Don't think it's the right time to start a new business. Some of today's powerhouse companies were born turning during economic downturns.
Some stories of inspiration:
Procter & Gamble
Founded during: The Panic of 1837
Two brothers-in-law, candle maker William Procter and soap maker James Gamble, decided to join forces to start a small household-goods business in Cincinnati. The two stuck it out through six years of financial struggles and went on to score lucrative contracts to supply necessities to the Union Army during the Civil War. Today, the couple produces many of the most recognizable brands in the United States, including: Pampers, Oral-B, Tide, Iams, Duracell, and Pringles. Revenues for 2008 totaled $83.5 billion.
IBM
Some stories of inspiration:
Procter & Gamble
Founded during: The Panic of 1837
Two brothers-in-law, candle maker William Procter and soap maker James Gamble, decided to join forces to start a small household-goods business in Cincinnati. The two stuck it out through six years of financial struggles and went on to score lucrative contracts to supply necessities to the Union Army during the Civil War. Today, the couple produces many of the most recognizable brands in the United States, including: Pampers, Oral-B, Tide, Iams, Duracell, and Pringles. Revenues for 2008 totaled $83.5 billion.
IBM
Founded during: The Long Depression, 1873-1896
Three startups - the Tabulating Machine Company, the International Time Recording Company and the Computing Scale Corporation - launched during this 23-year period with technologies that were in demand despite the down economy. Their inventions included a time clock for recording workers' hours and a tabulating machine was vital during the immigration wave. The three companies merged in 1911 as the Computing-Tabulating-Recording Company, which renamed to IBM several years later. This technology powerhouse has thrived through rough times in its past including a 1960's antitrust action by the U.S. Department of Justice and the movement away from mainframe computers to personal computers. operations. Despite consumers cutting back on technology purchases last year, the company saw its revenues rise based on the outsourcing of technology services and a had record revenue of $103.6 billion.
Three startups - the Tabulating Machine Company, the International Time Recording Company and the Computing Scale Corporation - launched during this 23-year period with technologies that were in demand despite the down economy. Their inventions included a time clock for recording workers' hours and a tabulating machine was vital during the immigration wave. The three companies merged in 1911 as the Computing-Tabulating-Recording Company, which renamed to IBM several years later. This technology powerhouse has thrived through rough times in its past including a 1960's antitrust action by the U.S. Department of Justice and the movement away from mainframe computers to personal computers. operations. Despite consumers cutting back on technology purchases last year, the company saw its revenues rise based on the outsourcing of technology services and a had record revenue of $103.6 billion.
General Electric
Founded during: Panic of 1873
Opened as a laboratory by inventor Thomas Edison in 1876, it was there that he produced the first light bulb in 1879. Edison used the economic downturn as a time to gain momentum to start a company he called Edison General Electric Company. The company posted $183 billion in revenues in 2008.
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