In A Failing Economy, It's Okay To Change Up The Game

While many companies have gone out of business because of a failing economy, others have found success by adapting to changing markets.

An entrepreneur may find this to be an awkward thing to do, but it's actually quite normal - and happens quite often.

Consider the following companies as outlined in a recent article on CNN.com:

1. Avon
David H. McConnell started Avon in 1886 without really meaning to. McConnell sold books door-to-door, but to lure in female customers he offered little gifts of perfume. Before long, the perfume McConnell was giving away had become more popular than the books he was selling, so he shifted focus and founded the California Perfume Company, which later became Avon.

2. Nokia
The telecom giant got its start in Finland in 1865, when Fredrik Idestam opened a pulp mill and started making paper on the banks of Tammerkoski. The company later bounced around a number of industries before getting serious about phones in the 1960s.

3. Wrigley
Like Avon, the chewing gum company got its start with a popular freebie. William Wrigley, Jr. founded the company in 1891 with the goal of selling soap and baking powder. He offered chewing gum as an enticement to his customers, and eventually the customers didn't care about the baking powder; they only wanted the gum.

4. Colgate
The hygienic products company got its start in 1806, but it didn't make its first toothpaste until 1873. Founder William Colgate initially manufactured soap, candles, and starch.

5. Xerox
When Xerox got off the ground in 1906, it was as a maker of photographic paper and photography equipment called the Haloid Company. The company didn't introduce what we would think of as a copier until the Xerox 914 made its debut in 1959.

For the full article, visit:
www.cnn.com/2009/LIVING/wayoflife/10/02/mf.famous.companies.first.products/index.html