Lessons From the Managerial Life of Sam Walton Research Paper

Exclusively available on Available only on IvyPanda® Made by Human No AI

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 (13th ed). New York: McGraw Hill Publishers.

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

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2022, April 24). Lessons From the Managerial Life of Sam Walton. https://ivypanda.com/essays/lessons-from-the-managerial-life-of-sam-walton/

Work Cited

"Lessons From the Managerial Life of Sam Walton." IvyPanda, 24 Apr. 2022, ivypanda.com/essays/lessons-from-the-managerial-life-of-sam-walton/.

References

IvyPanda. (2022) 'Lessons From the Managerial Life of Sam Walton'. 24 April.

References

IvyPanda. 2022. "Lessons From the Managerial Life of Sam Walton." April 24, 2022. https://ivypanda.com/essays/lessons-from-the-managerial-life-of-sam-walton/.

1. IvyPanda. "Lessons From the Managerial Life of Sam Walton." April 24, 2022. https://ivypanda.com/essays/lessons-from-the-managerial-life-of-sam-walton/.


Bibliography


IvyPanda. "Lessons From the Managerial Life of Sam Walton." April 24, 2022. https://ivypanda.com/essays/lessons-from-the-managerial-life-of-sam-walton/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1