Moving back to the history, with every economic crisis that hit the world a lot of big business collapsed. In order to full fill the local demands, small entrepreneurs developed ideas to serve the localized needs. With the passage of time, when economy improved, many of the businesses flourished to a greater level. It is interesting, when economy collapses, how the mushroom growth of small entrepreneurial projects starts. Such sprouting not only helps in serving the local demands but also creates job opportunities. The people who do not find jobs and are passionate about ideas create small entrepreneurial venture and with the passage of time create employment for people around.
The greatest problem of recession is the losing jobs. Because of the layoffs by large corporation most people end up losing their job. Number of them end put frustrated but the most intelligent one come up with solutions that not only change their lives but revolutionize the world. Here are 7 entrepreneurial ideas from the great depression that revolutionized the world:
Product: Electric Shaving Machine
Founder: Lieutenant Colonel Jacob Schick
The reason: Frustration to shave with shaving lather in the freezing temperature of Alaska.
What else: Also founded, first ever changeable blades razor.
Product: Car Radio
Founder: Paul & Joseph Galvin
Co-founder: William Lear & Elmer Wavering
The reason: A recovery from the crash of “electric converters for battery operated radio” business.
What else: Galvin Manufacturing later become the world leaders Motorola
Product: Super Market
Founder: Michael Cullen
The reason: Vision of single store that would attract large number of customers with is variety of products and huge discounts.
What else: Yes! This was first ever super store
Product: Chocolate Chip Cookies
Founder: Ruth Wakefield
The reason: Lack of availability of baker’s chocolate, she chopped chocolate bars on her cookies
What else: Ruth Wakefield was the owner of Toll House Inn. Nestle made a deal with her to provide her unlimited chocolate supply and in return took rights to print her recipe. These instruction are still printed on packs on Nestle Chocolate Chip Cookies.
Founder: J. F. Cantrell
The reason: Electric washing machines were expensive and were not affordable. Cantrell bought 4 washing machine, put them in a washing area and charged people per hour to use
Founder: Charles Darrow
The reason: Fed up losing job and scarcity of money, he developed this game where opponents compete for the riches of the world
What else: Initially Darrow tried to sell the idea to Parker brothers and they rejected the idea with 52 design errors. Frustrated, he made handmade sets and sold 5,000 of them. This made Parker brothers this again.
Founder: Chester Carlson
The reason: Laid off from job from Bell Telephone, Carlson secured a job in patent department of New York electronic firm. Fed up from making the copies of the drawing with hand, he invented automatic copier.
What else: The first ever words copied on to paper were date and location “10-22-38 ASTORIA”