A Ten Cent Idea

Manikanta Raju CA,CWA,(CS) (Industry) (4482 Points)

17 June 2010  

When young F. W. Woolworth was a store clerk, he tried to convince his boss to have a ten-cent sale to reduce inventory.

The boss agreed, and the idea was a resounding success. This inspired Woolworth to open his own store and price items at a nickel and a dime. He needed capital for such a venture, so he asked his close friend in the same work to supply the capital for part interest in the store.

His friend turned him down flat. "The idea is too risky," he told Woolworth. "There are not enough items to sell for five and ten cents." Woolworth went ahead without his friend’s support, and he not only was successful in his first store, but eventually he owned a chain of F. W. Woolworth stores across the nation. Later, his friend was heard to remark, "As far as I can figure out, every word I used to turn Woolworth down cost me about a million dollars."

Moral: Believe in yourself.

 

 

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