Jim Walton is the youngest of Wal-Mart founder Sam Walton’s four children. He currently sits on the board of the retailer with 11,000 stores worldwide and $486 billion in annual sales.
Coming from such a legacy, what can we learn from Walton?Nothing comes easyBeing the son of Sam Walton, Jim could easily have lived off millions in trust fund money, however, he still went to college and obtained a degree in business administration. Thereafter, he applied for a job at Wal-Mart working for its real estate interests. Doing so, he was able to enjoy the fruits of his labor to the fullest capacity. Although Jim came from a background of privilege, he earned his way to the top.Diversify your incomeWalton has not put all his eggs in one basket working for
but has ventured to other areas, working as the CEO of Arvest Bank and also working with publishing company CPI (Community Publishers Inc.). In the situation that his liquidity dries up, he will have multiple back-up plans in line. Help othersMany see Wal-Mart as a monopoly on local businesses and a major influencer of bankrupt mom and pop stores. The reality, however, is that Wal-Mart's corporate culture is actually an advocate of helping small town America. CPI gives back to small communities in the Midwest while Arvest Bank provides business and mortgages loans that help small town folks move forward.
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