William Clement Stone was just 3 when his father died.
Tragedy made worse because he also left gambling debts, consigning his son and widow to a life of poverty. They shared a Chicago apartment with relatives in the rough South Side district yet at just 6-year-old W.Clement Stone sold newspapers to help support the family. How sweet did I hear you say? Not quite. In this dog-eat-dog atmosphere of the start of the 20c America William had to hustle older boys for territorial space at the street-corner, not easy at this tender age. However W.Clement Stone proved flexible and more importantly resourceful, and instead of using force, not a strength of his at this time, he focused on restaurants to sell his newspapers.
Reflecting on his youth he described selling newspapers on Chicago’s South Side as “turning a disadvantage into an advantage.” Each time Stone returned to the restaurant he was thrown out by the owner; but being audacious and tenacious, Stone finally won over the restaurateur to allow him set up a more permanent kiosk. Incredibly the owner went on to became a great friend, and this success encouraged W.Clement Stone to continue to grow his humble newspaper business. At 13 Stone was the proud owner of his own newsstand.
This was the start of an incredible career which lasted almost a hundred years, and W.Clement Stone eventually became a multi-millionaire in insurance, going on to becoming a philanthropist, publisher, best-selling author, and a pioneer in the field of personal development. W. Clement Stone earned the name “Mr. Positive Mental Attitude (popular with business coaches)”.
What made him so focused on success? What spirit empowered W.Clement Stone to uncover
business opportunities in many circumstances, in the face of opposition, adversity and even failure? The secret is quite simple, he rejected negativity.
Incredibly, his personal life was also successful. At his death he had been married for
79 years to his childhood love and sweetheart, bringing up 3 children and 12 grandchildren.
W.Clement Stone describes himself as a ‘Self-Builder’ in his autobiography, The Success System That Never Fails. He modelled himself on Horatio Alger stories. These tales told of poor boys overcoming every adversity and succeeding to reach fulfilled and wealthy lives.
At 16, he left college and went to work for in Detroit for his mother in medical insurance
business. He was already a superb salesman and had developed a thoroughly positive attitude.
Like a duck to water, W.Clement Stone quickly thrived in the insurance business. Young and fearless cold calling held no fear, his prospects were “gold calls.” He sold huge volumes of
modest and inexpensive policies, and on one single day W.Clement Stone sold more than 100.
W. Clement Stone returned to Chicago in 1922, he returned to Chicago with an investment of $100 (a respectable sum perhaps in those days) established what would become
Combined Insurance Company of America (now part of ACE Corporation). The rest is history.