| If you've tuned into the jobs report lately, you've | | | | save every penny they could as the Great |
| seen the bad news. As the Run DMC song says | | | | Depression continued, they pooled their resources. |
| "Unemployment at a record high, people comin', | | | | What resulted was the well-known company Ocean |
| people goin', people born to die...". Although those | | | | Spray, Inc. |
| words were sung 27 years ago, they ring just as | | | | Every time there's an economic downturn, you |
| true today. With unemployment likely to be sky high | | | | surprisingly find companies that end up being |
| for the next several years, you might be surprised to | | | | successful. One of the best examples of this was |
| learn that many big companies started out as small | | | | Federal Express. In 1973, during the oil crisis, founder |
| companies during recessions. | | | | Frederick Smith named his company in the hopes |
| These small companies then went on to make | | | | that during the recession, that the Federal Reserve |
| wonderful things and become household names as | | | | would contract with him. They turned him down but |
| they gained a reputation. In simple terms, when | | | | he ended up making an immensely successful |
| people are out of work and struggling to make ends | | | | international shipping company. |
| meet, they start up and take bigger risks. This is | | | | The list of names of companies that started out |
| simply because they can't make money any other | | | | small and became successful when they started in a |
| way. If you have the next big idea, it's always best | | | | recession is mind boggling. Burger King, Trader Joe's, |
| to check with a small business consultant and get | | | | Sports Illustrated, IHOP, Inc., and Hewlett Packard |
| your idea off the ground. | | | | are just some of the names we instantly recognize. |
| One of the most successful startups was G.E. Most | | | | Even the most successful company in the world, |
| people don't know that General Electric was founded | | | | Microsoft, started off in the garage of Bill Gates in |
| by Thomas Edison. This was after he invented the | | | | Albuquerque, N.M. in 1975. It dealt in basic computing |
| incandescent light bulb. It was founded in the middle | | | | equipment until MS-DOS catapulted it to success. |
| of the Panic of 1873, a recession that lasted for six | | | | Not all of the companies that are successful during a |
| long years. | | | | downturn even sold goods. CNN started delivering its |
| Entrepreneurship thrives in times of need, and some | | | | 24-hour news broadcast in 1980 and became one of |
| companies become successful by adopting to the | | | | the most trusted names in news. Now are watched |
| changing needs of the people. Yellow Book, Inc. | | | | by nearly 1 out of 4 people worldwide. PayPal thrived |
| started gaining in popularity during the Great | | | | during the recession of 2001-03 and became |
| Depression. It was sold as a way for people to | | | | internationally renowned for being able to send funds |
| comparison shop from their own home instead of | | | | electronically anywhere in the world. |
| wasting gas or wear down the leather in their shoes. | | | | In conclusion, recessions have historically made |
| People who wanted to do their best marketing at | | | | American businesses great. Folks come up with the |
| the time did so through the Yellow Pages. | | | | next big thing because they figure they have nothing |
| Sometimes the best examples of entrepreneurship | | | | to lose. When that happens, the next great idea is |
| happen when rivals realize they're better off working | | | | born and people wonder how they ever lived without |
| together. Before 1930, three cranberry companies, | | | | it. Check with a small business consultant and maybe |
| who were all small businesses, were competing to | | | | your company name will be as familiar as all the other |
| see who would make the best tasting cranberry | | | | household names that started during economic hard |
| sauce. Realizing that the consumers were trying to | | | | times. |