Today I am all the way to Chapter 5 in “Ben Franklin’s 12 Rules of Management.” If you are just coming to this series, I a reading through the book and posting the things that I find inspiring or interesting. Once again, I must suggest that you pick up the book and discover the rest for yourself.

To Ben Franklin, it is important to do two things well, work hard and save. His idea of working hard and being thrifty has been a present trait in successful people and businesses since before America even declared it’s independence on July 4, 1776.

He was such a symbolic icon for this type of lifestyle that a chain of variety stores was named after him. In between World War I and World War II, the stores expanded rapidly across the nation. These stores are where Sam Walton got his start in chain stores.

In 1945 Sam Walton opened up a Ben Franklin store and that moved the number of Walton managed franchises up to 15. In fact, Sam Walton proposed the idea of making it a thrift store to the top executives in 1962. When they rejected his idea, Sam Walton went off and founded Wal-Mart.

A neat little bit of history, but then the book went on about the importance of communication in today’s world.

1. Personal Networks

– Today it is very important to know people that can get the things done that you want done. A lot of times it is easier to have more knowledgeable or powerful people help you out.

2. Personal Communications

– With today’s technology, it is extremely easy to keep contact with somebody. (I’m sure you already knew that =D ) When two parties exchange products or services a market is created, and this can only be done with communication.

3. Speed of Response

– Due once again to today’s technology; markets are created everywhere and for nearly everything. Businesses can create demand now with a prototype rather than waiting for the product launch down the road.

4. Number of Successful failures

– Failures can provide strategic focus and create a stronger organization tomorrow.

5. Frequency of new experiences

– The basic premise here is that if everything is the same, nothing will improve. If you don’t have something new happen, you will not be able to go to the next level.

The remainder of the chapter goes on to talk about frugality and how luxury can creep up on you if you are not mindful. The book as a whole is very good, check it out.