Ignoring Conventional Wisdom
Most of us probably know that what is called 'conventional wisdom' can be dangerous to our business and management health. Many people do things based upon nothing else than the thought that it's the way it has always been done.
If Walton would have listened to that idea in relationship to building Wal-Mart (WMT) he would have never gotten off the ground in the first place.
The conventional wisdom of his day was that there was no way that small, rural towns could support a discount store over a long period of time. Walton said that it was the assertion that he probably heard more than anything else throughout the years.
We do need to understand that there is a wisdom that we do need to listen to, and that being contrary for the sake of being contrary isn't wise either. But in the case of Walton and his stores, he believed with everything he had that there was a great need and desire for people in small towns across America to want goods at low prices. He was right!
So when everybody tried to move him off of his position, rather than simply argue about it, he showed them he was right by executing his plan and going on in spite of the naysayers.
One thing that can help us to understand when something is really wise or only conventional wisdom, is in why the thing is being told us. Again, is it because it's the way that things have always been done, or because there's some real data that shows us that it may not work? There's a huge difference between the two. Understanding that difference is one of the things that make great business successes and managers.
Other Walton Sources:
The Most Underrated CEO Ever The legendary Sam Walton
Sam Walton: The Power of Persistence
Sam Walton Business Quotes for Ya
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