#434 Sam Walton

What I learned from reading Sam Walton: The Inside Story of America's Richest Man by Vance Trimble.

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0:00 — "To him, making money was only a game, a test of his imagination and expertise to see how far he could drive a business concept."

1:35 — "Sam's idea was absurdly simple: buy cheap, sell low, every day, and while doing it with a smile."

2:15 — "If he adopts a business course that doesn't work out, he's neither too vain nor too blind to see his mistake, to say so, and to change his heading one hundred and eighty degrees."

3:34 — "The secret is work, work, work. I taught the boys how to do it." — Sam's father

4:34 — "Sam Walton plunged into this new world of merchandising with the keen and furious dedication of a quarterback who was one touchdown behind with two minutes to go."

5:55 — "Boys, you know we don't make a dime out of the merchandise we sell. We only make our profit out of the paper and string that we save." — J.C. Penney

11:10 — "No, I'm not whipped. I found Newport, and I found the store. I can find another good town and another Ben Franklin. Just wait and see." — Sam Walton, after losing his first store