Chap 6

Writing a Business Plan 5

Capital Required Indicate the amount of capital needed to commence or continue operations, and describe how these funds are to be used. Make sure the totals are the same as the ones on the cash flow statement. This area will receive a great deal of review from potential investors, so it must be clear and concise.

Small-Business Success and Failure List w Image (On Success)

Choosing the right type of business is critical. Many businesses with low failure rates require advanced training to start—veterinary services, dental practices, medical practices, and so on. While training and degrees may buy security, they do not tend to produce much growth—one dentist can fill only so many cavities. If you want to be both independent and rich, you need to go after growth. Often high-growth businesses, such as technology firms, are not easy to start and are even more difficult to keep going. The easiest businesses to start have the least growth and greatest failure rate (like restaurants). The easiest to keep alive are difficult to get started (like manufacturing). And the ones Page 152that can make you rich are both hard to start and hard to keep going (like automobile assembly).

Encouraging Entrepreneurship: What Government Can Do 3 Cont

A few states offer assistance to qualified candidates under the Self-Employment Assistance (SEA) program. The program allows participants to collect unemployment checks while they build their businesses. Participants often get training and counseling as well. Unemployment checks may not seem like much, but many business owners say they are enough to help them launch their companies without depleting savings to pay for living expenses until their businesses are strong enough to support them.19

Writing a Business Plan

A good business plan takes a long time to write, but you've got only five minutes, in the executive summary, to convince readers not to throw it away. Since bankers receive many business plans every day, the summary has to catch their interest quickly. An outline of a comprehensive business plan follows. There's no such thing as a perfect business plan; even the most comprehensive business plan changes as the new business evolves.29

Looking for Help 1

A necessary and invaluable aide is a competent, experienced lawyer who knows and understands small businesses. Lawyers can help with leases, contracts, partnership agreements, and protection against liabilities. They don't have to be expensive. In fact, several prepaid legal plans offer services such as drafting legal documents for a low annual rate. Of course, you can find plenty of legal services online.

MANAGING A SMALL BUSINESS

According to the Small Business Administration, one of the major causes of small-business failures is poor management. Keep in mind, though, that poor management covers a number of faults. It could mean poor planning, cash flow management, recordkeeping, inventory control, promotion, or employee relations. Most likely it includes poor capitalization.

JOB-CREATING exp 6

Amazon.com began with investments by founder Jeff Bezos's family and friends. Bezos's parents invested $300,000, a huge portion of their retirement account. Today they are billionaires.

Financing Your Small Business 4 cont 2

An SBIC must have a minimum of $5 million in capital and can borrow up to $2 from the SBA for each $1 of capital it has. It lends to or invests in small businesses that meet its criteria. Often SBICs are able to keep defaults to a minimum by identifying a business's trouble spots early, giving entrepreneurs advice, and in some cases rescheduling loan payments.

Financing Your Small Business 1

An entrepreneur has several potential sources of capital: personal savings; family and business associates; banks and finance institutions; angels, crowdfunding, and venture capitalists; and government agencies such as the Small Business Administration (SBA), the Farmers Home Administration, the Economic Development Authority, and the Minority Business Development Agency.30

Entrepreneurial Teams

An entrepreneurial team is a group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make, and market a new product. A team may be better than an individual entrepreneur because team members can combine creative skills with production and marketing skills right from the start. Having a team also can ensure more cooperation and coordination later among functions in the business.

Encouraging Entrepreneurship: What Government Can Do 2

Another way to encourage entrepreneurship is enterprise zones, specific geographic areas to which governments attract private business investment by offering lower taxes and other government support. These are also sometimes called empowerment zones or enterprise communities.

Managing Your Employees 2

As you might expect, entrepreneurs who have built their companies from scratch often feel compelled to promote employees who have been with them from the start—even when they aren't qualified to serve as managers. Common sense tells you this could hurt the business. The idea that you must promote or can't fire people because "they're family" can also hinder growth. Entrepreneurs best serve themselves and the business if they gradually recruit and groom employees for management positions, enhancing trust and support between them. You'll learn more about managing employees in Chapters 7 through 12.

Planning Your Business

At this stage the entrepreneur needs a business plan. A business plan is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s). A business plan forces potential small-business owners to be quite specific about the products or services they intend to offer. They must analyze the competition, calculate how much money they need to start, and cover other details of operation. A business plan is also mandatory for talking with bankers or other investors.

