061: Sam Walton's 10 Rules for Building a Business

The perfect ending to a wonderful book. Sam Walton shares his 10 Rules for Building a Business. How do you stack up?

 Rule 1: COMMIT to your business. Believe in it more than anybody else.

Rule 2: SHARE your profits with all your associates, and treat them as partners. In turn, they will treat you as a partner. 

Rule 3: MOTIVATE your partners. Money and ownership alone aren’t enough.

Rule 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.

Rule 5: APPRECIATE everything your associates do for the business.

Rule 6: CELEBRATE your successes. Find some humor in your failures. Don’t take yourself so seriously.

Rule 7: LISTEN to everyone in your company. And figure out ways to get them talking.

Rule 8: EXCEED your customers’ expectations. If you do, they’ll come back over and over. Give them what they want – and a little more.

Rule 9: CONTROL your expenses better than your competition.

Rule 10: SWIM upstream. Go the other way. Ignore the conventional wisdom.

In today’s episode, go through his 10 rules and share some insights of my own. Enjoy!