Effectual Entrepreneurship, Third Edition
Practically Speaking
Making Sweet Success out of Bitter Failure: Milton Hershey
After three failures in the confectionary business, sweet success was found in chocolate innovation by this entrepreneur.
Entrepreneur: Milton Hershy
Entity: Hershey's
Country: USA
Pages 65-66 in
Chapter 5 Failing as the Way Forward (pp. 56-76)
"Born September 13,1857, on a farm near Derry Church, a small Pennsylvania community, Milton Hershey was the only surviving child of Fannie and Henry Hershey. His mother raised him in the strict discipline of the Mennonite faith. Frequent family moves interrupted his schooling and left him with a limited education. He only completed the fourth grade.
A Bitter Start
Following a four-year apprenticeship with a Lancaster candy maker, he established his first candy-making business in Philadelphia. That initial effort failed, and his next two attempts, in Chicago and New York, went bankrupt as well. Returning to Lancaster, Pennsylvania, in 1883, Hershey established the Lancaster Caramel Company, which quickly became an outstanding success. It was this business that established him as a candy maker and set the stage for future accomplishments."
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Video Resources
References & Links
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- Howard Schultz. (n.d.-a). Schultz Family Foundation. Retrieved April 20, 2025, from https://schultzfamilyfoundation.org/team-member/howard-schultz/
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- Starbucks’s Howard Schultz: From Coffee Entrepreneur to Three-Time CEO. (n.d.). WSJ. Retrieved April 20, 2025, from https://www.wsj.com/story/starbuckss-howard-schultz-from-coffee-entrepreneur-to-three-time-ceo-439768fc
- Taylor, K. (2017, December 13). From Brooklyn to Billionaire: The Story of How Howard Schultz Transformed Starbucks Into an $84 Billion Business. Inc. https://www.inc.com/business-insider/howard-schultz-chairman-former-ceo-starbucks-successful-billionaire-coffee.html
- The Man Behind Starbucks Reveals How He Changed the World—YouTube. (n.d.). Retrieved April 20, 2025, from https://www.youtube.com/watch?v=LnA7n9qSB7E&t=255s
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