A Biggest Business Tycoon Who has given World level platform to the Peoples by founded Wal-Mart Stores Inc. Sam Walton was an American businessman best known for founding the retail chain Wal-Mart, which grew to be the world’s largest corporation. He Single-handedly built Wal-Mart into the biggest retailer in the world, transforming the way America shopped and making himself one of the world’s richest men in the process.
From a single store in Rogers, Arkansas, the business exploded, with Wal-Marts cropping up in small towns across the Internationally. In 1985, Forbes crowned Walton as the richest man in the United States.
Through hard work, Great Skills & Consistency Towards the business career took him from A Salesman & Army Attender To Biggest Entrepreneur of the USA.
Early Life & Career :
“Walmart King”, Samuel Moore Walton was born on March 29, 1918, in Kingfisher, Oklahoma. He was the First Son In His Family. Basically His Family Background was Farming related & it was not enough to survive with family. So His father Mr. Thomas Walton Worked In a banking Sector As an Agent For Insurance. his Mother Mrs. Nancy Lee. they all lived In farm For Some Few Years. He had A Brother named James Walton. he married Helen Robson Kemper Walton.
Early in his life Walton and his family moved to Missouri, where he was raised. An able student and a good athlete, Walton quarterbacked his high school football team and was an Eagle Scout. Upon his graduation from Hickman High School in Columbia, Missouri, in 1936, his classmates named him “most versatile boy.” After Completing The School he enrolled at the University of Missouri in Columbia, where he graduated with a degree in economics in 1940.
His Family’s Main Income Source Was providing Milk to the customers. they Made A Packet of Milk & delivered It to the Door of The Customers. After That he has Also Distributed NewsPapers & Some Magazines. He wanted to support His Family because His Family Was In Very Much Of Depression. So He Decided to Joined College For Economic Study & because of his talent he made permanent Captain of his class.
Early Moves :
Walton began what would be a lifelong career in the retail business in 1940, when he took a job as a sales trainee at a J.C. Penney store in Des Moines, Iowa. The position paid $75 a month. Walton was enthusiastic about his job, but he was never one of Penney’s most thorough employees. He hated to make customers wait while he fussed with paperwork, so his books were a mess. His boss even threatened to fire him, saying he was not cut out for retail work. Walton was saved by his ability as a salesman, and he added about $25 per month in commissions to his beginner’s salary.
he stayed at the company until 1942, when he joined the Army to serve in the World War II. Working in army intelligence, Walton rose to the rank of captain. By the time he was released from the military in 1945, Walton had a wife and child to support, so he decided to strike out on his own. After Striking out The Military Service he Decided To Open A Store So he Has Been Taken $25,000 loan from his father-in-law to acquire his first store, a Ben Franklin franchise in Newport, Arkansas.
Walton’s father-in-law was, Leland Stanford Robson, a banker, lawyer, and rancher with interests in a wide range of businesses in Claremore, Oklahoma. Robson became Walton’s mentor, as well as his first financial backer.
Although the store was a franchise, the young Walton (27) Soon began to put his stamp on it. He Made A Trick To Introduce People’s With His Store By Fixing A Ice Cream Shop In Front of The Store. So that When Any One Came Over there He Could Also make Look For His Shop too. This Strategy Was Something Very New For the rest Of the Pioneers.
He soon opened a second store down the street from his first one. The sales of his stores grew from $80,000 to $225,000 in three years, and piqued the interest of the main store’s landlord, who raised the rent to 5% of sales, forcing Walton out of the location. After selling that store, Walton purchased a new one in Bentonville, Arkansas. This store did $72,000 in sales the year before Walton bought it. After he took over, its sales grew steadily in each of the first three years, to $105,000 in the first year, $140,000 in the second, and $175,000 in the third.
by 1950, he owned the leading Ben Franklin store in a six-state region. The store’s success wasn’t lost on Walton’s landlord, who decided to acquire the business for his son. Sam had no intention of selling, so the landlord simply refused to renew his lease. Furthermore, he had secured a 99-year option to lease the space next door.
