Thursday, February 24, 2011

How Marshall field succeeded.

Marshall Field (born Aug. 18, 1834, near Conway, Mass., U.S. — died Jan. 16, 1906, New York, N.Y.) was an U.S. department-store owner. Born on a farm, he became an errand boy for a dry-goods store at age 16. He moved to Chicago and was hired in 1856 by a mercantile house, in which he later attained full partnership. In 1867 he and a partner bought the merchandising firm they had joined two years earlier, and in 1888 he bought out his partner, creating Marshall Field and Co. In his store Field emphasized customer service, liberal credit, the one-price system, and the acceptance of returned merchandise. His department store was the first to have a restaurant for shoppers. A classic rags to riches story!

"What, Mr. Field," I said, "do you consider to be the first requisite for success in life, so far as the young beginner is concerned?"

"The qualities of honesty, energy, frugality, and integrity are more necessary than ever today, and there is no success without them. They are so often urged that they have become commonplace, but they are really more prized than ever. And any good fortune that comes by such methods is deserved and admirable."

"Do you believe a college education for the young man to be a necessity in the future?"

Not for business purposes. Better training will become more and more a necessity. The truth is, with most young men, a college education means that just at the time when they should be having business principles instilled into them, and be getting themselves energetically pulled together for their life's work, they are sent to college. Then intervenes what many a young man looks back on as the jolliest time of his life — four years of college. Often when he comes out of college the young man is unfitted by this good time to buckle down to hard work, and the result is a failure to grasp opportunities that would have opened the way for a successful career."

"What," I said, "in your estimation, is the greatest good a man can do?"
"The greatest good he can do is to cultivate himself, develop his powers, in order that he may be of greater use to humanity."

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