Sam Walton's 3 'C's for success

The Walton family rose from nothing to creating the world’s biggest retailer in one generation. In Made in America (1992), Walton explains the philosophies and strategies behind the company’s rise...

Copy other businesses' ideas and successfully adapt them (“most everything I've done I've copied from somebody else", Walton says).

Competition forces refinement. Welcome it.

Embrace technology, but only to reduce costs and serve the customer. Never stop looking for ways to save. Wal-Mart’s executive offices are cramped, and executives famously sleep two to a hotel room when travelling.

Treat your employees well. They will treat customers well, and customers will come back. Walmart's profit sharing program has made a lot of associates well off, while 'shrinkage' - stealing by employees or their friends - is half the industry average.

Don't be afraid of being wrong, and never worry about changing your mind. Walton enraged other managers by going back and forth on big decisions.

Speak to people before they speak to you. Acknowledge them.

Have goals, and set them high. Retain the underdog attitude.

Never be satisfied with how things are. "To succeed in this world, you have to change all the time."

Bottom line: Your job in life is to create value where there was none before. To gain money, enrich the world in some way. Don't be afraid to copy and adapt the best things you see. Welcome competition. Constantly change and iterate your offering until it's unbelievably good.