Ten Fundamental Business Rules

  1. Sam Walton (founder of Walmart) built his fortune with these ten fundamental business rules.
    1. Commitment: Commitment is the key to success. You must commit to your job to be successful.
    2. Share: Share with your associates all the details, such as sales, profits, decisions, responsibilities, etc. Sharing makes your associates think they are a part of the organization, and your sharing ensure trust. Give them the reasoning behind your decisions.
    3. Motivate: Besides the financial support, you must motivate your associate to give their 100% in their job.
    4. Communicate: It is very important to communicate your ideas, objectives, orders, etc., very well with your associates to improve productivity and efficiency.
    5. Appreciate: Appreciating associates makes them feel valued. Always find new ways to appreciate them without being predictable.
    6. Celebrate: Always find ways to celebrate failure along with success. Celebrating failure will bring them out of depression and low-esteemed state, this helps them move ahead to achieve their goals.
    7. Listen: Listen to your associate – their ideas, suggestions, and advice carefully and evaluate them seriously and take necessary actions to improvise.
    8. Exceed: Always exceed the expectation of your customer.
    9. Control: Control your expenditure. Run bare minimum, and save as much as possible, this will help you recover from losses.
    10. Swim upstream: Don’t follow the herd. Always do things differently. You will face a lot of resistance along the way, but you got to believe in yourself.

    Source: Made in America by Sam Walton (book).