JOB-CREATING exp 2

Avon, the familiar beauty products retailer, started in 1886 with $500 David McConnell borrowed from a friend.

SMALL-BUSINESS PROSPECTS

Beside the fact that most of the world's market lies outside the United States, there are other good reasons for going global. Exporting can absorb excess inventory, soften downturns in the domestic market, and extend product lives. It can also spice up dull routines.

Financing Your Small Business 2

Community development financial institutions (CDFIs) may be a source of funding for businesses in lower-income communities. CDFIs played a big role in the economic recovery. CDFIs succeeded even after the credit bubble because they maintained the financial discipline other lenders lacked.34 They have the incentive to make sure their clients succeed because, if borrowers don't repay their loans, the CDFIs take the hit, not investors. Only 1 percent of their loans were not paid back in the last three decades.35 CDFIs don't just loan money. More importantly, they provide business counseling such as helping owners learn how to develop marketing strategies, manage inventory, and improve cash flow.

Writing a Business Plan 2

Company Background Describe company operations to date (if any), potential legal considerations, and areas of risk and opportunity. Note: Summarize the firm's financial condition, and include past and current balance sheets, income and cash flow statements, and other relevant financial records (you will read about these financial statements in Chapter 17). It is also wise to include a description of insurance coverage. Investors want to be assured that death or other mishaps do not pose major threats to the company.

JOB-CREATING exp 1

DuPont, which manufactures thousands of products under such brand names as Teflon and Lycra, was started in 1802 by French immigrant Éleuthère Irénée du Pont de Nemours. Some 18 shareholders provided $36,000 in start-up money.

Entrepreneurship within Firms

Entrepreneurship in a large organization is often reflected in the efforts and achievements of intrapreneurs, creative people who work as entrepreneurs within corporations. The idea is to use a company's existing resources—human, financial, and physical—to launch new products and generate new profits.

Writing a Business Plan 1

Executive Summary Begin with a two-page or three-page management summary of the proposed venture. Include a short description of the business, and discuss major goals and objectives.

Writing a Business Plan 4

Financial Plan Provide five-year projections for income, expenses, and funding sources. Don't assume the business will grow in a straight line. Adjust your planning to allow for funding at various stages of the company's growth. Explain the rationale and assumptions used to determine the estimates. Assumptions should be reasonable and based on industry/historical trends. Make sure all totals add up and are consistent throughout the plan. If necessary, hire a professional accountant or financial analyst to prepare these statements. Stay clear of excessively ambitious sales projections; rather, offer best-case, expected, and worst-case scenarios. These not only reveal how sensitive the bottom line is to sales fluctuations but also serve as good management guides.

Take Over a Successful Firm (1)

Find a successful businessperson who owns a small business. Tell him or her you are eager to learn the business and would like to serve an apprenticeship; that is, a training period. Say that at the end of the training period (one year or so), you would like to help the owner or manager by becoming assistant manager. Thus you can free the owner to take off weekends and holidays and have a long vacation—a good deal for him or her. For another year or so, work very hard to learn all about the business—suppliers, inventory, bookkeeping, customers, promotion. At the end of two years, make this offer: The owner can retire or work only part time, and you will take over management of the business. You can establish a profit-sharing plan with the owner plus pay yourself a salary. Be generous with yourself; you'll earn it if you manage the business. You can even ask for 40 percent or more of the profits.

JOB-CREATING POWER OF ENTREPRENEURS IN THE UNITED STATES

For those who want more control over their destinies, working in or starting a small business makes sense. Entrepreneurship is accepting the risk of starting and running a business.

JOB-CREATING exp 5

Ford Motor Company began with an investment of $28,000 by Henry Ford and 11 associates.

JOB-CREATING exp 3

George Eastman launched photographic giant Kodak in 1880 with a $3,000 investment.

Micropreneurs and Home-Based Businesses (List of items 2)

Getting new customers. Getting the word out can be difficult because you don't have a retail storefront. Managing time. You save time by not commuting, but it takes self-discipline to use that time wisely. Keeping work and family tasks separate. It's great to be able to throw a load of laundry in the washer in the middle of the workday if you need to, but you have to keep such distractions to a minimum. It also takes self-discipline to leave your work at the office if the office is at home.

