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James C. Penny is a prime example of making it big despite your circumstances.
This entrepreneur and businessman had only finished high school but went on to found one of the most well-known and cherished department stores in the USA. He also had his share of health problems and financial crises during his life but they never deterred him from pursuing his goals.
He was a dogged businessman and a generous giver, and is remembered for his many personal and business victories.
James C. Penny - Dry Goods are Good Indeed
James C. Penny started working in dry goods shortly after he graduated high school. This became a singular passion for him and he continued to pursue this industry even after he relocated to Colorado. Once there he found work at the Golden Rule stores, a minor chain of stores owned and operated by Guy Johnson and Thomas Callahan.
Johnson and Callahan recognized a kindred spirit in young Penny and decided to bring him on board for a one-third partnership in a new Golden Rule store he would open. Penny agreed and was soon running the new store.
It wasn't long before he opened an additional two stores, after which Johnson and Callahan decided that wanted to dissolve their partnership and move on. Penny bought them out, and in a few years, changed the name of the store from Golden Rule to JC Penny.
Some thirty years after he first began work with the Golden Rule store he now had a massive nationwide chain of JC Penny stores that numbered 1400.
James C. Penny worked hard and long to make his chain of stores work and he succeeded admirably. When given the opportunity to take the reins of an already established store he gladly accepted the challenge and set about to change the place and expand its customer reach.
He didn't back down or think he was in over his head. Rather, he persevered and sought to establish a new and improved brand of stores. By 1924 his stores were earning 1.5 million dollars a year. Penny continued to build on his success and today, more than 100 years after his first shop, JC Penny stores continue to thrive across the US.
The James C. Penny Quick Bio
Full name: James Cash Penny
Birth date: September 16, 1875
Birth place: Hamilton, Missouri
Company: JC Penny Corporation, Inc.
Industry: Dry goods, general merchandise
Key success traits: determination, decisiveness, organizational skills
Additional:
Penny fell into financial ruin after the infamous stock market crash of 1929. This stopped him from working and he plunged into ill-health. His philanthropic efforts also came to a halt. However, he managed to bounce back and during the 30s - 40s, had recovered physically as well as financially.
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