[Founder Notes] Sam Walton

Obsessed work. Obsessive about learning everything there is to know about retail and competition. Flew prop planes to survey strategy across the South.

Start small. Borrowed from Ben Franklin. Started as a store owner with a 5-year plan.

Payroll drives profit. The more you share profits, the better people will stay. Walmart spread because he could get to towns others overlooked.

Competition as strategy: Competition sharpens like blade against blade. Get after it every day. Get out each morning with a want to get some.

Think small to get big. Set up a family partnership — one reason was to avoid estate tax by giving it away before appreciation. Frugality above all.

— Jay