Search Results for: Lessons from Sam Walton: Cost and Price as a Competitive Advantage

Personal Finance: Thomas Stanley and William Danko’s The Millionaire Next Door summarizes anthropological research from the ’90s on the attributes of unassuming wealthy Americans. The authors discuss the fancy trappings of affluence and the high cost of maintaining social status. They explain that prosperous individuals prioritize financial independence over a high social status. Key takeaway: It’s easy to get rich by living below your means, efficiently allocating funds in ways that build wealth, and ignoring conspicuous consumption. {Read my synopsis in this article.}

Decision-Making / Problem-Solving: Dan Ciampa’s Taking Advice offers an excellent framework on the kind of advice network you need on strategic, operational, political, and personal elements of your work and your life. Taking Advice offers important insights into a seemingly obvious dimension of success, but one that’s often neglected, poorly understood, or taken for granted. {Read my synopsis in this article.}

Creativity / Decision-Making / Teamwork: Edward de Bono’s Six Thinking Hats describes a powerful problem-solving approach that enriches mental flexibility by encouraging individuals and groups to attack an issue from six independent but complementary perspectives. Key takeaway: The ‘Six Thinking Hats’ method can remove mental blocks, organize ideas and information, foster cross-fertilization, and help conduct thinking sessions more productively than do other brainstorming methods. {Read my synopsis in this article.}

Presentation / Communication: Edward Tufte’s The Cognitive Style of PowerPoint argues that presentations reduce the analytical timbre of communication. In other words, presentation slides lack the resolution to effectively convey context, “weaken verbal and spatial reasoning, and almost always corrupt statistical analysis.” Tufte contends that, by forcibly condensing our ideas into bullet point-statements, phrases, and slides, we break up narrative flow and flatten the information we’re trying to convey. Key takeaway: Well-structured and succinct memos can convey ideas comprehensively, clearly, and meaningfully. {Read my synopsis in this article. Also, learn about Amazon’s ‘Mock Press Release’ discipline and Procter & Gamble’s ‘One-Page Memo’ practice to communicate ideas.}

Happiness / Relationships: Janice Kaplan’s The Gratitude Diaries. For one year, Kaplan maintained a gratitude journal and wrote down three things that she was thankful for each day. She also decided to “find one area to focus on each month—whether husband, family, friends, or work—and … see what happened when I developed an attitude of gratitude.” Key takeaway: A grateful heart is a happy heart. Stop whatever you’re doing, take stock of your blessings, and be grateful for everything you have in life. {Read my synopsis in this article.}

Psychology: Viktor Frankl’s Man’s Search for Meaning. When subject to brutal treatment at Nazi concentration camps in Germany, Frankl changed his initial reaction from ‘Why me?’ and ‘Why is this happening?’ to ‘What is life asking of me?’ Such profound shifts in thinking, Frankl argues, could help you find meaning in life, regardless of what is happening on the outside. Key takeaway: The one power you have at all times is the freedom to choose your response to any given set of circumstances. Uncover a sense of purpose in life and you can survive nearly anything. {Read my synopsis in this article.}

Psychology: John Tierney and Roy Baumeister’s Willpower: Rediscovering the Greatest Human Strength. The book’s central theorem is the much-debated “muscle metaphor” of self-control, which states that willpower is like a muscle that tires out—or runs out of energy—as you use it, but can be replenished and purposely fortified through practice. Key takeaway: Budget your willpower and spend it where and when you need it the most. Eliminate distractions, temptations, and unnecessary choices. {Read my synopsis in this article.}

Biography / Leadership: Sam Walton’s Made in America is the Walmart founder’s very educational, insightful, and stimulating autobiography. It’s teeming with Walton’s relentless search for better ideas learning from competitors, managing costs and prices to gain competitive advantage, asking incessant questions of day-to-day operations, listening to employees at all levels of Walmart, and inventing creative ways to foster an idea-driven culture. Takeaways: ten rules of management success, learning from failure, cost and price as a competitive advantage, and Walton’s ‘Ten-Foot Rule’ to become more likeable.

Biography / Leadership: Deborrah Himsel’s Beauty Queen: Inside the Reign of Avon’s Andrea Jung offers an insightful tale of the spectacular rise to the top and the tumultuous fall from grace of the former Avon CEO. Jung initially led six consecutive years of double-digit growth and then presided over a series of operational missteps that led to her resignation. “Her story is a cautionary tale, one that suggests the critical importance of being aware of your weaknesses and how they can sabotage you.” Key takeaway: Spectacular success, especially those attributable to external circumstances, can often conceal on organization’s or an individual’s flaws. When the tide turns, the deficiencies are exposed for all to see. {Read my synopsis in this article.}

Biography / Leadership: David Packard’s The HP Way recalls how Bill Hewlett and David Packard built a company based on a framework of principles and the simplicity of management methods. In addition to their technical innovations, Bill and David established many progressive management practices that prevail even today. Starting in the initial days, the HP culture that Bill and David engendered was unlike the hierarchical and egalitarian management practices that existed at other corporations of their day. Key takeaway: The essence of the “HP Way” was a strong and clear set of values, and a culture of openness and respect for the individual. {Read my synopsis in this article. Also learn about management by walking around and Bill Hewlett’s ‘Hat-Wearing Process’ for decision-making.}

Leadership: Warren Bennis and Robert Thomas’s Geeks and Geezers. The authors posit that all potential leaders must pass through a “leadership crucible” that provides an intense, transformative experience. Only after they “organize the meaning” and draw significant lessons from their “crucible experiences” can they become leaders. Key takeaway: Find your “leadership voice” by reflecting on transformative experiences in your life and examining what you’ve learned from them. {Read my synopsis in this article.}

Look at my articles on how to process a pile of books that you can’t seem to finish, and on how self-help books bring hope that change is possible.

Also, see a list of books I read in 2015 and 2014 and recommend.