Action-oriented.

Great business ideas are not enough. Most important is a burning desire to realize, actualize, and build your dream into reality.

Take Over a Successful Firm (3)

If profit sharing doesn't appeal to the owner, you may want to buy the business outright. As more baby boomers reach retirement age, there will be an increasing number of businesses for sale.26 In fact, a record number of small businesses were sold in 2016.27 How do you determine a fair price for a business? Value is based on (1) what the business owns, (2) what it earns, and (3) what makes it unique. Naturally, an accountant will need to help you determine the business's value.28

Learn from Others

Investigate your local community college for classes on small business and entrepreneurship; there are thousands of such programs throughout the United States. Many bring together entrepreneurs from diverse backgrounds who form helpful support networks.25 Talk to others who have already done it. They'll tell you that location is critical and caution you not to be undercapitalized; that is, not to start without enough money. They'll warn you about the problems of finding and retaining good workers. And, most of all, they'll tell you to keep good records and hire a good accountant and lawyer before you start. Free advice like this is invaluable.

You may have a business idea that is a good opportunity if:

It fills customers' needs. You have the skills and resources to start a business. You can sell the product or service at a price customers are willing and able to pay—and still make a profit. You can get your product or service to customers before your window of opportunity closes (before competitors with similar solutions beat you to the marketplace). You can keep the business going.

Managing Your Employees 1

It is not easy to find good help when you offer less money, skimpier benefits, and less room for advancement than larger firms do. That's one reason good employee relations are important for small-business management. Employees of small companies are often more satisfied with their jobs than are their counterparts in big business. Why? Quite often they find their jobs more challenging, their ideas more accepted, and their bosses more respectful.40 Often entrepreneurs are reluctant to recognize that to keep growing, they must delegate authority to others. Who should have this delegated authority, and how much? This can be a particularly touchy issue in small businesses with long-term employees and in family businesses.

GETTING STARTED IN SMALL BUSINESS

It may be easier to identify with a small neighborhood business than with a giant global firm, yet the principles of management are similar for each. The management of charities, government agencies, churches, schools, and unions is much the same as the management of small and large businesses. So, as you learn about small-business management, you will take a giant step toward understanding management in general. All organizations demand capital, good ideas, planning, information management, budgets (and financial management in general), accounting, marketing, good employee relations, and good overall managerial know-how.

Highly energetic.

It's your business, and you must be emotionally, mentally, and physically able to work long and hard. Employees have weekends and vacations; entrepreneurs often work seven days a week and don't take vacations for years. Working 18-hour days in your own business can be exhausting, but most entrepreneurs think it is better than working long hours for someone else.

Writing a Business Plan 7

Location Analysis In retailing and certain other industries, the location of the business is one of the most important factors. Provide a comprehensive demographic analysis of consumers in the area of the proposed business as well as a traffic-pattern analysis and vehicular and pedestrian counts.

Looking for Help 3

Make your marketing decisions long before you introduce a product or open a store. An inexpensive marketing research study may help you determine where to locate, whom to Page 160select as your target market, and what is an effective strategy for reaching it. Thus a marketing consultant with small-business experience can be of great help to you, especially one who has had experience with building websites and using social media.

Writing a Business Plan 3

Management Team Include an organization chart, job descriptions of listed positions, and detailed résumés of the current and proposed executives. A mediocre idea with a proven management team is funded more often than a great idea with an inexperienced team. Managers should have expertise in all disciplines necessary to start and run a business. If not, mention outside consultants who will serve in these roles and describe their qualifications.

Writing a Business Plan 8

Manufacturing Plan Describe minimum plant size, machinery required, production capacity, inventory and inventory-control methods, quality control, plant personnel requirements, and so on. Estimates of product costs should be based on primary research.

Independence.

Many entrepreneurs simply do not enjoy working for someone else. They want to be the ones to make the decisions that lead to their success or failure. They want to be free to roam, create, work, and delegate.

