These are trying times. Businesses, both small and large, have had to find innovative ways to remain afloat and competitive during an unprecedented and challenging period, particularly because a raging pandemic is still lingering in our lives. I’ve lost track of how many times business owners have discussed difficulties since the pandemic struck last year. I’ve seen companies close or switch entirely to online sales, leaving yet another vacant storefront. It’s discouraging, and my heart breaks for all company owners and entrepreneurs who are struggling to realize their ambitions.
Apart from the pandemic, many entrepreneurs have experienced rejection or disappointment even before 2021. While many could have easily moved on to a more stable career than entrepreneurship, they stuck it out and grew into something greater than their failures. That is why I believe it is important to highlight some of the most effective entrepreneurship stories, especially those that were on the verge of quitting. Many of the world’s most well-known businesses and entrepreneurs came dangerously close to abandoning their ambitions and fading from memory.
HENRY FORD
I believe most people are familiar with the name Henry Ford. If you don’t know, Ford is best known for inventing the assembly line in the car industry. His invention made cars more accessible to the general public and less of a luxury item. Ford, on the other hand, was denied funding twice by investors who believed he was taking too long to finalize his idea. Ford, ever the tenacious man, didn’t give up and eventually found a foreign investor willing to take a chance. The bigger the risk, the bigger the reward, as the saying goes. Ford is still a well-known and valued automotive giant as a result of that danger.
JEFF BEZOS
It’s difficult to believe that the Amazon behemoth has ever faced challenges, particularly given the company’s current degree of global clout. However, Bezos, like many others, failed miserably when he first entered the business world. His first venture, Zshops, an online auction site, never took off and eventually collapsed. This failure served as the catalyst for his development of Amazon Marketplace, which we now know.
MILTON HERSHEY
Milton Hershey, the well-known candy magnate, failed miserably in his first business venture. Before founding the Lancaster Carmel Company, Hershey was not only fired from his apprenticeship as a printer, but his first three candy business attempts also failed.
Hershey sold his caramel company for $1 million (equivalent to $31 million today) in 1900. Hershey opened the first Hershey factory in Hershey, Pennsylvania, five years later, in a region with plenty of land and other resources to grow his business. Hershey eventually opened a popular amusement park and developed other popular candy treats like Almond Joy, Reese’s, and Twizzlers.
ARIANNA HUFFINGTON
Not only did the famous Huffington Post (now HuffPost) figurehead lose her bid for Governor of California, receiving only 1% of the vote, but her second book was also rejected by 36 publishers. It’s difficult to imagine anyone so well-known and respected in the entrepreneur and publishing worlds ever failing. This experience, however, was crucial for Huffington because she used it as a springboard for her future endeavors, especially when it came to overcoming setbacks.
