but I tried for three months what I thought for two months that it
what I thought for two months that it
what I thought for two months that it would actually happen but our numbers
would actually happen but our numbers
would actually happen but our numbers were just barely 8% pre-tax 8.04 and
were just barely 8% pre-tax 8.04 and
were just barely 8% pre-tax 8.04 and everyone in the company said this wrong
everyone in the company said this wrong
everyone in the company said this wrong you’ve got to perform we did it now you
you’ve got to perform we did it now you
you’ve got to perform we did it now you do it okay
I’m fulfilling an obligation to our
I’m fulfilling an obligation to our employees i wagered with them a year and
employees i wagered with them a year and
employees i wagered with them a year and a half ago that in the year 1983 they
a half ago that in the year 1983 they
a half ago that in the year 1983 they never could possibly achieve a better
never could possibly achieve a better
never could possibly achieve a better than 8% net profit corporately
okay
okay everybody
okay gimme a via get me out – ah hey
okay gimme a via get me out – ah hey give me at all
give me at all
give me at all ah okay and what is your spoon Wow
ah okay and what is your spoon Wow
ah okay and what is your spoon Wow we know summer one thank you so much for
we know summer one thank you so much for
we know summer one thank you so much for watching I made this video because xx
watching I made this video because xx
watching I made this video because xx word alive xx asked me to so if there’s
word alive xx asked me to so if there’s
word alive xx asked me to so if there’s a famous entrepreneur that you want me
a famous entrepreneur that you want me
a famous entrepreneur that you want me to profile next leave in the comments
to profile next leave in the comments
to profile next leave in the comments below and I’ll see what I can do
below and I’ll see what I can do
below and I’ll see what I can do I’d also love to know which of Sam
I’d also love to know which of Sam
I’d also love to know which of Sam Walton’s top 10 rules meant the most to
Walton’s top 10 rules meant the most to
Walton’s top 10 rules meant the most to you at the biggest impact leave in the
you at the biggest impact leave in the
you at the biggest impact leave in the comments and I’ll join in the discussion
comments and I’ll join in the discussion
comments and I’ll join in the discussion thank you so much for watching continue
thank you so much for watching continue
thank you so much for watching continue to believe and we’ll see you soon
”
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