Micropreneurs and Home-Based Businesses (List of items)

Many home-based businesses are owned by people combining career and family. Don't picture just moms with young children; nearly 60 percent are men.8 Here are more reasons for the growth of home-based businesses: Computer technology has leveled the competitive playing field, allowing home-based businesses to look and act as big as their corporate competitors. Broadband Internet connections, smartphones, and other technologies are so affordable that setting up a business takes a much smaller initial investment than it once did. Corporate downsizing has led many to venture out on their own. Meanwhile, the work of the downsized employees still needs to be done, and corporations are outsourcing much of it to smaller companies. Social attitudes have changed. Whereas home-based entrepreneurs used to be asked when they were going to get a "real" job, they are now likely to be asked for how-to-do-it advice. Newer tax laws have loosened restrictions on deducting expenses for home offices.

Writing a Business Plan 6

Marketing Plan Don't underestimate the competition. Review industry size, trends, and the target market segment. Sources like the Rand McNally Commercial Atlas and Marketing Guide can help you put a plan together. Discuss strengths and weaknesses of the product or service. The most important things investors want to know are what makes the product more desirable than what's already available and whether the product can be patented. Compare pricing to the competition's. Forecast sales in dollars and units. Outline sales, advertising, promotion, and public relations programs. Make sure the costs agree with those projected in the financial statements.

Turning Your Passions and Problems into Opportunities

Most entrepreneurs don't get ideas for products and services from some flash of inspiration. The source of innovation is more like a flashlight. Imagine a search party walking in the dark, shining lights, looking around, asking questions, and looking some more. "That's how most creativity happens," says business author Dale Dauten. "Calling around, asking questions, saying 'What if?' till you get blisters on your tongue."

Micropreneurs and Home-Based Businesses

Not everyone who starts a business wants to grow a mammoth corporation. Some are interested in maintaining a balanced lifestyle while doing the kind of work they want to do. Such business owners are called micropreneurs. While other entrepreneurs are committed to the quest for growth, micropreneurs know they can be happy even if their companies never appear on a list of top-ranked businesses.

Looking for Help 4

Often business professors from local colleges will advise small-business owners free or for a small fee. Some universities have clubs or programs that provide consulting services by master of business administration (MBA) candidates for a nominal fee. The University of Maryland and Virginia Tech have internship programs that pair MBA students with budding companies in local incubator programs. The incubator companies pay half the intern's salary, which is around $20 an hour.

Knowing Your Customers 2

One of the greatest advantages small businesses have is the ability to know their customers better and adapt quickly to their ever-changing needs. The only way to know what your customers' needs are is to listen, listen, listen. Don't let your passion and ego get in the way of changing your products or services to fit what customers really want. You will gain more insights about markets in Chapters 13 through 16. Now let's consider effectively managing the employees who help you serve your market.

JOB-CREATING def

One of the major issues in the United States continues to be the need to create more jobs. You can begin to understand the job-creating power of entrepreneurs when you look at some of the great U.S. entrepreneurs from the past and the present. The history of the United States is the history of its entrepreneurs. Consider just a few of the many who have helped shape the U.S. economy:

Knowing Your Customers 1

One of the most important elements of small-business success is knowing the market, which consists of consumers with unsatisfied wants and needs who have both resources and willingness to buy. Most of our students have the willingness to own a brand-new Maserati sports car. However, few have the resources necessary to satisfy this want. Would they be a good market for a luxury car dealer?

Cover Letter

Only one thing is certain when you go hunting for money to start a business: You won't be the only hunter out there. You need to make potential funders want to read your business plan instead of the hundreds of others on their desks. Your cover letter should summarize the most attractive points of your project in as few words as possible. Be sure to address the letter to the potential investor by name. "To whom it may concern" or "Dear Sir or Madam" is not the best way to win an investor's support.

Here are some reasons people are willing to take the entrepreneurial risk:1 WHY PEOPLE TAKE THE ENTREPRENEURIAL CHALLENGE

Opportunity. Profit. Independence. Challenge.

Encouraging Entrepreneurship: What Government Can Do

Part of the Immigration Act passed by Congress in 1990 was intended to encourage more entrepreneurs to come to the United States. The act created a category of "investor visas" that allows 10,000 people to come to the United States each year if they invest at least $500,000 in an enterprise that creates or preserves 10 jobs. Some people are promoting the idea of increasing the allowed number of such immigrants. They believe the more entrepreneurs that can be drawn to the United States, the more jobs will be created and the more the economy will grow.

