“Be courageous. I have seen many depressions in business. Always America has emerged from these stronger and more prosperous. Be brave as your fathers before you. Have faith! Go forward!” - Thomas Edison
Thomas Edison was best known as an inventor and innovator. But many people don’t realize that Edison was also an extremely successful business man. Not content to simply invent new ways of doing things, Edison also had the insight to manage the development, manufacture, sales, and distribution of his products. Edison also displayed his keen business senses by separately incorporating different business entities, reorganizing them when necessary, and selling them when appropriate, almost always at a very good profit.
Edison’s only significant business failure involved his invention and attempted commercialization of a new method of mining iron ore. He spent 10 years of work and millions of dollars in research and development before giving up on the venture. Even then, Edison had the foresight to simultaneously develop the phonograph and motion pictures during the same time period, a living example of the old adage about not “keeping all your eggs in one basket”.
In today’s business world, we complain about unfair competition from other countries, trade imbalances, and corporate misconduct. We hear about lay-offs, cut-backs, and corporate mergers and acquisitions. Small business struggles with tax burdens, fuel costs, and employee benefits. But in the end, if Edison were alive today, I think he would still encourage us to “Have Faith!” and to “Go forward!”
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