Poverty-stricken, Sam Walton learnt the value of money very early in life. Growing up during the Great Depression Walton has to take up numerous chores to make ends meet.
He had to take up odd jobs to support his family. He milked the cow and sold it to customers. He delivered Columbia Daily Tribune newspapers. He also sold magazine subscriptions.
He was voted the 'Most Versatile Boy', when he passed out of David H. Hickman High School in Columbia.
Image: Sam, as he appears in David H. Hickman High School's yearbook.
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In 1945, after leaving the military, Walton took over management of his first variety store at the age of 26.
With the help of a $20,000 loan from his father-in-law, plus $5,000 he had saved from his time in the Army, Walton purchased a Ben Franklin variety store in Newport, Arkansas. The store was a franchise of the Butler Brothers chain.
Image: Statue of Sam Walton and his dog outside of Wal-mart in Kingfisher, Oklahoma.
The first true Wal-Mart opened on July 2, 1962 in Rogers, Arkansas. It was called the Wal-Mart Discount City store.
Later, the Walton brothers teamed up with Stefan Dasbach to open many more stores. Walton strongly promoted American-made products.
Sam Walton's words of wisdom....
"Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise."
"They're absolutely free - and worth a fortune."
"Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it's amazing what they can accomplish."
Image: Wal-mart store.
Photographs: Reuters.
"Money and ownership alone aren't enough. Constantly, day by day, think of new and more interesting ways to motivate and challenge your partners."
"I don't know if you're born with this kind of passion, or if you can learn it. But I do know you need it."
Image: Wal-mart's a success.
Photographs: Reuters.
"Keep everybody guessing as to what your next trick is going to be, he said. Don't become too predictable."
"A computer can tell you down the dime what you've sold. But it can never tell you how much you could have sold."
"I think I overcame every single one of my personal shortcomings by the sheer passion I brought to my work. I don't know if you're born with this kind of passion, or if you can learn it. But I do know you need it."
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"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."
Image: There is only one boss, the customer says Walton.
"Believe in it more than anybody else. I think I overcame every single one of my personal shortcomings by the sheer passion I brought to my work."
"I have always been driven to buck the system, to innovate, to take things beyond where they've been."
Photographs: Reuters.
"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."
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