Entrepreneurs do suffer for quite a number of failures
before they are successful. That’s not
to say that they rust in with reckless decision making but sometimes even if
they did make the best decision possible, things might not always go according
to the exact plan. Just like the old
adage, “nothing ventured, nothing gained” means never feel afraid to fail, just
go with the flow and give it your best shot.
In fact, failure can teach many lessons to those who willingly to give a
try and often it leads to a bright future successes.
For example, the America’s favourite ketchup maker, Henry
J. Heinz was actually started out his career as a horseradish peddler as it was
a popular condiment especially among English and German immigrant
families. In 1869, he formed Heinz Noble
& Co with his friend, L.C Noble and for the first five years the sales was
good due to good reputation brought by the company until the Panic of
1873. The economic was despressed and
Heinz could not pay his creditors or employees so he and his friend filed for
bankruptcy in 1975.
He never give up as he form a new company, H.J Heinz
Company along with his brother John Heinz and cousin Frederick Heinz a year
later with ketchu as their first product.
The company grew rapidly so they adding more products such as baked
beans and pickles. Heinz served as the
president until he died in 1919.
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