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As Kelly Fitzgerald points out Wal-Mart founder Sam Walton who passed away on April 5 1992 was like no other man in this world and has been described as industrious and with a burning ambition to succeed As a businessman Sam Walton started his own business from almost nothing and changed the field of management in relation to his Wal-Mart ventures Internet 2003 This description of Sam Walton is the basis of his amazing success as one of Americas most outstanding entrepreneurs and shows that hard work dedication and perseverance can lead to untold riches In 1945 Sam Walton used his own savings and a loan to buy a Ben Franklin variety store in Newport Arkansas and although he had built the store into a major success his landlord refused to renew his lease when it expired in 1950 forcing Walton to turn the store over to the landlords son Walton then moved to Bentonville Arkansas where he and his younger brother became franchisees of the Ben Franklin variety store chain Fifteen stores were eventually controlled by the two brothers in Arkansas and Missouri During his days as a Ben Franklin franchisee Walton traveled throughout the East and Midwest studying large retail chains like K-Mart and Korvettes and observed that these big chains always placed their stores in or near large cities obviously out of a conviction that small towns could not generate enough business to make a large store profitable But Walton saw things differently and when he approached the management of Ben Franklin he received no encouragement at all about putting stores in small towns Walton then took on the project himself and in 1962 he opened the first Wal-Mart Discount City in Rogers Arkansas a store that would specialize in name-brands at low prices Sam Walton was soon surprised at the success of this venture and a chain of Wal-Mart stores quickly sprang up across rural America Internet Retail Success Story From
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