Sam Walton: Made In America
by Sam Walton
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Book Summary Information
Author: Sam WaltonContributor: John Huey
Edition: Mass Market Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 1993-06-01
ISBN: 0553562835
Number of pages: 368
Publisher: Bantam
Product features:
- ISBN13: 9780553562835
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Book Reviews of Sam Walton: Made In America
Book Review: Great story about an American "all star"
Summary: 5 Stars
Anyone interested in making a success out of himself--in any endeavor--ought to read Sam Walton's autobiography (another good one is "Straight from the Gut" by Jack Welsh). This book is basically Mr. Walton's life story from A to Z. There are hundreds and hundreds of anecdotes provided not only by Mr. Walton himself, but by his family, close friends, and business associates. Just a few points that I was astonished by:
1)Sam Walton is the ultimate hands on guy--and he was intense: Warren Buffett has written: "Intensity is the price of excellence." Well, Sam Walton would fly his private airplane over "virgin" business territory in order to scout out new sites for stores (can you imagine any other CEO's doing this?). He would fly his airplane to visit the stores personally. He would stop in and study his competitors' stores non-stop. He would hang out with the Walmart truck drivers in the back of his stores and learn from them. Mr. Walton was not one to deligate too much (or relax)--he clearly loved being involved in every aspect of his business.
2)KMART was the king of retail when Mr. Walton was getting Walmart off the ground. This is a really important point. Just because one company possesses market dominance does not assure the persistence of the pecking order. Mr. Walton was relentless in developing a better retail concept, and he did, and it overtook KMART (and everyone else!).
3)The importance of humility. Mr. Walton never flaunted his wealth, although what he created is now worth more than Carlos Slim, Bill Gates, and Warren Buffett.
4)He answers "yes" to the question of whether or not there is another "young" walmart out there. It's too bad that Mr. Walton died before Amazon.com was born, but I see many similarities between Mr. Walton and Jeff Bezos. Like Walton, Bezos is obsessed with offering the widest selection, at the lowest prices, with satisfaction guaranteed. I think Amazon will ultimately surpass Walmart because it should be able to keep a lower cost structure than Walmart. For example, after reading this book it is clear that Walmart spends an inordinate amount of time and resources 1) opening up stores and 2) keeping those stores well staffed and well stocked. By managing a few warehouses rather than 1000's of stores, I think in time Amazon will be able to offer lower prices on goods.
5)Sam Walton took big risks to make Walmart happen. He borrowed so much money to start Walmart that banks refused to lend anymore to him.
Finally, I had tears in my eyes by the conclusion, when Sam was awarded the Presidential Medal of Freedom and then soon passed away from multiple myeloma. He has left quite a legacy!
Summary of Sam Walton: Made In America
Meet a genuine American folk hero cut from the homespun cloth of America's heartland: Sam Walton, who parlayed a single dime store in a hardscrabble cotton town into Wal-Mart, the largest retailer in the world. The undisputed merchant king of the late twentieth century, Sam never lost the common touch. Here, finally, inimitable words. Genuinely modest, but always sure if his ambitions and achievements. Sam shares his thinking in a candid, straight-from-the-shoulder style.In a story rich with anecdotes and the "rules of the road" of both Main Street and Wall Street, Sam Walton chronicles the inspiration, heart, and optimism that propelled him to lasso the American Dream.
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