Joseph Lampel - The Resilient Decision-Maker Navigating Challenges in Business and Life

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Copyright 2019 Joseph Lampel, Aneesh Banerjee, Ajay Bhalla

All rights reserved.

The Resilient Decision-Maker

Navigating Challenges in Business and Life

ISBN 978-1-5445-0412-4

Dedications

Joseph: For Estelle

Aneesh: For Divya

Ajay: For Khushi, Arya, and Raghuvir

Milton is twenty-nine. He is penniless.

In his short life to date, Milton has tried to build two businesses. Both have failed miserably. With two disastrous ventures at his back, he has been forced to declare bankruptcy. His credibility is in the gutter. His family, who have previously stood by him, are no longer willing to lend him more money or support him in any further entrepreneurial schemes.

Although Milton is not one to give up, at times it must seem to him that failure runs in his family. His father, Henry, is also an aspiring entrepreneur with a list of failures that easily dwarfs Miltons. Henry has failed in business no fewer than seventeen times. Following each failure, Henry has uprooted his family and moved to a new city to try again. The dashed hopes and constant turmoil have taken their toll on the family: Miltons parents have separated, and his father has abandoned the family in pursuit of elusive success.

What do you think of Milton at this point? Maybe youve already decided that he is a poor decision-maker with an unrealistic view of his own abilities. Perhaps he should curb his ambition and settle for a steady job and a life plan more suited to his talents. If thats your assessment, who would blame you? Given his litany of missteps and setbacks, Milton would arguably be lucky to attain even that much success.

In fact, Milton did try to find steady employment, but he did not settle for the quiet life. While he was trying new businessesand failing repeatedlyhe was also observing and learning. In due course, he established the Hershey Chocolate Company and never looked back. In 2018, more than seventy years after his death, the firm that bears his name still maintains a market cap of $20 billion and a 30 percent market share in its sector. Today, one can purchase Hersheys chocolate in myriad forms: the famous Hershey bar, Hersheys Kisses, Twizzlers, Reeses Peanut Butter Cups, and dozens more varieties.

If failure challenged Milton Hershey in one way, his initial taste of success presented him with a different test. His first successful company was, in fact, a caramel company. He could have stopped right there and enjoyed the life of a prosperous businessman, but he wanted to go further. To the consternation of his friends and family, he decided to sell the caramel company and focus his energies on creating the milk chocolate bar. In explaining his decision, he famously commented that caramels are just a fad, but chocolate is a permanent thing.

In Hersheys time, chocolate was expensive to produce and had a short shelf life. He wanted to challenge the industry belief that chocolate was inevitably the preserve of the upper classes by making it affordable and available to people from all walks of life. This required him to develop a new formula and overcome numerous production problems. Eventually, however, after much trial and error, Hershey succeeded in pioneering what has become one of the most popular foods on the planet.