JOB-CREATING exp 4

Procter & Gamble, now a multinational marketer of household products, was formed in 1837 by William Procter, James Gamble, and a total of $7,000 in capital.

Profit.

Profit is another important reason to become an entrepreneur. Bill Gates, who cofounded Microsoft, is the richest person in the United States and one of the richest people in the world.

What Does It Take to Be an Entrepreneur? cont

Self-directed. Self-nurturing. Action-oriented. Highly energetic. Tolerant of uncertainty.

Importance of Small Businesses

Since 65 percent of the nation's new jobs are in small businesses, there's a very good chance you'll either work in a small business someday or start one. In addition to providing employment opportunities, small firms believe they offer other advantages over larger companies—more personal customer service and the ability to respond quickly to opportunities.

Small versus Big Business (Requirement 2 list)

Small businesses account for more than 50 percent of the gross domestic product (GDP). Nearly 600,000 tax-paying, employee-hiring businesses are started every year. Small businesses have generated 65 percent of the new jobs since 1995. Small businesses employ about half of all private-sector employees. About 80 percent of U.S. workers find their first jobs in small businesses.

SMALL-BUSINESS PROSPECTS (adventage)

Small businesses have several advantages over large businesses in international trade: Overseas buyers often enjoy dealing with individuals rather than with large corporate bureaucracies. Small companies can usually begin shipping much faster. Small companies can provide a wide variety of suppliers. Small companies can give customers personal service and undivided attention because each overseas account is a major source of business to them.

Keeping Records

Small-business owners often say the most important assistance they received in starting and managing their business was in accounting. A businessperson who sets up an effective accounting system early will save much grief later. Accurate recordkeeping enables a small-business owner to follow daily sales, expenses, and profits, as well as help owners with inventory control, customer records, and payroll.

Challenge.

Some people believe that entrepreneurs are excitement junkies who thrive on risk. Entrepreneurs take moderate, calculated risks; they don't just gamble. In general, though, entrepreneurs seek achievement more than power.

Encouraging Entrepreneurship: What Government Can Do 3

States are also creating incubators and technology centers to reduce start-up capital needs. Incubators offer new businesses in the critical stage of early development low-cost offices with basic services such as accounting, legal advice, and secretarial help. According to a recent study conducted by the National Business Incubator Association (NBIA), 87 percent of incubator graduates remain in business.

Tolerant of uncertainty.

Successful entrepreneurs take only calculated risks (if they can help it). Still, they must be able to take some risks. Remember, entrepreneurship is not for the squeamish or those bent on security. You can't be afraid to fail. Many well-known entrepreneurs failed several times before achieving success. The late football coach Vince Lombardi summarized the entrepreneurial philosophy when he said, "We didn't lose any games this season, we just ran out of time twice." New entrepreneurs must be prepared to run out of time a few times before they succeed.

Looking for Help 2

The SBA offers plain-English guides and mini-tutorials that will help you gain a basic understanding of the laws that affect each phase of the life of a small business. FindForms.com offers a search tool that helps you find free legal forms from all over the web as well as advice, links, books, and more. Remember, "free" isn't a bargain if the information isn't correct, so check the sources carefully and double-check any legal actions with an attorney.

Small versus Big Business (Requirement 1 and def)

The Small Business Administration (SBA) defines a small business as one that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts (such as under $2.5 million a year for service businesses). A small business is considered "small" only in relationship to other businesses in its industry. A wholesaler may sell up to $22 million and still be considered a small business by the SBA.

Financing Your Small Business 4

The Small Business Administration (SBA) is a U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans (see Figure 6.5). The SBA started a microloan demonstration program in 1991. The program provides very small loans (up to $50,000) and technical assistance to small-business owners. Rather than award loans based on collateral, credit history, or previous business success, the program judges worthiness on belief in the borrowers' integrity and the soundness of their business ideas.38

Opportunity.

The opportunity to share in the American Dream is a tremendous lure. Many people, including those new to this country, may not have the skills for today's complex organizations, but they do have the initiative and drive to work the long hours demanded by entrepreneurship. The same is true of many corporate managers who leave corporate life (by choice or after downsizing) to run businesses of their own. Others, including an increasing number of Millennials, women, minorities, older people, and people with disabilities, find that starting their own businesses offers them more opportunities than working for others.

