Ford and Penney Write-Up

Ford and Penney Write-up

* James Cash Penney was born on September 16, 1875 and died at age 95 in February 12, 1971 of a heart attack. He was the son of a poor framer, preacher. From the video we watched in class we learned "poverty shaped his moral structure" and, "self reliance was learned from his father." He believed in "do onto others as you want them to do onto you." He had an enormous drive to succeed he believed "hard work, high morals, anyone could achieve the American Dream."

* Penney was both a manager and entrepreneur. Working at JM Hales he knew he had to assert himself, he was a top salesman, and he was determined. In 1898 he managed a Golden Rule clothing store. By 1902 he was 1/3 partner in a store. In the store were 1 price goods, low prices, and variety. By 1908 he owned 3 stores. As the years went by he opened more and more stores. By 1917 he had 175 stores. He would not hire any man that didn't have the capacity to become a partner. When one of his store managers had saved enough money, Penney would help him open a new store as part owner. The manager agreed to train someone to take their place at the existing store. The new manager would then train others until they started up their own stores. In 1929 he worth $40 million, and known as the man with a thousand partners. By the time of his death he had over 1600 stores.

* Penney's ethical behavior was shown in his early years while working at a butcher shop in Longmont, Co. This failed almost immediately, after he refused to give a local hotel chef with a weekly bottle of liquor. "I lost everything I had," said Penny, "but I learned never to compromise." He was taught honesty and self reliance by his father. At a young age he had to earn his own money for his closes. He conducted business on a cash-only basis and treated his employees well. He carried merchandise that his customers wanted. He was convinced that hard work could bring success. Penney's social responsibilities were to the communities in which he opened his stores. His stores were all located in inexpensive locations in small communities. By 1957 the company abandoned its cash-only policy and accepted credit cards.

* Both Penney and Ford were similar in that they both were determined. Both men started their business lives at a young age. They both were raised on farms. Both men looked after their employees. Both men lived to be successful.