Lesson #5: Stick To Your Guns
Lesson #5: Stick To Your Guns
By the 1890s, Hershey had become a millionaire with his Lancaster Caramel Co. Demand was growing, operations were expanding and things finally seemed to be going well for Hershey. It was a shock then to many when Hershey decided to sell his company. Why was he voluntarily giving up on the one venture that had finally made him successful? Hershey decided to throw caution to the wind and follow his instincts for brighter opportunities elsewhere.
In 1899, a group of competing caramel manufacturing companies approached Hershey with a proposal to merge and create a monopoly over the market. A tempting offer, Hershey instead decided to sell his entire company to them for one million dollars. He felt that the demand for caramels was just temporary, while chocolates were going to be the next big thing. He was on the verge of immense success when he claimed, “I’ll stake everything on chocolate.” While he now had the capital to launch another company, he knew little of chocolates at the time except that they were not in high demand thus far in America. By following his instincts, Hershey managed to jump on the chocolate bandwagon at just the right time – filling a void in the market that no one had even known was there before.
By 1902, it was clear to Hershey that his growing success and expanding operations along with his need for fresh milk meant that he would have to move locations. He inspected sites in New York, New Jersey and Maryland, but finally settled on his hometown of Derry Township in Pennsylvania. With its sprawling countryside, abundant water supply, access to the railroad, and fresh milk, Hershey was convinced that this would be the perfect location for his new factory.
But, not everyone was as convinced as Hershey. When his wife, Kitty, heard about his intentions, she commented that he ought to have his head examined. Nor did Hershey’s business associates understand the decision as they felt that Derry Township was far too removed from industrial centres and urban markets to be successful. But, Hershey was convinced it was perfect. And so, Hershey began acquiring the land on which his new factory would be built. Three years later, the plant was complete and time would prove Hershey right; with an abundant supply of industrious workers, the availability of fresh milk and unlimited room for growth, Hershey’s factory prospered in its new location. He had chosen the right home for his company after all.
Hershey understood that taking risks that others might have found too chancy was what was going to make or break his career. He often didn’t know what the consequences of his actions would be, but what he did know was that he wasn’t going to succeed by playing it safe.
Lesson 5 Stick To Your Guns
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Rare is the entrepreneur who has achieved success by simply following the advice of others. Being willing to make unpopular decisions and having the resolve to stick to his decisions even in the face of doubt and criticism was what propelled Hershey to success. His choices were often questioned for their business sense and were thus not always popular with everyone from his wife to his advisors. But, in true entrepreneurial fashion, Hershey stuck to his guns.
By the 1890s, Hershey had become a millionaire with his Lancaster Caramel Co. Demand was growing, operations were expanding and things finally seemed to be going well for Hershey. It was a shock then to many when Hershey decided to sell his company. Why was he voluntarily giving up on the one venture that had finally made him successful? Hershey decided to throw caution to the wind and follow his instincts for brighter opportunities elsewhere.
In 1899, a group of competing caramel manufacturing companies approached Hershey with a proposal to merge and create a monopoly over the market. A tempting offer, Hershey instead decided to sell his entire company to them for one million dollars. He felt that the demand for caramels was just temporary, while chocolates were going to be the next big thing. He was on the verge of immense success when he claimed, “I’ll stake everything on chocolate.” While he now had the capital to launch another company, he knew little of chocolates at the time except that they were not in high demand thus far in America. By following his instincts, Hershey managed to jump on the chocolate bandwagon at just the right time – filling a void in the market that no one had even known was there before.
By 1902, it was clear to Hershey that his growing success and expanding operations along with his need for fresh milk meant that he would have to move locations. He inspected sites in New York, New Jersey and Maryland, but finally settled on his hometown of Derry Township in Pennsylvania. With its sprawling countryside, abundant water supply, access to the railroad, and fresh milk, Hershey was convinced that this would be the perfect location for his new factory.
But, not everyone was as convinced as Hershey. When his wife, Kitty, heard about his intentions, she commented that he ought to have his head examined. Nor did Hershey’s business associates understand the decision as they felt that Derry Township was far too removed from industrial centres and urban markets to be successful. But, Hershey was convinced it was perfect. And so, Hershey began acquiring the land on which his new factory would be built. Three years later, the plant was complete and time would prove Hershey right; with an abundant supply of industrious workers, the availability of fresh milk and unlimited room for growth, Hershey’s factory prospered in its new location. He had chosen the right home for his company after all.
Hershey understood that taking risks that others might have found too chancy was what was going to make or break his career. He often didn’t know what the consequences of his actions would be, but what he did know was that he wasn’t going to succeed by playing it safe.
Lesson 5 Stick To Your Guns
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