Sam Walton Net Worth = $8.6 Billion (Now Deceased)
Sam Walton has had an exciting life, not unlike the majority of the people we talk about in these articles. He is the founder of Wal-Mart and Sam's Club. However, his journey to those two companies was somewhat convoluted. He started his life working at JC Penny, which he eventually quit in anticipation of being drafted into military service. While he awaited that he worked at the DuPont munitions plant. In 1942 he joined the Army Intelligence Corps. At the end of his service, he had obtained the rank of captain.
In 1945 upon leaving the military with the help of his father, he bought his first Ben Franklin variety store, which turned into him owning several with his brother. It wasn't until 1962 when the first Walmart become real. Sam Walton's innovative marketing, pricing strategies, and customer-first mentality are what made his stores so successful. At the time of his death, he was worth 8.6 Billion dollars — the second richest man in the world behind Bill Gates.
Source of Wealth
Samuel Moore Walton
Founder of Wal-Mart and Sam's Club
Quotes - Sam Walton Net Worth and Key Habits
“Ignore the conventional wisdom. If everybody else is doing it one way, there's a good chance you can find your niche by going in exactly the opposite direction.” - Sam Walton
"The two most important words I ever wrote were on that first Wal-Mart sign, '‘Satisfaction Guaranteed’. They're still up there, and they have made all the difference." - Sam Walton
“There is only one boss; the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” - Sam Walton
“The folks on the front lines – the ones who actually talk to the customer – are the only ones who really know what’s going on out there.”- Sam Walton
“Capital isn't scarce. Vision is.” - Sam Walton
Sam Walton Net Worth and Key Habits
Habit #1: Capture Ideas
Sam Walton is a big believer in competition. However, he also wasn't naive; he knew that people in the market place are not always going to worse than you in all things. Many of your competitors are going to have some perfect ideas for business.
It is your problem if you miss out on those good ideas but being blinded by the competition itself. Capture the opinions of others to make your thing better.
Now that sounds like you are copying people; however, this is how thriving businesses thrive even more. This is why massive companies buy smaller companies.
Habit #2: Never Stop Learning
Sam Walton understood how important it is to keep learning — using a variety of mediums to get as much knowledge of your industry as possible. You need to be reading market reports, listening to audiobooks, reading books, and any other way you can think of in-taking knowledge should be taken to set yourself and your business up for positive gain.
Habit #3: Listen and Learn From Everyone
Your business is going to be filled with people who are on the front-line of what is going on in the world. They are going to know more about how things are going within your actual business than you will.
That is just a fact. It is essential to listen to the things they say because they could give you the piece of information that helps move your business forward into something special.
Everyone has a different view of the world, and there own wealth of knowledge that could add to your understanding. So open your ears and listening to everyone; take the bits of wisdom that help you grow and forget everything else.