I started reading as a casual reader, more so driven by the perception of reading rather than actually being driven by the need to read. I started with fiction, gradually drifted to non-fiction but never really had a sense of direction about what to read and hence largely dependent on reviews from co-readers to arrive at my next book. However I have lately started thinking about reading for understanding the world better, for creating my mental models of decision making, to enable choices and to understand concepts I think are far more complex than I can process. And in the process, make effort to remember what I read and also hone my abysmal writing skills.
Hence this is an introductory post of my first book review, to summarize my learning and understanding of the last book I read - Made in America by Sam Walton. Deriving inspiration from an article I read on Farnam Street, I will structure my reviews around the following questions and continue improvising as I go along. This is going to be a tough exercise but I promise to make an earnest effort.
What is being said in detail and how?
Did the book raise or answer any pertinent questions ?
How did the book affect me ?
Made in America - Sam Walton
What is the book about as a whole ?
This book is an autobiography of the founder of Walmart stores, Sam Walton. He tells his story in hindsight and summarizes the principles he thinks were instrumental in the making of Walmart Inc. He describes his journey interlaced and intertwined with the journey of walmart stores, the trials and tribulations he went through in this process and his perspective of the reasons for emerging victorious at the end.
What is being said in detail and how?
The book tells, this story chronologically right from the time his first store was started. It speaks about the lessons he learnt in treachery and deceit, his unquenchable thirst to expand the stores and his policies and principles while hiring the store managers. There is substantial detail in the book about areas Sam focused on in the early stages of Walmart, in the later stages of Walmart and throughout his career as the chairman of Walmart.
Profound ideas like customers always and thinking small have been explained through anecdotes and the importance of good training and a good culture have been stressed throughout the book.
Did the book raise or answer any pertinent questions ?
Every time I read the life story of an entrepreneur, I seek answers to what kind of decision making is the founder indulging in at what stage of the business. What needs his attention and what can be left to the subordinates?
Another important question that I keep pondering is how to control employees who think they are too smart and can replace you any day. I have understood that the Passion and faith to drive the business in tough circumstances is the single most important quality that sets a founder/CEO apart. All other skills are transferable but passion and faith aren't. And the day you find someone, who has the same faith and passion as you, then feel lucky that you found your successor.
I was affected by these takeaways. There is no order of importance in them...they are all super cool.
- I found out that Integrity, Faith and Passion are the biggest qualities of a founder and both of them are hard to come by. Negotiation skill was another tool in his kitty that he used to expand his stores to prime areas at minimal real estate price.
- He had another principle. "There is no shame in copying things that competitors do better than you"
- There was an important lesson for tricks to prevent hostile takeovers. Own the majority stake in your business.
- A quote I loved from this book is when Sam asks his friend "How do you inspire a grandchild to go to work if they know they will never have a poor day in their life?"
- An important takeaway for me was to take notes. Take down lessons.Things to improve. Save these notes, be proud of them and refer them.
- You want your employees to own your growth ? Let them own the profits too !
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