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Almost everybody thinks that putting up a business during downturn is a bad time to do some business. However, if all of us would think this way, nothing will really happen. Take into consideration the risky decisions these businesspersons had made during market downturns.
With P&G or Procter and Gamble, which has been founded during the panic of 1837, candle maker William Procter and soap maker, James Gamble joined to form a small partnership that is into household goods business in Cincinnati. If you got to see of their status today, Procter and Gamble has created a name in the market with some of their renowned brands in the United States, which includes Tide, Pampers, Oral-B, Lams, Pantene, Duracell and Pringles.
Next in line is the now called IBM, During the long economy depression on 1873-1896 three companies has started up their businesses: the Tabulating Machine Company, The International Time Recording Company, and the Computing Scale Corporation. Three of them have developed technologies on this 23-year period of sour economy. However, despite of the situation, their product was in-demand. Moreover, it was in 1911 that these three companies has merged and changed their name to IBM. Recently, IBM had posted a strong quarter, which has attributed to an increased demand for its outsourcing services.
Another company founded during an economic crisis is the General Electric, which was founded during the panic days of 1873. Thomas Edison set up a facility in Menlo Park, N.J., in 1876, and produced his first light bulb in 1879. Even though the market remains poor until 1896, Edison had gained enough courage to start a company he called Edison General Electric Company. To date, GE had reported $183 billion revenue, but it is down by 19percent.
During the panic of 1907, leading horse-drawn vehicle manufacturer William Durant was not discourage with the situation and started his luck with on a new technology called the automobile and founded General Motors on September 16, 1908. With the current economic condition of today, GM has seen its stock prices drops by 85 percent in a year. In December, GM together with Chrysler and Ford went to Washington to seek $34 billion in government loans.
The United Technologies Corporation is another one of the six companies that was born during economic downturns when the times wherein almost all industries struggle under the financial crisis. However, despite of that, the Golden Age of aviation was in full swing, and in 1934 the then United Aircraft changed its name and is now known as the UTC. In 2008, UTC reported $58.7 billion of revenue.  However, orders are slower for products like elevators and air conditioners, and since they own the Otis Elevator and Carrier Corporation.
Incorporated by entrepreneur Frederick W. Smith in 1971, Federal Express began operation during the oil crisis in 1973 from Memphis International Airport and had shipped 186 packages to 25 U.S. cities on its first night of operation. To date, FedEx CEO Frederick Smith took a 25 percent pay cut for 2009 as part of its sweeping cost-cutting plan. fela lawyers | debt relief |