The Top 3 Entrepreneurs of The 20th Century

Could you imagine a world without electricity? Could you believe that at some point in history to take a photo you needed a device the size of a microwave? For the new generations, these questions are unthinkable, they were born with all the basic technologies and they grew up to enjoy the development of new incredible devices and tools that make the 21st century, in the history of humanity, the best period to live.

In this blog, I will share with you the story of 3 entrepreneurs of the 20th century who impacted the world like no one before.

1.Thomas Edison 

Thomas Edison was not only a brilliant and renowned inventor but he was also considered one of America's leading entrepreneurs and innovators.

Thomas Edison acquired a record number of 1,093 patents. He was responsible for developing many modern devices such as car batteries, movies, music recorders, and brought home electricity to life, laying the foundation for the modern electrical world.

By 1870, Edison had acquired a reputation as a first-rate inventor, working as a freelance businessman and managing several machinists in a small laboratory. He formed various alliances and developed products for different companies, such as the Western Union Telegraph Company.

In 1880 he founded his own electric company called the Edison Illuminating Company, known as the first investor-owned electric utility.

2. Henry Ford

Although Henry Ford did not invent the automobile or the assembly line, he was responsible for transforming the concept of owning a car.

With some experience working for different automobile companies, and after two failed company attempts, in 1903 Ford founded his third automobile company, called Ford Motor Company. A variety of improved car models were released before Ford could achieve his vision of building a better, cheaper car for the multitude, and in 1908 he came up with the Model T.

At first, the cost of this car model was about $850 dollars, approximately $1,200 less than most cars at the time. Actually, the Model T was the first car most people could afford.

Ford's progressive idea of ​​cutting costs and offering the least expensive product led him to pay his workers a salary commensurate with the cost of the car, therefore they could buy the car they produced. This innovative idea allowed Ford Motor Company to produce and sell more cars than any other automobile company.

3. George Eastman

George Eastman is considered the pioneer of popular photography and motion picture film, he was a philanthropist and entrepreneur whose work had a huge impact on modern photography.

At 23, he bought a photographic outfit at the suggestion of a co-worker. He was supposed to take a vacation trip to Santo Domingo, but he never went. However, after acquiring all the photo-taking equipment and noticing how awkward and complicated the process of taking and developing photos was, he decided to start looking for ways to improve it.

After 3 years of experimenting, in 1880, he invented and patented the dry-plate coating machine.

Almost a year later, with the financial help of Henry Strong, Goerge Eastman formed the Eastman Dry Plate and Film Company, later known as the Eastman Kodak Company in 1892.

This company revolutionized photography and made it more accessible by creating easy-to-use cameras and developing a flexible film that helped launch the motion picture industry.

In conclusion, the world we know today would not be possible without all the work of talented entrepreneurs who saw opportunities for the future and innovated to improve people's lives. Entrepreneurs like Thomas Edison, Henry Ford, and George Eastman built the base for later technological development that made possible the life we know today.

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3 Entrepreneurs Who Started Small and Ended Up Building an Empire

Starting from scratch was the beginning for many successful entrepreneurs we know today. These entrepreneurs started small, but they grew their companies to internationally recognized brands.

In this blog, we will talk about 3 examples of these entrepreneurs who started with little and created lucrative and recognized businesses.

1.Sam Walton. Walmart

Sam Walton was an American entrepreneur and businessman who founded the retailers Walmart and Sam's Club. 

In 1945 Walton began operating with his brother a regional chain of Ben Franklin variety stores in Newport, Arkansas, the store was a franchise of the Butler Brothers chain.

Walton was interested in expanding the franchise to rural areas, but the management company refused. So Walton decided to adopt a new concept for a chain of discount stores and base it in small towns.

In 1962 he opened the first Walmart store, at that time under the name Wal-Mart Discount City. The store offered a wide variety of American-made products at discount prices. Walmart became the world's largest corporation by revenue, as well as the world's largest private employer. 

In 1983 he founded Sam's Wholesales Club under the category of deeply discounted wholesale stores and five years later began opening Supercenters.

2. Jan Koum. Whatsapp

Jan Koum Is a Ukrainian immigrant who moved to the United States with his mother and faced circumstances of extreme poverty but still managed to build a billion-dollar company in just five years. Jan Koum invented the most widely used messaging app in the world, but before he got there, he lived a really difficult life.

For the first few years, he and his mother relied on federal assistance, such as welfare, and government housing. Despite these circumstances, Jan learned to code on his own and acquired the practical skills that enabled him to apply for a job in Yahoo, and worked there from 1997 to 2007. During those years he met the person who would become his future business partner, Brian Acton. 

