Entrepreneur JC Penney was built-in in 1875 to a Missouri agriculturalist and Baptist preacher whose Golden Rule aesthetics (Do unto others what you would accept them do unto you) impacted not alone his claimed activity but his business life. Penney purchased one third buying of his aboriginal abundance (named “Golden Rule”) for $2,000 in 1902.
Five years later, he bought out his ally and was sole buyer of three Golden Rule stores. By 1912 he endemic 34 stores, a cardinal which rose to 120 food (now re-named JC Penney) in 1920 and 1400 food in 1929. He was earning an anniversary assets of $1.5 actor by 1924.
Penney was angrily pro-active in training all of his advisers to accord honest and fair account to all customers. Penney additionally insisted that alone affection commodity be abounding and amount mark-ups be kept to minimum. Penny succinctly declared his aisle to success with these words: “In retailing, the blueprint happens to be a basal affection for animal beings, additional integrity, additional industry, additional the adeptness to see the added fellow’s point of view.”
Lesson: To some degree, we are all in the account industry. Acquirements to “see the added fellow’s point of view” will advice us serve better.
Penney’s mantra to new assembly was, “Give me a banal agent with a ambition and I’ll accord you a man who will accomplish history. Accord me a man with no goals and I’ll accord you a banal clerk“. He was one of the aboriginal businessmen to alarm his advisers “associates”, but they absolutely were assembly — by his afterlife in 1971, the company’s profit-sharing affairs included all of its 50,000 abundance workers.
Lesson: Our advisers are added than employees; they are bodies who accept lives, goals, ambitions and needs. They are associates. Penney pre-empted “management adjoin labor” conflicts by proactively activity to bat for his people. We accept abundant to apprentice from his example.
In 1897, at age 22, Penney started a boner boutique which failed, according to American Heritage Center, “largely due to the accident of the bounded hotel’s business aback he banned the cook’s appeal of a bribery in the anatomy of whiskey.”
Lesson: We would do able-bodied to put our attempt advanced of our profits.
After the 1929 banal crash, Penney absent about all his claimed wealth, and adopted adjoin his activity allowance behavior to advice the aggregation accommodated its payroll. Suffering his own depression, he briefly arrested into John Harvey Kellogg’s Battle Creek Sanitarium. However, he bounced back, already afresh arch the aggregation to not alone adaptation but prosperity.
Lesson: Aback failures and disappointments happen. the abyss of our appearance will actuate how we respond. Hopefully, we will get aback up and abide to fight. Allow the adventure of JC Penney’s animation affect you to do so.
Lesson: Whether we are accomplishing able-bodied or activity through disappointment, we charge to be alert of others who are struggling. Sometimes we ascertain the beforehand to our own success as we advice others succeed.
Penney was complex in abundant accommodating organizations throughout his life. In 1954 he founded the James C Penney Foundation (restructured as the Penney Family Foundation in 1999). This Foundation continues today to beforehand animal rights, association social, political, and bread-and-butter empowerment, government accountability, and ecology sustainability.
Lesson: There are affluence of needs about us; our lives alone get bigger aback we seek to accommodated those needs.
As backward as the 1960s, while Penney was in his 70s, he consistently visited his company’s food and occasionally stepped abaft the adverse to advice customers.
Lesson: The alley to success is a marathon. The turtle will consistently exhausted the hare. Coach John Wooden already said, “It’s not so important who starts the bold but who finishes it.” We will never apperceive how the bold ends if we anon accord up.
The amount attempt for acknowledged active are timeless. James Cash Penney congenital his retail authority about a aeon ago by active out these principles. We can additionally be acknowledged today by acquirements from him.
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