Written by David White
|
November 23, 2009
Posted in
Building Value
Some of the most famous successful businesses were founded during an economic recession. They are
evidence that entrepreneurial spirit can overcome even the worst of economic downturns and go on to
become lasting franchises. Contrary to many people’s belief, a recession is just as good a time as any to
launch a successful new business. All that is required is that businesses find a way to cater to the
needs of consumers. Recent history is filled with examples of companies that were founded during economic
recessions and have gone on to become some of the biggest brand names today. Here are a few examples of
companies that got their start during some of the harshest economic climates.
Hyatt Corp.
One of the largest international hotel chains in the world today, Hyatt opened its first hotel right next
to the Los Angeles International Airport during the Eisenhower recession, which lasted from 1957 to 1958.
There are now more than 365 Hyatt hotels in 25 different countries, offering top quality services.
General Electric
One of the oldest and most established corporate giants in America, GE was founded during the financial
panic of 1873, which went on to become a full-on recession lasting six years. GE began with the invention
of the first incandescent light bulb by American inventor Thomas Edison. GE ranks as the worlds tenth
largest company today.
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