Last week, I had the pleasure of travelling to Fayetteville, Arkansas, a college town nestled in the western edge of the Ozark Mountains. Fayetteville is home to the University of Arkansas and its Sam Walton School of Business. As one enters the main business school building, they are immediately introduced to the great Sam Walton via a continuous loop video featuring of some of his biggest triumphs and a wall illustrating his top 10 business rules.
I met with Carol Reeves, who heads the entrepreneurship program there. Carol has been instrumental in mentoring numerous graduate teams to success in regional and national business plan competitions. Many of these teams have had a retail tech theme, which makes sense coming from the land of Walmart. Carol reminded me that many of the top CPG companies have offices in Bentonville, and that they provide a consistent stream of Executive MBA candidates that participate in her program. Many of these managers have entrepreneurial ideas that apply to retail. Examples include sustainable materials, supply chain management, and out-of-stock solutions. Check out a summary of the program here: https://entrepreneurship.uark.edu
RevTech Ventures is excited to develop a mutually beneficial relationship with the University of Arkansas. Read Sam Walton’s 10 business rules here:
Sam Walton believed running a successful business boils down to 10 simple rules and they helped Walmart become the global leader it is today. Walmart continues to apply them to every part of their business.
1. Commit to your business.
Believe in it more than anybody else. If you love your work, you’ll be out there every day trying to do it the best you possibly can, and pretty soon everybody around will catch the passion from you – like a fever.
2. Share your profits with all your associates, and treat them as partners.
In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations.
3. Motivate your partners.
Money and ownership alone aren’t enough. Set high goals, encourage competition, and then keep score. Don’t become too predictable.
4. Communicate everything you possibly can to your partners.
The more they know, the more they’ll understand. The more they understand, the more they’ll care. Once they care, there’s no stopping them.
5. Appreciate everything your associates do for the business.
Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They’re absolutely free – and worth a fortune.
6. Celebrate your success.
Don’t take yourself so seriously. Loosen up, and everybody around you will loosen up. Have fun. Show enthusiasm – always. All of this is more important, and more fun, than you think, and it really fools competition.
7. Listen to everyone in your company.
And figure out ways to get them talking. To push responsibility down in your organization, and to force good ideas to bubble up within it, you must listen to what your associates are trying to tell you.
8. Exceed your customers’ expectations.
Give them what they want — and a little more. Make good on all your mistakes, and don’t make excuses — apologize. Stand behind everything you do.
9. Control your expenses better than your competition.
This is where you can always find the competitive advantage. You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient.
10. Swim upstream.
Go the other way. 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.