No time like the present
I spend a lot of time here at your Number One source for payday loans online reporting on the doom and gloom that is today’s economy. But every once in a while, I like to seek out some lighthearted news to brighten things up a bit.
Today I came across a special series on CNNMoney.com that profiled six companies that started up during a recession. Personally, I have one friend who got laid off and is now trying to start her own business. I figure if even little old me knows someone who’s attempting this, there must be plenty of other entrepreneurs born of unemployment out there. Here are my two favorite companies that toughed it out when times were tough.
Thomas Edison makes a name for himself
If nothing else, it should be a comfort to know that this country has weathered far worse than this. We have heard comparisons to the Great Depression, which officially lasted four years in the U.S. Long before that, the country faced a depression that lasted over 20 years, from 1873 to 1896. It was creatively named The Long Depression. Can you imagine what people in that time period would have thought of the idea of people getting payday loans online?
In the thick of the country’s financial crisis, Thomas Edison began work at a laboratory in Menlo Park, New Jersey. In 1876 he invented the first light bulb, and by the end of The Long Depression Edison General Electric was one of the first companies to get a spot on the Dow Jones Industrial Average. Today, General Electric is the only company of the original 12 that still remains on the Dow.
Soap and candles
Proctor & Gamble headquarters in Cincinnati
Sometimes it’s good to stick to the basics. During the Panic of 1837 (our country has quite the track record for panicking), “Candle maker William Procter and soap maker James Gamble joined forces to start a small household-goods business in Cincinnati,” reports CNNMoney.
Today, Procter & Gamble is the biggest household goods producer in the U.S., selling brands like Tide, Pampers, Oral-B, Iams, Pantene, Duracell and Pringles. Just goes to show, in tough times people still need soap, even 172 years later.
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Procter & Gamble is definitely a solid, reputable company. Last year, they were the 6th largest company in the world by market capitalization and had conquered the 14th spot in the largest U.S. companies in profit. That’s a lot to say about a company, especially one thriving particularly well in business amidst the current economic crisis. Of course like any other company, they have also been thrown a hit by the failing economic system. The company announced that their shares fell by 6.4 percent. Even still, P&G plans to generate the same market presence but this time (at least for the mean time) with less spending on advertisements.
The billionaire investor Warren Buffett encourages people to be bold while others are afraid, and that’s the kind of thing Edison did when he started GE. The guy changed the way we lived – and entrepreneurship is a good thing to encourage, and not only when the market is down.
It is great to hear that there has been much success in our country. The last thing we want to have is a panic among small business owners.
Small business owners need to be reminded that the time to act is now. There are alternatives to financing, do what you have to in order to keep the doors open.
Sincerely,
Ilya Bodner
Small Business Owner
Initial Underwriting Group