Lessons From the Managerial Life of Sam Walton

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Table of Contents

Introduction
Lessons
Conclusion
References

Introduction

One of the key aspects that constitute a successful business is the ability of the management to be able to put in place a system of management that will ensure that all the business goals and objectives are attained. One of the most successful businesses of modern time is Wal-Mart which is owned and run by Sam Walton. Based on the success of this business, this paper will discuss the important lessons based on managerial accounting that we can learn from the business life of Sam Walton. From humble beginnings and with a little capital, Sam Walton started a company that has become highly successful in the present day. These lessons will be outlined and discussed in the context in which they can be applied to ensure success in today’s business environment.

Lessons

Perhaps one of the greatest lessons that can be learned from Sam Walton is that how the workforce is maintained and managed is a very important consideration; ultimately, it is the workers who give the greatest contributions to a company. As a result of this, it is very important to ensure that the workers are happy and contented to be working in the organization; one of the greatest lessons that can be learned from Sam Walton is the need to listen to the ideas that are contributed by the workers (Bergdahl, 2006). It is important to remember that it is the workers who are involved in the day to day running of the organization; they interact with the customers and therefore they can play a very crucial role in ensuring that all the activities of the business are carried out efficiently and this leads to increased productivity.

Another very important managerial lesson that can be attributed to the business life of Sam Walton is the fact that there is a need to have a total commitment and passion for the business. Sam Walton teaches us that business is not always about the financial rewards that accrue from the business activities, there is also a great need to have a personal commitment and passion to be able to achieve the business goals. With a passion for work and the business organization that he was starting, Sam Walton was able to ignore all the negative criticisms that he was faced with (Walton, 1993). Many of the people considered his vision as being unachievable. The passion, commitment and dedication to a business are important from the management point of view and they are some of the pillars that enabled Sam Walton to succeed and build multi-billion business activities (Bergdahl, 2004).

It is important to also consider that Sam Walton gave great importance to the need to learn from the associates and the others in the industry. Trade associations are a key part to enable managers to learn from the others in the industry; Walton also expresses the need to be creative, innovative and to be able to try out new ideas. It is from trying out new ideas and being innovative that a manager can be able to learn from the mistakes that may arise; learning from mistakes is an important factor that can serve as a stepping stone to the achievement of greater success for an organization (Fishman, 2006).

Conclusion

From the perception of managerial accounting, it is very important to look at successful managers and try to determine the factors that have contributed to the success of their businesses (Garrison, Noreen & Brewer, 2010). In this context, the success story of Sam Walton at Wal-Mart presents us with a unique opportunity to learn vital lessons that can enable business managers to successfully manage their business organization.

References

Bergdahl, M. (2006). The 10 Rules of Sam Walton: Success Secrets for Remarkable Results. New Jersey: John Wiley & Sons Inc.

Bergdahl, M. (2004). What I Learned from Sam Walton: How to Compete and Thrive in a Wal-Mart World. New Jersey: John Wiley & Sons Inc.

Fishman, C. (2006). The Wal-Mart Effect How the World’s Most Powerful Company Really Works and How its Transforming the American Economy. New York: Penguin Group.

Garrison, R.H., Noreen, E.W., & Brewer, P.C. (2010). Managerial Accounting (13^th ed). New York: McGraw Hill Publishers.

Walton, S. (1993). Sam Walton: Made in America: My Story. New York: Random House Publishing Group.

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Lessons From the Managerial Life of Sam Walton

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