project report on entrepreneurship

Entrepreneur :SAM WALTONE Group Name :G Company

Early Life
Samuel Moore Walton (March 29,1918-April 6,1992) Founder of Wal-Mart Declared richest man in America in October 1985 by Forbes.

Born in 1918 in Kingfisher, Oklahoma during the Great Depression

Sam Waltons father Thomas Walton was a hard worker and loved to trade. He learned from early age to help provide for the home. Started selling magazine subscriptions and also had paper routes from very young age. Sam always set extremely high personal goals. Played football, baseball and basketball and became youngest Eagle Scout in the history of Missouri at that time. Graduated from University of Missouri in 1940 with a business degree. Since high school he paid for all his expenses

Sam joined JC Penney, a retailing company, as a management trainee. There watching store manager he got excited about retailing. But due to war he had to resign the job and move in 1942. He married Helen in 1943 while still on commission. He opened first store named DIME

First job

Starting on a Dime
Sam learned much about money and finances from Helens father. He purchased a store in Newport, Arkansas, a Ben Franklin franchise. He learned a lot from running a store in franchise program In his store, he would buy an item for 80 cents, priced it to sell at $1.00 and sell three times more of it than by pricing it at $1.20. The overall profit was much greater. By cutting the price, it boosted the sales to a point where it earned far more at the cheaper retail price than it would had by selling the item at the higher price.

Bouncing Back
Due to lease contract,he has to sell his store and move. It led him to bigger and better things Sam moved with his family to Bentonville, Arkansas to open self-service Five & Dime store which at that time was a new concept. He expanded very rapidly and opened many variety stores. But, a new concept of discount store came into existence and Sam immediately sensed that discount idea was the future

FIRST WAL-MART
He built a store in Rogers, Arkansas. Nobody wanted to gamble on it so Sam has to put up 95 percent. Sam always checked on competition and always went around with his yellow pad to note down any new idea. He always used to promote a items very innovatively.

Recruiting the team

All along ,history of Wal-Mart has been marked by having right people in right job at right time. Whitaker- To get it started Ferold Arend- To get it organised Jack Shewmaker- To push new ideas David Glass- To keep cool in crisis and get control

Competition
In North America, Wal-Mart's primary competition includes department stores like Kmart, Target, ShopKo and Meijer,Canada's Zellers, Hart the Rea l Canadian Superstore and Giant Tiger, and Mexico's Comercial Mexicana and Soriana. Competitors of Wal-Mart's Sam's Club division are Costco, and the smaller BJ's Wholesale Club chain operating mainly in the eastern US. Wal-Mart's move into the grocery business in the late 1990s also set it against major supermarket chains in both the United States and Canada. Several smaller retailers, primarily dollar stores, such as Family Dollar and Dollar General, have been able to find a small niche market and compete successfully against Wal-Mart for home consumer sales.[106]In 2004, Wal-Mart responded by testing its own dollar store concept, a subsection of some stores called "Pennies-n-Cents."[107]

Meeting the Competition

In May 2006, after entering the South Korean market in 1998, WalMart withdrew and sold all 16 of its South Korean outlets to Shinsegae, a local retailer, for $882 million. Shinsegae re-branded the Wal-Marts as E-mart stores. Sams club was result of competition from Price club stores Wal-Mart struggled to export its brand elsewhere as it rigidly tried to reproduce its model overseas. In China, Wal-Mart hopes to succeed by adapting and doing things preferable to Chinese citizens. For example, it found that Chinese consumers preferred to select their own live fish and seafood; stores began displaying the meat uncovered and installed fish tanks, leading to higher sales. Sam always put up a good fight whenever somebody wants to buy a new system. They were the first to use satellite in retailing

Running a successful company

1. Commit to your business. Believe in it more than anybody else. 2. Share your profits with all your associates and treat them as partners. 3. Motivate your partners. Money and ownership alone are not enough 4. Communicate everything you possible can to your partners. 5. Appreciate everything your associates do for the business. 6. Celebrate your successes. 7. Listen to everyone in your company. 8. Exceed your customers expectations. 9. Control your expenses better than your competition. 10.Swim upstream.

