Profile of an Entrepreneur Essay - 2576 Words

Early Years Samuel Moore Walton was born on March 29, 1918 to Thomas Gibson and Nancy Lee Walton near Kingfisher, Oklahoma. In Oklahoma, he lived and worked on his family’s farm. He grew up during the depression and knew the meaning of hard work and dedication. He started selling magazine subscriptions by the age of only eight years old to help with money because it was lacking on the farm making it hard to feed their family. The Waltons decided that the farm was not profitable enough to raise a family on. So, Sam and his family decided they would go back to being a Farm Loan Appraiser. Once this job started the Walton family moved out of Oklahoma and moved from town to town in Missouri. This would shake up most children but for the†¦show more content†¦Sam decided he wanted to own his own department store. He borrowed $20,000.00 from his father-in-law, L.S. Ronson- a banker and rancher. He also used his $5,000 that he was able to save from the military and made his dream of havi ng a department store a reality in the fall of 1945. He purchased a franchisee of the Butler Brothers, which consisted of two chains in Newport. One chain was the Federated department stores, which were small department stores and then the Ben Franklin variety stores. Sam’s store was a variety store and with the help of Butler Brothers, his store led in sales and profits in the six-state region (Wikipedia Encyclopedia 2). Sam started his first store with the same principles that we can still see today at Wal-Mart and Sam’s Club stores. He stocked all the shelves with a wide range of goods with very low prices, he kept his store centrally located so it was easily accessible to many customers, stayed open later than most stores especially during Christmas and Thanksgiving seasons, and experimented with discount merchandising which is the reason he led in sales in profits. He would buy straight from the wholesaler, which enabled him to lower his price per item, to sell a greater quantity of goods, thereby escalating his sales volume and profits (Fitzgerald 2). All these ideas were new to businesses, however Sam caught on fast and was able to use them to his advantage. When his lease was up his landlord would not renew the lease because heShow MoreRelatedProfile of an Entrepreneur5318 Words   |  22 PagesBUS 101 Sec – 8 Group Project Submitted to: M Saidur Rahman (Sdu) School of Business, BBA Program North South University Dhaka Persona | PROFILE OF AN ENTREPRENEUR AND BUSINESS ANALYSIS | 5th August 2010 | Prepared By : Ashiqur Rahman (GL) 1010622030 Syeda Faria Alim Read MoreProfile of an Entrepreneur1384 Words   |  6 PagesName: Roderick Smart ID#: 92058153 Course Title: New Ventures and Entrepreneurship Course Code: SBCO 6190 Lecturer: Dr. K’adamawe K’Nife Topic: Profile of an Entrepreneur Profile of an Entrepreneur Entrepreneur Mr. Earl Martin CEO and founder of Island Products Manufacturers Start Date 1992 Industry Manufacturing of Chemical Products Innovation Sale of household cleaners in bulk quantities Background Mr. Martin started his company island products Manufacturers in 1992Read MoreEntrepreneur Profile Of Kevin Popovi ï ¾Æ'ï ¿Å"1173 Words   |  5 PagesEntrepreneur Profile of Kevin Popović, Founder CEO of Ideahaus On March 18, 2015, I had the pleasure to interview Kevin Popović, founder and CEO of Ideahaus, a creative communications agency, with studios in San Diego, CA and Pittsburgh, PA. 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