00:00:26modeling the Masters where we look at
00:00:28the successful strategies of famous
00:00:30entrepreneurs my name is Evan Carmichael
00:00:31and I wanted to start off by thanking
00:00:33everybody who watched the last episode
00:00:35on Harley Davidson we’ve received almost
00:00:383,000 viewers so far and I wanted to
00:00:41continue the tradition today by talking
00:00:43about another successful entrepreneur
00:00:45Milton Hershey now while you may know
00:00:47Hershey foods today for its five billion
00:00:50dollars in revenue eleven thousand
00:00:52employees and all of his chocolate bars
00:00:54when the company was first started it
00:00:57was started by a young entrepreneur
00:00:58Milton Hershey who was eighteen years
00:01:01old had no money to his name and had to
00:01:03borrow $100 to his aunt just to get the
00:01:06company off the ground so today we’re
00:01:08going to learn about three factors that
00:01:10led to his success lesson number one is
00:01:12be persistent when Milton Hershey first
00:01:15got started he moved to Philadelphia
00:01:17started a new candy store and he worked
00:01:1915 16 hour days every day to get the
00:01:22business off the ground he would make
00:01:24his candy overnight and then during the
00:01:26day go out and sell it after six years
00:01:28of trying and trying and trying the
00:01:30company eventually failed to thought I’m
00:01:33going to keep going I’m going to try it
00:01:34again in with the Chicago started the
00:01:36same business that I also failed you
00:01:39didn’t give up move to New Orleans
00:01:41try it again failed again closed down
00:01:43the business start it up again in New
00:01:46York tried to get the business off the
00:01:47ground we’re starting to get a few sales
00:01:49coming in but then he had his entire
00:01:52shop and inventory wrapped by a group of
00:01:55three children so we had to again
00:01:56declare bankruptcy shut down the
00:01:58business and after ten years of trying
00:02:00and trying and trying he didn’t give up
00:02:02he started new businesses again and
00:02:04eventually was able to build this
00:02:06successful company that we know today
00:02:08most entrepreneurs give up way too
00:02:10easily I’m not suggesting spend 10 years
00:02:13of failure to try to get your business
00:02:14off the ground but don’t quit at the
00:02:16first sign of trouble you may have to
00:02:18try something new you may have to move
00:02:19to new market bring new features in sell
00:02:22to new customers don’t give up the first
00:02:25sign of failure most entrepreneurs fail
00:02:27not because they have a
00:02:28idea just because they give up too
00:02:30quickly lesson number two is innovate
00:02:33after trying the same thing over and
00:02:36over and over again in four different
00:02:38cities after 10 years her she decided I
00:02:41gotta try something different so the big
00:02:43innovation that he did was he moved from
00:02:46caramels to chocolate in 1893 there was
00:02:49a new machine that was on the market in
00:02:51Europe that could help mass-produced
00:02:53chocolate so he decided the future was
00:02:56in chocolate he was going to do
00:02:57something different he was going to
00:02:58stand out from everybody else and he was
00:03:00going to be the first guy to make
00:03:02chocolate through machine up until that
00:03:04point
00:03:05chocolate was available but was handmade
00:03:07and for people with a lot of money it
00:03:10was a luxury item and by using the
00:03:12machine he was able to mass-produce
00:03:14chocolate similar to what Henry Ford did
00:03:17for the automobile first she was able to
00:03:19do for the chocolate industry so finally
00:03:21he realized I got to do something
00:03:23different I got to get out there I gotta
00:03:24innovate and he was the first one to
00:03:26bring mass-produced chocolate to the
00:03:28North American market which is one of
00:03:30the main reasons why he was able to
00:03:32achieve such success so look at your own
00:03:34business are you doing something
00:03:35different are you standing out from the
00:03:37market are you being innovative do
00:03:39something that is unique that nobody
00:03:40else has because if you’re doing the
00:03:42same thing that everybody else is doing
00:03:44in selling the same product same service
00:03:46in the same way then you could spend 10
00:03:48years of your life like Milton Hershey
00:03:50did trying and trying and trying and not
00:03:53getting anywhere it’s not until you
00:03:55stand out and do something different
00:03:56that you’re really going to be able to
00:03:57take your company to that next level of
00:03:59success lesson number three is treat
00:04:02people with respect when Milton Hershey
00:04:05after ten years of failure came back
00:04:07home his parents actually disowned them
00:04:09they didn’t want anything to do with
00:04:11them they thought he was a failure he
00:04:13spent ten years and all this money
00:04:14basically wasting his time in their
00:04:16opinion so yet nowhere to go the only
00:04:19person he was able to call on was
00:04:20actually one of his former employees
00:04:22Henry who gave him room and board who
00:04:25helped pay for him to be able to bring
00:04:26his equipment back from New York so we
00:04:28can start up shop all over again
00:04:30and it was only because he treated his
00:04:32employees so well prior that he was able
00:04:34to call on them to be able to help him
00:04:36out when he really needed help he
00:04:38believed in that philosophy even when he
00:04:40got richer and was doing a lot better
00:04:42with this company the classic example is
00:04:45in 1929 when everything crashed started
00:04:47the Great Depression he was in the
00:04:49process of building new constructions
00:04:51for his little town and somebody came to
00:04:55him with an invention it was a steam
00:04:56shovel they said this steam shovel can
00:04:58help you save a lot of costs it can cut
00:05:00the work of 40 employees and have one
00:05:03person do the job of 40 and he said look
00:05:06at what’s going on in the economy these
00:05:07days get rid of the shovel hire the 40
00:05:10workers and he was able to build up a
00:05:13lot of community support because of his
00:05:16philosophy of being able to continue to
00:05:18give back help others and be respectful
00:05:20so think about your own business
00:05:22think about the people you’ve seen your
00:05:23daily lives your employees your
00:05:25partner’s your investors your customers
00:05:27the media anybody would come across your
00:05:30next-door neighbor try to treat them
00:05:31with respect because you never know when
00:05:33you’re going to need to call on their
00:05:34help someday for your business I hope
00:05:37you’ve enjoyed this edition of modeling
00:05:39the masters I wanted to remind you that
00:05:41Milton Hershey started the business was
00:05:43an 18 year old kid didn’t know anything
00:05:45had no money the hundred dollar loan
00:05:47from his aunt to get the business
00:05:48started and he was able to build it up
00:05:50where now it’s a five billion dollar
00:05:52company with 11,000 employees you can
00:05:55achieve the same results with your
00:05:56business if you really want to follow
00:05:59the lessons from Milton Hershey if you
00:06:01are persistent if you innovate any treat
00:06:03people with respect you too can build a
00:06:06great company I hope you’ve enjoyed this
00:06:08edition if you want to learn more about
00:06:10famous entrepreneurs you can check out
00:06:13our website at Evan Carmichael com
00:06:14and I’ve recently launched a new blog as
00:06:17well the link is listed below that just
00:06:19talks about the famous entrepreneurs and
00:06:20how to model the success of famous
00:06:22entrepreneurs I also wanted to thank our
00:06:25sponsors
00:06:26fanta media for all the great video work
00:06:27that they’ve done on these episodes
00:06:29and I look forward to seeing you at the
00:06:31next edition of modeling the Masters
00:06:40you
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