Failure is an important tool in helping you grow. Sometimes you need to fail in order to unlock your potential and move on to greater things. This is the story of Frank Winfield Woolworth who is the founder of the famous Woolworths Company.
He was born in New York to a family that was into farming. They lived near the Great Bend River. He joined the business but later on opted to branch out slightly and worked in a dry goods store. This was because the family did not produce much and therefore they were fairly poor. In fact, their relatives made much more. The manager of the store did not allow him to handle some tasks because he insisted that he did not have the common sense for it. The store used to have a clearance sale to clear out its stock. During this time, the store would also incorporate a merchandising strategy that involved paying five cents only for an item. This concept intrigued Frank Winfield. He knew he was onto something.
Frank borrowed $300 and opened a five cents store in New York. He would price every item at five cents. With all the hope he had, the store only survived a few weeks and failed after that. Frank Winfield refused to give up. This was in 1879. After that, he opened another store in Pennsylvania but added ten cents merchandise. Finally, his idea paid off, and the store became a success. He tried opening two more of the same stores, but they all failed.
Frank Winfield was still determined to find a way to make his dream come true. He moved on to Scranton and opened another store. This time he started incorporating other family members. His brother ran the shop. Later on, Frank and his brother teamed up to open five-and-ten-cents stores which became wildly successful. Consolidation and incorporation of FW Woolworth Company was in 1911. Woolworth died in 1919, leaving behind over 1,000 stores.
Frank Winfield was a merchant. He left behind a legacy of impressive discount stores that set the pace for other stores in the world. His stores were actually the first to purchase merchandise directly from manufacturers and then sell the same to customers at a fixed price.
If Frank Woolworth had given up on his dream when the first store failed, he would not have left the legacy that he did. He would not have introduced the idea of discount stores into the world and would have never discovered his potential. He would not have determined to change the course of his life without the discouragement from the owner of the shop he first worked in. basically, all his failures and setbacks set him up for success later on.
Like many other people who have learned from failure, Frank Winfield Woolworth rose above his negative circumstances and became a force to reckon with. You can learn from his experience and rise above any hurdle or setback to become a success.