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economy

When the Economy Improves this will be a Gold Mine

by Justin Lukasavige on April 29, 2010

le laboI’m sure Fabrice Penot had plenty of naysayers when he launched an upscale fragrance company in 2006. In fact, experts told them it was ridiculous to launch an “unpronouncable” fragrance company selling bottles for $200. That’s double the cost of most upscale brands.

Regarless, Le Labo was launched in 2006 and four years later is generating $4.5 million each year in sales.

“No one believed in the idea,” he said, and then he launched anyway. (Entrepreneur)

In the face of everyone telling you no, what do you need to say yes to?

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There seems to be a pervading thought in the minds of hopeful entrepreneurs through the ages. Our current economy is less than promising, but still offers many people the chance to succeed.

Just try telling soup maker Campbell’s that you can’t launch during a depression. They introduced their famous Cream of Mushroom and Chicken Noodle soups at the end of the the Great Depression in 1934.

Revlon launched its long-lasting nail polish in 1932.

Innovator 3M invented Scotch tape in the heat of one of the worst years, 1930.

More recently, Diet Coke made its debut in the worst recession since the Great Depression in 1982.

One thing I’ve noticed with each of these products is they are not necessities. I could live without any of them and that includes the Hula Hoop, introduced during the Eisenhower recessions of 1958, just 3 years after the first McDonald’s opened.

But each of these ideas has brought the companies who introduced them millions of dollars in revenues.

Instead of sitting on the sidelines waiting for conditions to get better, be bold! Take your plans and back them up with action. The world will thank you.

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