welcome back for another edition of
modeling the Masters where we look at
the successful strategies of famous
entrepreneurs my name is Evan Carmichael
and I wanted to start off by thanking
everybody who watched the last episode
on Harley Davidson we’ve received almost
3,000 viewers so far and I wanted to
continue the tradition today by talking
about another successful entrepreneur
Milton Hershey now while you may know
Hershey foods today for its five billion
dollars in revenue eleven thousand
employees and all of his chocolate bars
when the company was first started it
was started by a young entrepreneur
Milton Hershey who was eighteen years
old had no money to his name and had to
borrow $100 to his aunt just to get the
company off the ground so today we’re
going to learn about three factors that
led to his success lesson number one is
be persistent when Milton Hershey first
got started he moved to Philadelphia
started a new candy store and he worked
15 16 hour days every day to get the
business off the ground he would make
his candy overnight and then during the
day go out and sell it after six years
of trying and trying and trying the
company eventually failed to thought I’m
going to keep going I’m going to try it
again in with the Chicago started the
same business that I also failed you
didn’t give up move to New Orleans
try it again failed again closed down
the business start it up again in New
York tried to get the business off the
ground we’re starting to get a few sales
coming in but then he had his entire
shop and inventory wrapped by a group of
three children so we had to again
declare bankruptcy shut down the
business and after ten years of trying
and trying and trying he didn’t give up
he started new businesses again and
eventually was able to build this
successful company that we know today
most entrepreneurs give up way too
easily I’m not suggesting spend 10 years
of failure to try to get your business
off the ground but don’t quit at the
first sign of trouble you may have to
try something new you may have to move
to new market bring new features in sell
to new customers don’t give up the first
sign of failure most entrepreneurs fail
not because they have a
idea just because they give up too
quickly lesson number two is innovate
after trying the same thing over and
over and over again in four different
cities after 10 years her she decided I
gotta try something different so the big
innovation that he did was he moved from
caramels to chocolate in 1893 there was
a new machine that was on the market in
Europe that could help mass-produced
chocolate so he decided the future was
in chocolate he was going to do
something different he was going to
stand out from everybody else and he was
going to be the first guy to make
chocolate through machine up until that
point
chocolate was available but was handmade
and for people with a lot of money it
was a luxury item and by using the
machine he was able to mass-produce
chocolate similar to what Henry Ford did
for the automobile first she was able to
do for the chocolate industry so finally
he realized I got to do something
different I got to get out there I gotta
innovate and he was the first one to
bring mass-produced chocolate to the
North American market which is one of
the main reasons why he was able to
achieve such success so look at your own
business are you doing something
different are you standing out from the
market are you being innovative do
something that is unique that nobody
else has because if you’re doing the
same thing that everybody else is doing
in selling the same product same service
in the same way then you could spend 10
years of your life like Milton Hershey
did trying and trying and trying and not
getting anywhere it’s not until you
stand out and do something different
that you’re really going to be able to
take your company to that next level of
success lesson number three is treat
people with respect when Milton Hershey
after ten years of failure came back
home his parents actually disowned them
they didn’t want anything to do with
them they thought he was a failure he
spent ten years and all this money
basically wasting his time in their
opinion so yet nowhere to go the only
person he was able to call on was
actually one of his former employees
Henry who gave him room and board who
helped pay for him to be able to bring
his equipment back from New York so we
can start up shop all over again
and it was only because he treated his
employees so well prior that he was able
to call on them to be able to help him
out when he really needed help he
believed in that philosophy even when he
got richer and was doing a lot better
with this company the classic example is
in 1929 when everything crashed started
the Great Depression he was in the
process of building new constructions
for his little town and somebody came to
him with an invention it was a steam
shovel they said this steam shovel can
help you save a lot of costs it can cut
the work of 40 employees and have one
person do the job of 40 and he said look
at what’s going on in the economy these
days get rid of the shovel hire the 40
workers and he was able to build up a
lot of community support because of his
philosophy of being able to continue to
give back help others and be respectful
so think about your own business
think about the people you’ve seen your
daily lives your employees your
partner’s your investors your customers
the media anybody would come across your
next-door neighbor try to treat them
with respect because you never know when
you’re going to need to call on their
help someday for your business I hope
you’ve enjoyed this edition of modeling
the masters I wanted to remind you that
Milton Hershey started the business was
an 18 year old kid didn’t know anything
had no money the hundred dollar loan
from his aunt to get the business
started and he was able to build it up
where now it’s a five billion dollar
company with 11,000 employees you can
achieve the same results with your
business if you really want to follow
the lessons from Milton Hershey if you
are persistent if you innovate any treat
people with respect you too can build a
great company I hope you’ve enjoyed this
edition if you want to learn more about
famous entrepreneurs you can check out
our website at Evan Carmichael com
and I’ve recently launched a new blog as
well the link is listed below that just
talks about the famous entrepreneurs and
how to model the success of famous
entrepreneurs I also wanted to thank our
sponsors
fanta media for all the great video work
that they’ve done on these episodes
and I look forward to seeing you at the
next edition of modeling the Masters
you
