SAM WALTON

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Biography >> EntrepreneursOccupation: EntrepreneurBorn: March 29, 1918 in Kingfisher, OklahomaDied: April 5, 1992 in Little Rock, ArkansasBest known for: Founder of Walmart
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Sam WaltonPhoto by Unknown
Biography:Where did Sam Walton grow up?Sam Walton was born in Kingfisher, Oklahoma on March 29, 1918. His father, Tom, was a farmer, but went khổng lồ work in the farm mortgage business when the Great Depression hit. While Sam was still young, the family moved lớn Missouri. Sam grew up in Missouri with his younger brother James.From the time he was a young boy, Sam was a hard worker. He had little choice during the Great Depression. The only way khổng lồ survive was hard work. Sam worked all sorts of jobs including a paper route. In addition to lớn working, Sam did well in school, was a member of the Boy Scouts, and enjoyed sports. He was a star athlete on the high school football team and was the first boy in Shelbina, Missouri lớn become an Eagle Scout.

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College & Early CareerAfter high school, Sam attended the University of Missouri. At college Sam continued to lớn work hard và stay busy. He worked part time jobs lớn help pay for school. He was also a member of the ROTC and was voted president of his senior class. He graduated in 1940 with a degree in economics.Sam"s first job out of school was with retailer J.C. Penny. He worked there as a manager for a year và half before he joined the army in 1942 during World War II. During his time at J.C. Penny, Sam learned a lot about the retail business. A lot of the ideas và values that he would use lớn establish his own retail business he learned on this job.First Retail StoreWhile he was still in the army, Walton married Helen Robson in 1943. After the war, Sam and Helen moved khổng lồ Newport, Arkansas where Walton bought a Ben Franklin five-and-dime franchise và opened his first retail store. Working hard to lớn bring in customers, Sam turned the store into a success. However, he only had a five year lease and, at the kết thúc of the lease, the owner of the building took control of his business. Walton had learned his lesson.Despite this major setback, Walton wasn"t one khổng lồ give up. Part of his success was learning from mistakes. He opened another store in Bentonville called Walton"s. This time he purchased the building. Walton repeated his success và soon the store was making money. Walton began to xuất hiện new stores in other small towns. He incentivized his managers by offering them a profit from the store. They worked hard, but they knew they would be rewarded. In order khổng lồ keep an eye on his stores, Walton bought a plane & learned how khổng lồ fly. He would fly around regularly checking on his stores.Opening the First WalmartWalton had the dream of opening a large discount store. These stores would be located in rural areas away from competition like K-Mart. Part of his idea was that the profits on the items would be small in order lớn offer the customer a good price. However, he expected to make this up with huge volumes. He had a tough time selling the idea to investors at first, but he eventually got a loan và opened his first Walmart in Rogers, Arkansas in 1962.Growing the CompanyThe store was a great success & Walton continued to open more stores. He opened his second store in 1964 & his third in 1966. By 1968, there were 24 Walmart stores and growing. Over the years, the chain grew and grew. It had 125 stores in 1975 và 882 stores in 1985. As of the writing of this article (2014), there are over 11,000 Walmart stores worldwide.As the chain continued lớn grow, Walton continued to make improvements lớn the business. He focused his efforts on making the business efficient. He strategically located stores around giant regional warehouses. He moved products using his own trucks. By making the business run efficiently, he could keep expenses down. He also combined the volume from all his stores to lớn buy large quantities of goods. This helped him lớn get better prices from his suppliers.

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Richest Man in AmericaThe huge growth of the Walmart retail store chain made Sam Walton a very rich man. Forbes magazine ranked him as the richest man in America in 1985.DeathSam Walton died of cancer on April 5, 1992 in Little Rock, Arkansas. His son Rob took over the business.Interesting Facts about Sam WaltonHe was voted the "Most Versatile Boy" in his senior year of high school.Despite being the "richest man in America", Sam drove a red Ford pickup.He had four children including three boys (Rob, John, & Jim) & one daughter (Alice).His favorite pastime was hunting.Walmart had $466.1 billion in sales in the fiscal year that ended in January 2013.Around 35 million people cửa hàng at Walmart every day. They have over 2 million employees.

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