Question

(please type the answers)(entrepreneurship 5620)

Q 5: Sam Walton, a great entrepreneur and the founder of Walmart, stated several rules that employees must follow (see below). Discuss rule #4 and rule #6. Is it always possible to follow those rules? Are there any situations that you can imagine where these 2 rules are difficult to practice? Give examples.

---SAM WALTON’S RULES FOR SUCCESS IN BUSINESS Rule 1 – COMMIT to achieving success and always be passionate Rule 2 – SHARE SUCCESS with those who have helped you Rule 3 – MOTIVATE yourself and others to achieve your dreams Rule 4 – COMMUNICATE with the people and show you care Rule 5 – APPRECIATE and recognize people for their effort and results Rule 6 – CELEBRATE your own and other’s accomplishments Rule 7 – LISTEN to others and learn from their ideas Rule 8 – EXCEED EXPECTATIONS of customers and others Rule 9 – CONTROL EXPENSES and save your way to prosperity Rule 10 – SWIM UPSTREAM (or Break All Rules), be different, and challenge the status quo

Answer 1

Rule 4 – COMMUNICATE with the people and show you care

The above statement indicate that for being a successful entrepreneur it is important to have an effective communication with the stakeholder and the customers and the focus of this communication will be o understand what they need, how the entrepreneur can fulfil those needs and what sort of services and products can be offered to address the requirement of the people. For an effective entrepreneur, not only understandings the requirements of the customer are important but he must exhibit and communicate to these people that he or she is trying his or her hard to fulfil their needs. Showing care and concerns through innovations and the new venture is the key to success.

Difficulty= The above concept will be difficult to implement in those situations where it is no easy to understand the actual need of the customers. There can be many incidences where there is a latent demand of the customer that is even no been identified by the customers. For instance, there can be a niche market for portable AC that can be carried while on move. But if this need is not detected ad communicated effectively, then the entrepreneur will not be able to exhibit the care to the customers.

Rule 6 – CELEBRATE your own and other’s accomplishments

The above statement indicates that for a successful entrepreneur, not only fulfilling the needs of the others is important but he or she must also focus on how to express his or her success. Here not only the self-accomplishment should be cheered but the success of the other is also important. This will give an opportunity to highlight the importance of mutual coordination and bonding. When something is cheered, it must include others and it gives an opportunity to have a good association with others. Success can be enjoyed by sharing a portion with others.

Difficulty= This is not possible in that event where there is tough competition and any expression of the success may result in the addition of rivalry and competition. These situations become more trivial when expressing the joy for success can be treated as a mode of taunt and disregard the others.