"Ten Rules for Walmart's Success"

This article is Lu Canwei's 68th original piece.

Click the blue 【Lu Canwei】 above to follow; remember to add a ⭐️ star mark~

Recently, I have been reading Sam Walton's autobiography, the founder of Walmart.

He summarized ten principles for Walmart's success:

We can see two key words in it: focus and altruism.

Focus

Many times we face numerous choices. For example, if I can make money from a side job, should I pursue it?

You can't have both fish and bear's paw; our energy is limited. We can't be like the joke and say we want it all. If I decide to pursue a side job but don't invest much energy into it, then I might not be able to do it well.

For instance, if I want to create content on Douyin, I need to learn how to edit videos, understand Douyin's algorithm, and how to grow an account, etc. It's very likely that after a few weeks of effort, if my views don't increase, I might give up.

Those weeks would be a meaningless waste of time for me. Although everyone says youth is meant to be wasted, I no longer have youth.

As Sam Walton said, we must dedicate ourselves to our careers. You can try different things, but you need to prioritize and have judgment about your expectations. This way, you can focus your energy on what truly matters, and through continuous accumulation, it can become your moat.

Many times we see someone making money easily on Douyin, but if you think making money on Douyin is easy, then everyone should be able to earn money. Since the traffic is limited, wouldn't that mean not everyone can make money?

Even if the Federal Reserve is printing money like crazy, the dollar will depreciate, meaning everyone's money is losing value, and they still won't make money.

So, the logic is similar: choose a good target and hold it long-term.

Altruism

The term mentioned in today's discussion is altruism.

Let's look at the definition of altruism from Wikipedia:

Taking the previous example of Walmart, many companies do not share profits with employees. They extract profits from employees over the long term, like the current 996 and 007 work schedules. Consequently, companies spend a lot of time monitoring employee behavior, such as tracking bathroom breaks and clock-in times.

Employees, in turn, may slack off to counterbalance this, reducing efficiency. When company efficiency decreases, more people need to be hired to maintain efficiency, which can further lower profits.

For example, if three people work on a project with a cost of 30,000, and the monthly income is 100,000, then 70,000 is the current profit. If you only maintain a profit of 70,000 and distribute any excess as bonuses to employees, you will see them trying every possible way to improve efficiency and increase profits.

Ultimately, this will benefit the company.

Recommendations:

Truly effective long-term strategies, settling for second best.

Does this thing make money?

Team management: Helping others grow.

How to turn fragmented information into our knowledge.

Don't let adaptive bias hinder your growth.

Establish your worldview.

Long-termism: Focus, persistence, and longevity.

What did Charlie Munger say on February 24?

Let's talk about "success studies."

How to consistently do something: ten tips that help me stick to daily updates.

Scan the code to follow 【Lu Canwei】, and send "self-media materials" in the background to receive two benefits for free.

1. A self-media tool kit (worth 1999 yuan).

2. An electronic version of the "2020 Wealth Calendar," containing 365 money-making tips.

👇👇👇 Feel free to click to follow~

The appreciation feature has been canceled; "Looking" is the strongest support ↘