wealthymatters

Sam Walton: 10 Rules For Building A Successful Business

January 20, 2013 Leave a comment

wealthymatters.com In his autobiography ‘Sam Walton: Made In America’ ,in chapter 17 titled ‘Running a Successful Company:Ten Rules That Worked for Me’,he lays out his rules for building a successful business.Here is the extract:

Rule 1: Commit to your business. Believe in it more than anybody else. I think I overcame every single one of my personal shortcomings by the sheer passion I brought to my work. I don’t know if you’re born with this kind of passion, or if you can learn it. But I do know you need it. If you love your work, you’ll be out there every day trying to do it the best you possibly can, and pretty soon everybody around will catch the passion from you — like a fever.

Rule 2: Share your profits with all your associates, and treat them as partners. In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations. Remain a corporation and retain control if you like, but behave as a servant leader in your partnership. Encourage your associates to hold a stake in the company. Offer discounted stock, and grant them stock for their retirement. It’s the single best thing we ever did. Read more of this post

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Building A Business Is Like Running

January 20, 2013 4 Comments

wealthymatters Ranu Vohra is the MD and co-founder of Avendus Capital. He is a self-made man from Karnal. He was a participant of the Mumbai Marathon.Before today he has three marathon experiences to his credit.He believes that the most interesting marathon he has run is the Midnight Sun Marathon in Tromso, Norway,where he admits to making a the mistake of landing in Norway just 36 hours before the event and having to run against his biological clock.Most marathoners put in runs between 32km and 36km in preparation for the 42km journey. Vohra, though, ran two half-marathons before he thought he was ready for twice the torture — 42km.

Vora believes that building a business is similar to running — you basically take it one mile at a time. For him, being able to marathon was a slow struggle to conquer the distance. As he puts it,“I first ran for a few minutes and then added more every time until one day, I realized that I had run 15km. I knew I could run the half marathon.

Vohra lives by the dictum that runners must not make progress too quickly. “If you attempt too many big things and too much progress, you tend to get injured.” So is the case with breaks. “I am always taking breaks from running, which are partly forced. Breaks help you reinvent yourself.” Vohra takes a two-week break after the Mumbai Marathon.Pacing himself and taking breaks are things he finds useful in his business too.

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Atari at 40: Catching Up with Founder Nolan Bushnell

January 20, 2013 2 Comments

Filed under Entrepreneurship Tagged with Atari, computer games and entertainment entrepreneur, Interview with Nolan Bushnell, Nolan Bushnell, postaday, serial entrepreneur, Silicon Valley Entrepreneur

Be A Doer Not Just A Dreamer

January 20, 2013 4 Comments

“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.”
– Nolan Bushnell, founder of Atari and Chuck E. Cheese’s