The Best Opportunities are Created by Necessity
Sam Walton credits the majority of the greatest opportunities Wal-Mart (WMT) experienced were those that were created out of necessity.
He said: "Many of our best opportunities were created out of necessity. The things that we were forced to learn and do, because we started out underfinanced and undercapitalized ..."
This is a recurring theme of successful businesses that have had tremendous success. Necessity gets the creative juices flowing; it demands an atmosphere of learning and doing.
One of the great weaknesses that resulted in the dotcom bust was there was simply too much money being thrown around that made it unnecessary to have to scramble and brainstorm to find answers. How many people simply threw up web sites had no meaningful difference, and waited around to be bought up?
That's another secret to the power of being cheap and frugal in a business - it forces workers and managers to come up with answers that they wouldn't normally put their minds to. It exercises something in us and our people that no business can continually compete in without.
So when the challenges of necessity hit you, look at it as an opportunity which gives you and your people a chance to shine and grow. Necessity isn't an enemy, it's one of your best friends.
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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