Managing an organization is a difficult task because you will face numerous challenges along the way. Some obstacles may overwhelm you while others may be easy to overcome. Giant corporations that could not withstand the difficulties they faced include Enron, Lehman Brothers, SwissAir, and Pets.com among others. These hurdles included management malpractices, financial impropriety, and increased competition. However, a few examples of amazing comebacks exist. You can learn a few business tips from these companies if you value entrepreneurship.
– Apple Incorporated
Apple enjoyed immediate success after its operations started in April 1976. For example, its revenue grew from $0.775 million in 1977 to $118 million in 1980. In 1985, a power struggle emerged between the company CEO, John Sculley, and one of Apple’s founders, Steve Jobs. Jobs resigned from Apple, and the company fell into disrepute.
For example, Apple launched new products, but they all failed miserably. These products included video consoles, digital cameras, TV appliances, portable CD players, and speakers among other things. Moreover, Apple lost a large part of its market share to the Microsoft Corporation. Steve Jobs returned to the company in 1996.
Under Steve Jobs, Apple introduced its Online Store in 1997 and Retail Stores in 2001. It also presented the iMac in 1998, the iPad in 2001 and iTunes in 2003. Today, Apple is one of the most successful companies in the world.
– General Motors (GM)
General Motors started as a manufacturer of horse carriages in Flint, Michigan. William Durant incorporated it on 16 September 1908. In the late 1920s, GM surpassed Ford Motors in car sales. It emerged as one of the biggest employers in the world. In 1955, it became the first company in the US to pay more than $1 billion in taxes.
Unfortunately, GM reported a monthly loss of $1 billion in 2008. The company filed for bankruptcy in June 2009 disclosing a debt portfolio of more than $172.81 billion. The US Treasury invested close to $49.5 billion in the company as it tried to help it recover. The company closed some of it brands as part of its restructuring efforts. It also sold some of its smaller brands to other car manufacturers.
Today, GM hires more than 200, 000 people worldwide. The company produced 9.958 million vehicles in 2015, and it enjoyed a net income of $9.687 billion within the same year.
– Marvel Comics
Marvel Comics is a household name in many parts of Europe and the United States. Its operations started in 1939. The name of the company at that time was Timely Publications. It became Atlas Comics in the 1950s, and it sold more than 50 million comics a year in the late 1960s. Unfortunately, Marvel suffered a massive blow in the early 1990s. More specifically, seven of its best artists moved to Image Comics. The industry was also suffering from a general decline in sales and profitability.
These harsh economic times forced Marvel to file for bankruptcy in 1996. The company staged a comeback soon after it filed for bankruptcy. It started focusing on film franchises as opposed to concentrating on comics alone. Successful films featuring its comic characters included Men in Black (1997) and Blade (1998) among others. Walt Disney noticed the emerging potential of Marvel Comics, and as such, it acquired the company for more than $4 billion in August 2009.
written by: BestSEOWriter2010s