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Advice Blog

5 Strategies to Become A Billionaire (Sam Walton)

As you may already know, Sam Walton is by far the richest person ever. The only person that built a trillion dollar company. Here are the 5 key strategies that Sam Walton used:

1. Use Curiosity And All The Knowledge Available

“The Secret” or the power of positive thinking, immense wealth comes mainly from MASSIVE knowledge and skills. He spent most of his time flying himself around the United States and investigating what his competitors were doing. Sam Walton said that he had basically read every single book that existed on retailing and running a store. He said he learned the most from studying his competition across the street.

He was humble enough to act ‘poor’ in knowledge and realize that other people might have some rich gold nugget that he could take from them. He would show up to big corporate retailers (when Walmart was small) and ask to meet with the head of the business for questions. 

 

2. Be Committed

Gary Keller, who started the real estate brokerage Keller-Williams, wrote in his book, The ONE THING, about this commitment and focus. 

“Success demands singleness of purpose. You need to be doing fewer things for more effect instead of doing more things with side effects. It is those who concentrate on but one thing at a time who advance in this world."

 

3.  Move Through Failure

 "70% of people will quit after failing once, 80% will quit after failing twice, and 90% will quit after failing three times.” Interestingly, the average millionaire has failed 3 times according to The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.

 

4. Hire Outside Consultants

Confirmation bias is “the tendency to selectively seek out information that affirms (rather than falsifies) an already held hypothesis.” Sam Walton’s 10 Rules of building a business is: “Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody else is doing it one way, there's a good chance you can find your niche by going in exactly the opposite direction.”

In business, the simple way to avoid the confirmation bias is hiring outside consultants. The consultants pretty much ripped everything. But, Sam Walton listened to most and after 6 years, he became a billionaire. [Remember that advice only exists to facilitate your decision making.]

 

5. Patiently Build

We have to guard your brain against the media bombarding you with constant stories about the overnight billionaires made with companies like Instagram and Whatsapp.

If you're not careful you will start believing that most people are overnight successes. It’s simply not true. It takes most people 12-20 years of patiently doing the same thing year in and year out to actually make it big time. Sam Walton opened his first store at age 27 in 1945. But he didn’t come up with his first Walmart until 1962, when he was 44.