Giving something back

He discusses how he gave something back to the community in terms of scholarships etc. Another issue he discusses is Wal-Mart being the huge importer of overseas merchandise. He says in too many cases importing is really their only option as American goods are simply not competitive.

Wanting to Leave a Legacy

In 1998, Walton was included in Time's list of 100 most influential people of the 20th Century. Walton was honored for all his pioneering efforts in retail in March 1992, when he received the Presidential Medal of Freedom from President George H. W. Bush.[17] Forbes ranked Sam Walton as the richest man in the United States from 1982 to 1988 . Wal-Mart Stores, Inc. also runs Sam's Club stores. Walmart operates in the U.S. and in 15 international markets, including Argentina, Brazil, Canada, Chile, China, Costa Rica, El Salvador, Guatemala, Honduras, India, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom.[18] At the University of Arkansas, the Business College (Sam M. Walton College of Business) is named in his honor. Walton was inducted into the Junior Achievement U.S. Business Hall of Fame in 1992

CRITICISM

Criticism of his business policies

Sam Walton says, he didn't believe in giving "any undeserving stranger a free ride." "We feel very strongly," he wrote, "that Wal-Mart really is not, and should not be, in the charity business." He did not believe in being generous with company profits Sam Walton says, he didn't believe in giving "any undeserving stranger a free ride." "We feel very strongly," he wrote, "that Wal-Mart really is not, and should not be, in the charity business." He did not believe in being generous with company profits.

Walton died on Sunday, April 5, 1992, of multiple myeloma, a type of blood cancer, in Little Rock, Arkansas.[16] The news of his death was relayed by satellite to all 1,960 Wal-Mart stores.

current chairman of the worldwide company

Samuel Robson "Rob" Walton (born October 28, 1944) is the eldest son of Helen Walton and Sam Walton, founder of Wal-Mart, the world's largest retailer. He is currently (as of 2011) chairman of the worldwide company. According to Forbes, his net worth was $21 billion as of 9 March 2011.[1] Walton attended The College of Wooster and graduated from the University of Arkansas in 1966 with a bachelor of science degree in business administration. He received a juris doctor degree in 1969 from the Columbia University School of Law in New York City. Walton is also a trustee at The College of Wooster.[3] After graduation Walton became a member of the law firm which represented Wal-Mart; Conner and Winters in Tulsa, Oklahoma.[3] In 1978 he left Tulsa to join Wal-Mart as a senior vice president[3] and in 1982 appointed him vice chairman.[6] He was named chairman of the board of directors of Wal-Mart on April 7, 1992, two days after his father's death, and still maintains that title.

List of assets owned by Walmart

Walmart Stores U.S. - 4,468 total units as of December 31, 2011[1]
Walmart Discount Stores (633) Walmart Supercenters (3,016) Supermarkets (195) - includes Neighborhood Market, Amigo and Supermercado stores Small Format Stores (14) - includes Walmart Express, Walmart on Campus and Super Ahorros stores Walmart.com

Sam's Club (610) Logistics

Walmart Transportation LLC Distribution Centers/Transportation Offices (130)

Walmart Realty Walmart Vacations Claims Management, Inc. Walmart Portrait Studios was rebranded as PictureMe! Portrait Studios in late 2006. The Portrait Studios are operated by CPI Corp, Inc. under an agreement with Walmart. Space is leased and they are independently owned and operated and only pay rent to Walmart and a license fee to use the Walmart brand. Also, most Doctors of Optometry are independent contractors and are not employees of Wal-Mart Stores, Inc. but instead pay rent to use space in Walmart and Sam's Club Vision Centers.

Thanking you
g company