5 Underdog Businesses That Became Successes
The underdogs in business are known as the movers and the shakers, the innovative thinkers who disrupt conventional business process and encourage others to think outside of the box. They deliver hope to aspiring entrepreneurs and prove that optimism, perseverance, and the willingness to change can oftentimes cultivate something monumental. Society is enthused by underdogs Joel Chery, who started his illustrious career in Worcester, Massachusetts, discusses modern business underdogs that grew to become a household brand.
Ben & Jerry’s
The world’s most recognizable ice cream brand began when two childhood friends, Ben Cohen and Jerry Greenfield, decided to take a $5 ice cream making course. By 1978, the two business hopefuls had managed to scrape up $12,000 to turn a renovated gas station into their first store, and Ben & Jerry’s was born.
Joel Chery notes that just two years later, the pair began to distribute their growing brand to local grocers and small corner stores from the back of Cohen’s Volkswagen. Ice-cream giant, Häagen-Dazs made a failed attempt to prevent the duo from distributing their products in the Boston area. After two decades in business, Ben & Jerry’s was sold to Unilever for $326 million.
Apple Inc.
Apple is one of the most famous underdog stories, says Joel Chery. College dropouts Steve Jobs and Steve Wozniak (along with a third partner who sold his share of the company within the first three months) incorporated the technology company, Apple, in 1976.
Since 1976, Apple has grown into the multinational technology mogul that we know today. Apple is now the world’s largest information technology company by revenue and the world’s third-largest mobile phone manufacturer after Samsung and Huawei.
Netflix
In the early 2000s, Blockbuster turned down an offer to purchase Netflix for $50MIL, and not long after announced that they were filing for bankruptcy and shuttered 9,000 stores worldwide. (Except for one remaining store in Bend, Oregon.)
By 2014, the innovative streaming service reached 50 million subscribers and commanded seven Emmy Awards.
Home Depot
When coworkers Bernie Marcus and Arthur Blank were fired from one of America’s leading home improvement retailer chains, the duo decided to make good on their collective vision to create a “one-stop shopping experience for the DIYer.”
With the help of investor Kenneth Langone, Home Depot took the public by storm. The now coveted refuge of handymen, contractors and do-it-yourselfers went public in 1981 and eight short years later celebrated the opening of their 100th retail location.
Clif Bar
In 2000, Clif Bar creator Gary Erickson turned down an offer from Quaker Oats to buy his company for a staggering $120MIL. To have received an offer like this was nothing short of miraculous, considering how just eight years prior he had been working long hours at a garage to make ends meet and was the owner of a tiny, unprofitable bakery.
One day, after a 175-mile bike ride, Erickson had the idea for an energy bar and it took off. He started making and selling the bars out of his mother’s kitchen and enjoyed double-digit compound growth for over a decade straight.
Joel Chery in Defense of Underdogs
Underdogs are the competitors that society likes to cheer for, they are the backbone driving competition, and inspire hope in others that they can become the underdog society cheers for. Joel Chery strongly believes that without the innovation and dedication of underdogs, society would be overrun by massive conglomerates that would influence the economic landscape for the worse.
