Companies Started in Economic Downturn
Let’s face it. It seem’s as though everytime we turn on our TV sets, all we hear about is bad news (layoffs, foreclosures, bankruptcy etc). We all understand that the economy goes through up and down cycles, but this down cycle is one of the worst we’ve ever faced, and due to Globalization, everyone on Planet Earth is feeling the crunch.
So what does this mean for your business? Are you supposed to wait for things to turn around, or do you use this time as an opportunity to do your due-diligence to fill a void in the market? Companies that survive rough economic times are the ones that have always provided convenient products/services. For example, Walmart & Campbell’s are doing well during this downturn, because even when the economy is booming, they have always provided low cost products. Now that the everyone’s budget is squeezed, the product offering of these companies are even more enticing.
Here are 13 companies started during an economic downturn. The 14th could you yours.
Hyatt Corp - 1957 - 1958 Eisenhower Recession
The Jim Henson Company - Eisenhower Recession
Burger King Corp - Eisenhower Recession
IHOP Corp - Eisenhower Recession
LexisNexis - 1973 Oil Crisis
FedEx - 1973 Oil Crisis
Microsoft - 1975 Oil Crisis / economic Downturn
CNN - 1980 Recession
MTV - 1980/81 Recession / Slump
Trader Joe’s - 1958 Economic slowdown
GE - The 1873 Panick
Hewlett Packard - End of Great Depression
Wikipedia Foundation - Post 9/11 Recession
Via InsideCRM