James Cash “J.C.” Penney Jr. (1875–1971) was an American department store founder and philanthropist.
Born in Hamilton, Missouri, to a Baptist minister, Penney initially wanted to be a lawyer, but couldn’t afford college after his father’s early death. To help support the family, he took a series of retailing jobs in Missouri and Colorado.
After a few years, Penney became an assistant manager at a dry goods store called “The Golden Rule” in Wyoming. Penney, who had grown up using the Golden Rule as an ideal, interpreted this as a sign from God. He impressed the owners of the “The Golden Rule” store with his work ethic and salesmanship and was offered a one-third partnership in a new store. Penney lived in the attic, ran the store, opened two more locations, and bought out the other two partners within five years. By 1913, Penney had 34 stores that he consolidated as J.C. Penney Stores. Living by his Golden Rule values, Penney made it a priority to treat customers the way they would want to be treated.
Penney lost most of his fortune in the stock market crash of 1929 and borrowed against his life insurance policies to help his company make payroll. The financial setbacks took a toll on his health; he suffered depression and joined the Battle Creek Sanitarium in Grand Rapids, Michigan. In due course, Penney and his business recovered. He later instituted profit-sharing programs for his “associates,” as he called his employees.
Penney continued his active management of the company and its stores even after relinquishing the day-to-day operating administration of the company. In 1954, he founded the James C. Penney Foundation, now called the Penney Family Fund.
More: Wikipedia • READ: Works by James Cash Penney
Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top.
—James Cash Penney
Topics: Hard Work
The art of effective listening is essential to clear communication, and clear communication is necessary to management success.
—James Cash Penney
Topics: Listening
Geniuses themselves don’t talk about the gift of genius, they just talk about hard work and long hours.
—James Cash Penney
Topics: Genius
Success in business does not depend upon genius. Any young man of ordinary intelligence who is normally sound and not afraid to work should succeed in spite of obstacles and handicaps if he plays the game fairly and keeps everlastingly at it.
—James Cash Penney
Topics: Success
The best way to stop a bad habit is never to begin it.
—James Cash Penney
I would never have amounted to anything were it not for adversity. I was forced to come up the hard way.
—James Cash Penney
Topics: Difficulties, Adversity
I am grateful for all my problems. After each one was overcome, I became stronger and more able to meet those that were still to come. I grew in all my difficulties.
—James Cash Penney
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