By : Sunny Dwivedi Jagdish Jain 10 15 16 18 29

A BOOK REVIEW

Vihang Joshi Sachita Kakadia Komal Parekh

Mayank Rathod

36

O n

WHO IS THE REAL SAM WALTON???

Samuel Moore Walton (Mar 29,1918 - April 6,1992). Founder of Wal-mart. Declared richest man in America in October 1985 by Forbes.

Born in 1918 in Kingfisher, Oklahoma during the Great

Depression.

KEY CONCEPTS
To Value A Dollar Sam Waltons First Job Wal-Mart's Philosophy

Bouncing Back
First Wal-Mart Raising A Family Going Public

TO VALUE A DOLLAR
Sam Waltons father Thomas Walton was a hardworker
and loved to trade. He learned from early age to help provide for the home. Started selling magazines, subscriptions and also had paper routes from very young age.

Sam always set extremely high personal goals.

Since high school he paid for all his expenses.

HIS FIRST JOB

Sam joined J.C. PENNEY a retailing company as a management trainee. There watching store manager he got excited about retailing. He married Helen in 1943 while still on commission.

WAL-MARTS PHILOSOPHY
In his store he would buy an item for 80 cents, priced it to sell at 1$ and sell 3 times more of it than pricing it at 1.20$. The overall profit was much greater. By cutting the price it boosted the sales to a point where it

earned far more at cheaper retail price than it would have by

selling the item at higher price.

BOUNCING BACK
Due to lease contract he had to sell his store and move.
It lead him to bigger and better things. Sam moved with his family to Bentonville, Arkansas to open self service Five & Dime store which at that time was a new concept. He expanded it very rapidly and opened many variety stores but, a new concept of discount stores came into existence and sam immediately sensed that disount-idea was the future.

FIRST WAL-MART
He built a store in Rogers, Arkansas. Nobody wanted to gamble on it so Sam had to put up 95%. Sam always checked on competition and always went around

with his yellow pad to note down any new idea.

He always used to promote items very innovatively.

RAISING A FAMILY
Sam and Helene had four kids: 3 boys and a girl. Helene always insisted on living in a small town so that they could raise their children with same values they have been exposed to. All four worked for Wal-Mart from young age and even invested in it over years.

GOING PUBLIC
Due to rapid expansion, sam accrued a huge debt. To get relieved he went public. Over the years even though many has written them off, Wal-Mart stock did very well.

"Sam Walton understood people the way Thomas Edison understood innovation and Henry Ford, production. He brought out the very best in his employees, gave his very best to his customers, and taught something of value to everyone he touched." Jack Welch

COMPANY ON THE SAME PATH

SAM WALTON OF INDIA MR. KISHORE BIYANI

GRAB UPS FOR INDIAN COMPANIES

Work Around Your Weaknesses Build on Your Strengths Learn from Your Workers Learn from Your Mistakes

Learn by Doing
Get Formal Education Learn From Books and Publications Learn from Company Training Classes Learn from Your Competition

Travel Far and Wide for

Great Ideas Develop an Idea-Driven Culture Dont Worry Who Gets the Credit

CRITIQUE
Sam's story in Sam's words. Writing not always up to par. Sam Walton says, he didn't believe in giving "any

undeserving stranger a free ride."

"We feel very strongly," he wrote, "that Wal-Mart really is not, and should not be, in the charity business."

The facts about the company; The business lessons

CRITIQUE (CONT.)
The history of the company, he writes, provides ample
evidence that Wal-Mart, like any other corporation is nearly a machine, an amoral construct with one imperative: the profit

motive. That pursuing that motive to the utmst may have a

corrosive effect on communities or individualsincluding people within the corporationnever enters into the equation.

WHY MUST YOU READ IT ???

Strong story about a man and how he did business.
This book contains a valuable example of how capitalism forces the evolution - for better or worse - of industries. Walton takes the reader from the days of the small-town five and dime all the way through the mega Wal Mart of

today. It's a valuable read for anyone interested in

business.

WHY MUST YOU READ IT ??? (CONT)

Reading "Made in America" provides the reader with some

important context for considering all of the attacks on Wal

Mart in the popular press. Highly recommended for those who would like to understand the motivations behind Wal Mart being what it is today and a great business story to boot.

What Can Be The Sequel For The Next Book???

According to me the Sequel can be WALMART TAKES OVER
THE WORLD As WALMART is situated in countries like: CANADA UNITED STATES MEXICO ARGENTINA

BRAZIL