modeling the Masters where we look at
the successful strategies of famous
entrepreneurs my name is Evan Carmichael
and I wanted to start off by thanking
everybody who watched the last episode
on Harley Davidson we’ve received almost
3,000 viewers so far and I wanted to
continue the tradition today by talking
about another successful entrepreneur
Milton Hershey now while you may know
Hershey foods today for its five billion
dollars in revenue eleven thousand
employees and all of his chocolate bars
when the company was first started it
was started by a young entrepreneur
Milton Hershey who was eighteen years
old had no money to his name and had to
borrow $100 to his aunt just to get the
company off the ground so today we’re
going to learn about three factors that
led to his success lesson number one is
be persistent when Milton Hershey first
got started he moved to Philadelphia
started a new candy store and he worked
15 16 hour days every day to get the
business off the ground he would make
his candy overnight and then during the
day go out and sell it after six years
of trying and trying and trying the
company eventually failed to thought I’m
going to keep going I’m going to try it
again in with the Chicago started the
same business that I also failed you
didn’t give up move to New Orleans
try it again failed again closed down
the business start it up again in New
York tried to get the business off the
ground we’re starting to get a few sales
coming in but then he had his entire
shop and inventory wrapped by a group of
three children so we had to again
declare bankruptcy shut down the
business and after ten years of trying
and trying and trying he didn’t give up
he started new businesses again and
eventually was able to build this
successful company that we know today
most entrepreneurs give up way too
easily I’m not suggesting spend 10 years
of failure to try to get your business
off the ground but don’t quit at the
first sign of trouble you may have to
try something new you may have to move
to new market bring new features in sell
to new customers don’t give up the first
sign of failure most entrepreneurs fail
not because they have a
idea just because they give up too
quickly lesson number two is innovate
after trying the same thing over and
over and over again in four different
cities after 10 years her she decided I
gotta try something different so the big
innovation that he did was he moved from
caramels to chocolate in 1893 there was
a new machine that was on the market in
Europe that could help mass-produced
chocolate so he decided the future was
in chocolate he was going to do
something different he was going to
stand out from everybody else and he was
going to be the first guy to make
chocolate through machine up until that
point
chocolate was available but was handmade
and for people with a lot of money it
was a luxury item and by using the
machine he was able to mass-produce
chocolate similar to what Henry Ford did
for the automobile first she was able to
do for the chocolate industry so finally
he realized I got to do something
different I got to get out there I gotta
innovate and he was the first one to
bring mass-produced chocolate to the
North American market which is one of
the main reasons why he was able to
achieve such success so look at your own
business are you doing something
different are you standing out from the
market are you being innovative do
something that is unique that nobody
else has because if you’re doing the
same thing that everybody else is doing
in selling the same product same service
in the same way then you could spend 10
years of your life like Milton Hershey
did trying and trying and trying and not
getting anywhere it’s not until you
stand out and do something different
that you’re really going to be able to
take your company to that next level of
success lesson number three is treat
people with respect when Milton Hershey
after ten years of failure came back
home his parents actually disowned them
they didn’t want anything to do with
them they thought he was a failure he
spent ten years and all this money
basically wasting his time in their
opinion so yet nowhere to go the only
person he was able to call on was
actually one of his former employees
Henry who gave him room and board who
helped pay for him to be able to bring
his equipment back from New York so we
can start up shop all over again
and it was only because he treated his
employees so well prior that he was able
to call on them to be able to help him
out when he really needed help he
believed in that philosophy even when he
got richer and was doing a lot better
with this company the classic example is
in 1929 when everything crashed started
the Great Depression he was in the
process of building new constructions
for his little town and somebody came to
him with an invention it was a steam
shovel they said this steam shovel can
help you save a lot of costs it can cut
the work of 40 employees and have one
person do the job of 40 and he said look
at what’s going on in the economy these
days get rid of the shovel hire the 40
workers and he was able to build up a
lot of community support because of his
philosophy of being able to continue to
give back help others and be respectful
so think about your own business
think about the people you’ve seen your
daily lives your employees your
partner’s your investors your customers
the media anybody would come across your
next-door neighbor try to treat them
with respect because you never know when
you’re going to need to call on their
help someday for your business I hope
you’ve enjoyed this edition of modeling
the masters I wanted to remind you that
Milton Hershey started the business was
an 18 year old kid didn’t know anything
had no money the hundred dollar loan
from his aunt to get the business
started and he was able to build it up
where now it’s a five billion dollar
company with 11,000 employees you can
achieve the same results with your
business if you really want to follow
the lessons from Milton Hershey if you
are persistent if you innovate any treat
people with respect you too can build a
great company I hope you’ve enjoyed this
edition if you want to learn more about
famous entrepreneurs you can check out
our website at Evan Carmichael com
and I’ve recently launched a new blog as
well the link is listed below that just
talks about the famous entrepreneurs and
how to model the success of famous
entrepreneurs I also wanted to thank our
sponsors
fanta media for all the great video work
that they’ve done on these episodes
and I look forward to seeing you at the
next edition of modeling the Masters
you
Please follow and like us:
Be First to Comment