Sam Walton's 10 Rules of Building Successful Business
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 wond...