Take Over a Successful Firm (2)

The owner benefits by keeping ownership in the business and making 60 percent of what he or she earned before—without having to work. You benefit by making 40 percent of the profits of a successful firm. This is an excellent deal for an owner about to retire—he or she is able to keep the firm and a healthy profit flow. It is also a clever and successful way to share in the profits of a successful small business without making any personal monetary investment.

Online Businesses

There is a multitude of small businesses selling everything online from staplers to refrigerator magnets to wedding dresses. In 2016, online retail sales reached over $381 billion, or approximately 8 percent of all retail sales.9 Forrester Research predicts that online retail sales will reach $500 billion by 2020.10

Get Some Experience

There is no better way to learn small-business management than by becoming an apprentice or working for a successful entrepreneur. Many small-business owners got the idea for their businesses from their prior jobs. The rule of thumb is: Have three years' experience in a comparable business first.

JOB-CREATING def

These stories have much in common. One or a couple of entrepreneurs had a good idea, borrowed some money from friends and family, and started a business. That business now employs thousands of people and helps the country prosper. The United States has plenty of entrepreneurial talent. Names such as Mark Zuckerberg (Facebook), Michael Dell (Dell Inc.), Bill Gates (Microsoft), Howard Schultz (Starbucks), Jack Dorsey (Twitter), and Chad Page 143Hurley and Steve Chen (YouTube) have become as familiar as those of the great entrepreneurs of the past.

Self-nurturing.

You must believe in your idea even when no one else does, and be able to replenish your own enthusiasm. When Walt Disney suggested the possibility of a full-length animated feature film, Snow White, the industry laughed. His personal commitment and enthusiasm caused the Bank of America to back his venture. The rest is history.

MANAGING A SMALL BUSINESS (List)

To help you succeed as a business owner, in the following sections we explore the functions of business in a small-business setting: Planning your business. Financing your business. Knowing your customers (marketing). Managing your employees (human resource development). Keeping records (accounting). Although all the functions are important in both the start-up and management phases of the business, the first two—planning and financing—are the primary concerns when you start your business.

Financing Your Small Business 3

Venture capitalists may finance your project—for a price. Venture capitalists may ask for a hefty stake in your company (as much as 60 percent) in exchange for the cash to start your business. If the venture capitalist takes too large a stake, you could lose control of the business. Since the widespread failure of early web start-ups, venture capitalists have been willing to invest less and expect more return on their investment if the new company is sold.36 Therefore, if you're a very small company, you don't have a very good chance of getting venture capital. You'd have a better chance finding an angel investor or using crowdfunding.

Financing Your Small Business 4 cont 1

You may also want to consider requesting funds from the Small Business Investment Company (SBIC) Program. SBICs are private investment companies licensed by the SBA to lend money to small businesses.

Self-directed.

You should be self-disciplined and thoroughly comfortable being your own boss. You alone will be responsible for your success or failure.

SMALL-BUSINESS PROSPECTS

getting started in global business. Why are so many missing the boat to the huge global markets? Primarily because the voyage includes a few major hurdles: (1) financing is often difficult to find, (2) would-be exporters don't know how to get started and do not understand the cultural differences between markets, and (3) the bureaucratic paperwork can threaten to bury a small business.

What Does It Take to Be an Entrepreneur?

learn about the managerial and leadership skills needed to run a firm. However, you may not have the personality to assume the risks, take the initiative, create the vision, and rally others to follow your lead. Such personality traits are harder to learn or acquire than academic skills are. A list of entrepreneurial attributes to look for in yourself includes:2

LEARNING ABOUT SMALL-BUSINESS OPERATIONS

learn from others, get some experience, take over a successful firm

Small-Business Success and Failure

lists reasons for small-business failures, among them managerial incompetence and inadequate financial planning. Note: Keep in mind that when a business fails, it is important that the owners learn from their mistakes. Some entrepreneurs who have suffered flops are more realistic than novice entrepreneurs. Because of the lessons they've learned, they may be more successful in their future ventures. Milton Hershey, for example, tried starting candy businesses in Chicago and New York and failed both times. He could have followed in the footsteps of his father, a dreamer who lacked the perseverance and work ethic to stick to an idea long enough to make it work. Instead Hershey kept trying and eventually built not only the world's largest candy company, but also schools, churches, and housing for his employees.