Wealthy and Prosperous Throughout the World - Autobiography of Walmart's Founder

Author: Sam Walton et al.
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: June 1, 2002
: The Walton Family – World’s First Wealthiest, King of Retail, Global 500 Fortune – Sam Walton understood human nature as well as Edison understood innovation, Henry Ford understood manufacturing production. He gave his employees the best, and his customers the best. Anyone who came into contact with him could learn something valuable. – Jack Welch, Chairman of General Electric
People who knew Sam Walton considered him a role model, and now everyone can get to know him. – Robert Galvin, Chairman of Motorola
Perhaps after Henry Ford, Sam Walton was the most outstanding entrepreneur of the 20th century. – Management guru Tom Peters, author of In Search of Excellence
Every young person says to learn from Sam Walton, from his youth to his passing, it will inspire young people. – Famous Hollywood actor Bob Hope
One of the most unforgettable people of the 20th century, he lived modestly, was deeply religious, and achieved great success, making him a model for all Americans. He reminds me of Harry Golden’s Only in America. – Billy Graham,
For decades, under the management of the Walton family, Wal-Mart has flourished, with 4,150 stores worldwide. In 2001, the company’s revenue reached $218.9 billion, surpassing the U.S. oil giant Exxon and rising to the #1 spot in the Global 500. This is indeed a remarkable miracle, because before 1995, there were no service companies in the Global 500 at all. According to the 2001 global rich list released by British and American media, the Walton family, who operate Wal-Mart, was ranked #1 among the world’s wealthiest with assets exceeding $65 billion. Like many famous American entrepreneurs, Sam Walton, the founder of Wal-Mart, is a classic example of rising from nothing. This book introduces the legendary life of Sam Walton, the founder of Wal-Mart, with a unique and vivid penstroke. Sam Walton came from a poor family, and during his studies, he mostly supported himself by working part-time to cover tuition and living expenses. After leaving the military in 1945, he started his entrepreneurial journey by running a retail business in the small town of Bentonville. Through decades of persistent effort, he finally built the world’s largest retail empire – Wal-Mart. In October 1985, Sam Walton was listed by Forbes as the richest person in America. So, in these 40 years, how did the Walton family, starting from a small-town discount store in Arkansas with a relatively underdeveloped economy, grow into the world’s top retail empire? An important factor is innovation, firmly grasping the advantage of productivity. Many of Wal-Mart’s innovations (such as barcodes, wireless scanners, and computer inventory tracking), whether big or small, have now become industry standards. Another key factor in Wal-Mart’s success is its customer-centric service principle. "Be better than expected by customers," one of Sam Walton’s ten business rules for Wal-Mart. Perhaps this is the secret to Wal-Mart’s worldwide customer trust today. Wal-Mart’s human-oriented management philosophy, as well as the strong cohesion it fosters, is also one of its guarantees for success. In the company’s terminology, employees are not called employees but partners. The company gives employees the right to share business information and the responsibility to jointly manage the business. Today, the global retail giant Wal-Mart has taken root in China, presenting both a major challenge and a rare learning opportunity for China’s retail industry, as well as other sectors. The book is vividly narrated and emotionally engaging, particularly Sam Walton’s entrepreneurial spirit and Wal-Mart’s business experience and management philosophy (especially the ten business rules), which are worth referencing for countless business leaders.