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Sam's Rules for Building a Business

(Sam Walton, 1992)

1. Commit with a passion to your business.

2. Share your profits with your employees. Treat them as partners. They will treat you as a partner. Together you will all perform beyond your wildest dreams.

3. Motivate your partners. Money and ownership are not enough. Set high goals. Encourage competition and then keep score.

4. Communicate everything you possibly can to your people. The more they know the more they will understand. Information is power. The gain you get from empowering your associates more than offsets the risk of informing your competitors.

5. Show appreciation for a job well done.

6. Celebrate success. Find some humor in failure. Don’t take it all so seriously.

7. Listen to everyone in your company, especially the ones who actually talk to customers. They’re the only ones who really know what’s going on.

8. Exceed your customer’s expectations and they will always come back.

9. Control your expenses better than your competition does.

10. Swim upstream. If everyone else is doing it one way, there’s a good chance you can find your niche by going in exactly the opposite direction.