Last week, I went to Bentonville, Arkansas for the first time in 15 years and was amazed at how lively the small town has become. Jessica Mathews, her colleague who writes Fortune’s magazine term sheet Steve Case, former CEO of AOL turned small-town startup champion, celebrates this place in his book as one of the stories of reinventing the nation’s heartland. Rise of the rest. (The book comes out next week. I read the review copy and found it compelling. Who needs Silicon Valley?)
Of course, much of Bentonville’s Renaissance credit goes to the Walton family, who have invested heavily in the town, including the construction of Crystal Bridge, a world-class museum that I visited on Friday afternoon.
But I started at the Walmart Museum on Friday. This is one of the greatest miracles of modern business, 5 and 10 crappy stores in northwest Arkansas that somehow made it to #1 on the Fortune 500 and Fortune Global 500. Readers of this newsletter know that I have often noted how leadership has changed over the last few decades. But I was struck by founder Sam Walton’s 10 business rules on the museum wall. They are in short form:
- devoted for your business.
- share Your interests with your companions.
- Motivate your partner.
- inform We give our partners everything we can.
- Gratitude Everything an associate does for business.
- celebrate your success.
- listen To everyone in your company.
- Beyond your customer’s expectations.
- Control Your costs are better than your competitors.
- swim Upstream.
I especially like the last one, which is Mr. Sam’s way of saying “disrupt yourself.” Learn more about the rules here. More news below.
The COVID pandemic in the United States is “over,” President Joe Biden declared in an interview with CBS News. Biden says the country still has a “COVID problem” and that while the White House continues to push for new funding for vaccines, treatments and testing, “no one is wearing a mask.” Stated. [and] Everyone seems to be in pretty good shape. As far as the World Health Organization is concerned, the world “can see the finish line”, but “now is the worst time to stop running”. (He repeated his assertion that luck
back to office
New data from Kastle Systems shows that the US office return rate is the highest since the outbreak of the pandemic, with office occupancy heading towards 50% of early 2020 levels. A hybrid workplace strategy seems to be the norm. (Bonus reading: luck‘s Steve Mollman says, “Everyone is wrong about the future of remote work.” ) wall street journal
On Wednesday, the U.S. will face the longest period without an IPO in a century. 238 will survive the 2008 financial crisis and the drought that followed his dot-com crash in the early 2000s. The Nasdaq Composite is down nearly 28% this year, and its ongoing battle with inflation has created uncertainty that the IPO market hates. financial times
around the water cooler
A Million Dollar Bonus Isn’t Enough To Stop The Draining Of Management After A CEO Steps Down, By Lila MacLellan
How Figma Founder and College Dropout Dylan Field Became a Millionaire in Just 10 Years from LinkedIn Intern by Lucy Brewster
General warns of Putin’s reaction as Ukraine war ‘not going very well’ and Russia ‘increasingly divorced’ from battlefield reality, Steve Mollman
World Bank warns risk of ‘global recession’ rising as central banks around the world simultaneously raise interest rates, by Will Daniel
The Housing Market Downturn Has Entered the Next Phase—3 Things to Expect in the Future, by Lance Lambert
of this edition CEO Daily Edited by David Meyer.
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