In January 2009, Jan Koum and Brian Acton created WhatsApp as an easy-to-use messaging application that improved communication between friends and family around the world.

Five years later, they sold the app to Facebook for $19 billion.

3. Do Won Chang & Jin Sook. Forever 21

Some people may not recognize the names Won Chang and Jin Sook, but their fashion brand, Forever 21, is certainly well-known around the world. Forever 21 is a global retailer known for selling a variety of women's and men's fashion and accessories.

Won Chang and his wife Jin Sook moved to the United States from South Korea in 1981 and faced a rocky start. He worked 3 jobs, as a janitor, gas station attendant, and also worked in a cafeteria, while his wife worked as a hairdresser.

But years later they discovered that fashion could lead to success and in 1984 he and his wife opened the first Forever 21 store (called Fashion 21 at first) with just $11,000 in savings, and during the first-year sales reached $700,000. The retailer had its heyday in the early 2000s and in 2015, according to Forbes, Chang and Sook were worth a record $5.9 billion combined.

However, a few years ago Forever 21 faced its worst moment, in 2019 they announced its bankruptcy and began to close stores in different locations around the world. Eventually, the founders decided to sell the remaining assets of their bankrupt empire for $81 million, when years before Forever 21 it reached $4.4 billion in revenue.

To conclude, these examples of entrepreneurs show that no matter where you come from, or how much money you have at the moment, as long as you are willing to take the first step and pursue your dreams, the possibilities for success are endless.

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3 Key Lessons to Learn From Entrepreneurs

The Basics of Entrepreneurship 

We can often look at entrepreneurs in two ways. One could be in awe of their courage to take a leap of faith, fulfill their dreams, and pursue their business ventures. While for the second we can look at them in fear, imagining what their futures could look like if they are unsuccessful and with their dreams crushed. Instead of looking at entrepreneurs from these two clear-cut lenses; one through the perspective of hope and positivity, while the other is a dreaded possible reality, we can try to capture the values entrepreneurs teach us. 

There is more hope, promise, and creativity in the eyes of an entrepreneur. They are ones with the courage to pursue their dreams without fear of judgment or allowing the negative thoughts around them to hold them back. Entrepreneurs represent what strong business owners should be - someone who truly believes in their vision, product, and what their company stands for. 

Lessons Learned From Entrepreneurs 

Showing entrepreneurs in a positive light is exactly what we need to encourage people to reach for their goals, and to make courage a role in their everyday lives. Inspired by What Entrepreneurship Can Teach Us About Life, there are key examples of how the everyday person can learn valuable lessons from entrepreneurs. 

1. Follow Your Dreams 

2. Face Your Fears 

3. Opinions of Others are Not Worth More Than Yours

Follow Your Dreams 

The key idea of being an entrepreneur means you are following your dreams. Through our entire childhoods, we are taught to think of what we want to be when we ‘grow up’. Dreaming of our careers, who we want to be, and more is engrained in us. Many people’s dreams often evolve as they grow, experience different fields of interest, and simply learn more about themselves. Entrepreneurs are the dreamers that refuse to let their dreams remain just that, instead they are the go-getters that put action into their hopes and wishes. Making dreams a reality is naturally easier said than done, so entrepreneurs truly need to be commended for bringing their dreams to fruition. 

Face Your Fears 

Along the lines of following your dreams, there are so many unknowns when pursuing the path less taken. Not many become entrepreneurs, whether that be because they lack the creativity, don’t have the drive, or they are ultimately letting their fear hold them back. The success stories of entrepreneurs far and wide start on the basis of them refusing to let ‘what-ifs’ or the unknown hold them back from fulfilling their goals. 

The Opinions of Others are Not Worth More Than Yours 

Many of us fear the judgment of others. Lots use the opinions of others to guide their choices - from something as simple as getting your friend’s opinion on what color looks better on you, we allow others to influence our actions. While we can acknowledge how useful this could be, like stopping us from making a decision we would regret, at the end of the day, entrepreneurs teach us to recognize that our opinion should be worth more than the opinion of others. We should all stand on our own and be able to trust in our opinions and our values. 

In Conclusion: Believe in Yourself 

All of these different key lessons trickle down to the idea that entrepreneurs are willing to stand their ground and believe in themselves. They refuse to let fear, unknowns, or the ideas of those around them, negatively influence their work to pursue their dreams because they believe they can achieve.

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