Sam Walton's 10 Rules of Building Successful Business

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Sam Walton along with his brother James Lawrence Walton opened first Wal-Mart store in Rogers, USA in 1962. In Sam Walton’s best-selling autobiography “Made in America: My Story” was published in 1992. He outlined in it the very popular 10 rules of building a successful business which formed the basis for Wal-Mart’s success.
The rules are as follows:
Rule # 1
Be committed to the business. Have an infectious passion for one’s work.
Rule # 2
Sharing profit with employees and treating them as partners brings great performance.
Rule # 3
Motivating your partners beyond money and ownership by setting high goals, encouraging competition and keeping track is important. Don’t hesitate in keeping goals shockingly high.
Rule # 4
Communication to partners is vital as it develops understanding and makes them caring. Empowering employees with information helps to mitigate risks from competitors.
Rule # 5
Realize the importance of appreciating the employees. It works wonders as motivation tool and costs nothing!
Rule # 6
Celebrate success and do not take failure too seriously.
Rule # 7
Listen to the frontline people in the company as they really know the happenings on the market front and it is important for the top people to know it.
Rule # 8
Exceed your customers’ expectations. Delight them by doing a little more than what they expect.
Admit your mistakes rather than giving excuses.
Rule # 9
Make cost control a strategic advantage. It can also help survive through mistakes.
Rule # 10
Blast the conventional wisdom and dare to go opposite way. It can help find new solutions.

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