Who Is Sam Walton?

Topics: Wal-Mart, Sam Walton, Discount store Pages: 5 (1156 words) Published: October 24, 2015

Sam Walton was a great American business entrepreneur. He was famous as a founder of retail chain Wal-Mart which in few decades become the world largest corporation. Thomas Gibson Walton and Nancy Lee gave birth to a baby boy, Samuel Moore Walton, on 29 March, 1918, in Kingfishers, Oklahoma. He later known as “Sam Walton.” Sam Walton had a younger brother James Walton. His father was a farmer but farming did not provide sufficient money for his family so his father entered in farm mortgaging. In early childhood his family moved to Orlando a small town. Sam was a hardworking, an able student and a good athlete. When he was studying in eighth grade, he quarterbacked his High school football team and in the history of Missouri became youngest...

This first retailing experience at his father store lead him to new possibilities and he decided to enroll himself in University of Missouri as cadet of ROTC. During university he also became the member of QEBH a well-known society on campus honoring top ten senior men. In 1940, he graduated with a bachelor’s degree in economics. After three days of graduating from university, Sam Walton begin his career as a retail merchant and joined J.C Penney as management trainee, in Des Moines, lowa. Walton was crazy about his job, but he was never Penney’s most intensive employees. In his job he dislike to make customer wait so he always scrambled paperwork, therefore his books were totally disordered and create confusion. His boss threatened him many times that he would be fired and said that he should not carve for retail work. But he always saved because of his abilities and skills as a salesman, and he added in his beginning salary about $25 per month...

In his army career he soon reached on the rank of captain and when war was over he returned to his private life. In 1945 after leaving military, Walton starts his management of first variety store when he was only 26 years old. He borrowed $20000 from his father-in-law, well-known banker, putting up his $5000 which he saved at the time of working in U.S army to purchase his first Ben Franklin Five-Dime store in Newport, Arkansan. Butler Brother Chain was franchising the store at that time. When Walton franchising Ben Franklin’s store he begin to irritate under the tight conditions of Butler Brother’s. At that time he got momentous and simple ideas, like any retailer, he always look for opportunities of deals with suppliers. And began to search for less-expensive suppliers, and he also found them. Walton believes that if there was an inspiration in business, it always lead to next step. After founding less expensive suppliers he discounted merchandise and understand that he could do better by passing his saving that he achieved, to customers and earned his profit through volume rather than margin. But this idea took power after many...
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