Walton opened Walton’s Five & Dime in the summer of 1950. There were two other variety stores in town, but neither offered the consistently low prices that Walton did. As a result, the new enterprise quickly achieved the same success of his previous venture, prompting Walton to look for other such opportunities. In 1954, when Walton was 36, he expanded again, opening a store with his brother in Ruskin Heights, just outside of Kansas City, Missouri. The opening was the beginning of a nationwide strategy. To get his store managers’ on board with his aggressive expansion plan, Walton would often offer managers a chance to buy into the business. He Encouraged his Managers To Invest & take an equity stake in the business, often as much as $1000 in their store.
Opening of Wal-Mart :
By 1960, he was the proud owner of 15 stores. But he wasn’t seeing the profits he’d expected and thought he ought to be making more money for the kind of effort he was putting in. He decided to adopt a new strategy-discounting-dramatically cutting prices in hopes of undercutting his competition and making up the difference in price through a higher volume of sales.
Walton decided to take the gamble himself. Mortgaging his home and borrowing to the hilt, he opened his first Wal-Mart (short for Walton Mart) in 1962 in Rogers, Arkansas-not far from Bentonville. Its one-stop-shopping supercentre was unique in the early 1960s. And it seemed to be a natural fit for Walton’s geographic strategy. Walton saw the real growth opportunity in small towns. Because he was selling cheaply to smaller markets, every possible expense had to be trimmed.
This early success providing funding for further expansion, and by 1969, there were 18 Wal-Marts throughout Arkansas and Missouri. Until that time, Walton had funded expansion from profits and borrowing, but in 1970, he decided to take the company public. The initial offering generated nearly $5 million, and although Walton and his family retained 61 percent ownership of the stock, the proceeds allowed him to pay off the company’s debts and move forward with his ambitious expansion plans.
Expansion Of Wal-Mart :
In 1970, the company went public, trading on the New York Stock Exchange. Walton was responsible for a lot of the success. His vision of a discount retail store in rural areas was accompanied by the founder’s hard-charging, demanding style. Walton, who often began his work days at 4:30 in the morning, expected results from those beneath him, and wasn’t afraid to change course or reshuffle his personnel if he didn’t like the numbers that came back to him.
By 1977, just 15 years after Walton had opened the first Wal-Mart, there were 190 such stores all around the country. But its real growth hadn’t yet begun. By the end of 1980, Walton had 276 stores and would soon be opening stores at the rate of about 100 per year. In 1983, Walton launched the first of his Sam’s Wholesale Clubs, which were aimed at small-business owners and others who wished to buy merchandise in bulk. In 1985, Wal-Mart would open its 800th store.
1985 Forbes magazine named Walton the wealthiest man in the United States, a declaration that seemed to irritate the businessman more than anything else. By 1987, Wal-Mart had become the third-largest retailer in the United States. In 1988, He was handing over the duties of CEO to Wal-Mart executive David Glass but would continue to serve as chairman of the company.
in June 1990, Walton predicted that the company’s revenue would quintuple to $125 billion within the next decade. Over the next two years, Wal-Mart soared past Kmart and Sears to become the nation’s largest retailer. Those Were Years That Proved out The Practucese’d spent the bulk of his adult life developing, as Wal-Mart grew to become the largest retailer in the United States, opening stores in California, Pennsylvania and even Mexico, where it debuted in 1991.
last several years of his life, Walton suffered from two types of cancer: hairy-cell leukemia and bone marrow cancer. He died of the latter on April 5, 1992, at the University of Arkansas Medical Sciences Hospital in Little Rock, Arkansas.
Wealth, Achievements & Honours :
By the time of his death in 1992, Walton bequeathed a fortune of more than $100 billion on to his Own. Wal-marts Net Worth is $446.95 Billion.
The Walton fortune was so vast that, in 2014, four separate Walton’s ranked among the 10 richest people in America on the Forbes 400.
The Walton family formed the Walton Family Foundation, which is one of the largest Foundation of the World.
- In 1992, Walton was inducted into the Junior Achievement U.S. Business Hall of Fame
- In 1992, Presidential Medal of Freedom
- In 1998, top 100 Influential People Of The World
“Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish”.
– Sam Walton