James Cash Penney
Fun Facts
- James opened his 500th store in the same building where he first started working as a store clerk in Hamilton, Missouri.
- He wanted to become a lawyer after graduating high school.
- He lived by the Golden Rule motto his whole life and eventually made it his company motto.
- When Sam Walton (creator of Walmart) was young, he went to work for James at his store. James ended up actually training Sam himself.
- A year after his death, the company advertised on national television for the first time.
Influences/ Accomplishments
- Bought out partners and owned the Golden Rule store
- Changed the name of his stores into "J.C. Penney"
- Manages a successful company for many years
- Trained Sam Walton
- Company prospers after his death
Makenzie Baldwin
January 12, 2015
POC Block 3
James Cash Penney
James Cash Penney Jr. was born on September 16, 1875 on a farm in Hamilton, Missouri. His parents, James Cash Penney Sr. and Mary Frances Paxton Penney had 12 children. James was seventh of the 12. His father was a farmer and a Baptist minister, so he taught his children discipline at a young age. One of the most important things that James' father taught him was The Golden Rule which basically says to treat others the way that you want to be treated. When James was 8, his father made him pay for his own clothes to teach him the value of money and because money was scarce in his family. James made this money by raising and selling livestock until the neighbors complained and he had to end it.
After James graduated he had big dreams of becoming a lawyer, but these dreams were put to rest after his father died soon after he graduated high school. His father's death forced him to become a clerk at a dry goods store, so he could help support the big family. His doctor then told him that due to his health issues, he would benefit from moving to a dryer area. James listened to his doctor and moved to Colorado where he tried to open his own butcher shop. This failed, and he ended up working for another dry goods store. This chain of stores was called The Golden Rule Stores.
The two owners of the chain of stores, Thomas Callahan and Guy Johnson noticed James' strong work ethic and let him co-own a store they opened in 1902. This store was considered to be the very first J.C. Penney store ever made. James then proceeded to open another two stores, and in 1907 he bought out his partners' shares and had full ownership of the stores. Soon after, he began to expand his company and open stores in Utah, Idaho, and eventually across the nation.
During the beginning of all of James' success his first wife, Berta, died of pneumonia and left him with two sons. In 1919, he got re-married to a woman named Mary. Unfortunately, Mary died in 1923 leaving James with another son. In 1926, he had his third and final marriage with a woman named Caroline. They had 2 daughters together and their marriage lasted until James' death. Soon after his third marriage, the owner of the dry goods store in Hamilton, Missouri where James first worked retired. James took the opportunity to buy it and turned it into the 500th J.C. Penney.
Outside his business, James also became known as a philanthropist. He donated to and established several charities using his company's money to help finance his philanthropy. That decision came back to haunt him during the stock market crash and the Great Depression. He lost a lot of money and it actually got to the point where he was forced to sell one of his homes. It took him years to rebuild his fortune, and in this time he became depressed and unwell. However, after his company regained wealth, he became healthier again and went back to managing the company and its stores. In 1940, James went to visit a store in Iowa. There, he trained Sam Walton, the future owner of Walmart. He taught him many important things and made him a successful business owner as well.
Today, the amount of stores the company operates is much fewer. It runs about 1,100 stores, but these stores are much larger than the old Main Street outlets. The company still makes a pretty decent amount of money, but it's safe to say that the store isn't near as popular as it used to be. Overall, the store is very successful and has been around for an impressive amount of years.
James died in New York City on February 12, 1971 at the age of 95. He's buried in the Woodlawn Cemetery in Bronx, New York. This person relates to the Business Management & Technology academy because he was a businessman and an entrepreneur. He created his own business and was very successful with it. His story is a great example of how to become a great business owner, with good work ethic and big goals for yourself. One of his goals was not to have a chain of good stores, but to have a chain of good men. If he were still alive today that he would have a lot of wise advice for future business owners. He said a lot of important words in his time and he always lived by the Golden Rule. His work ethic really was pretty great because he made it so far with his businesses and such.
January 12, 2015
POC Block 3
James Cash Penney
James Cash Penney Jr. was born on September 16, 1875 on a farm in Hamilton, Missouri. His parents, James Cash Penney Sr. and Mary Frances Paxton Penney had 12 children. James was seventh of the 12. His father was a farmer and a Baptist minister, so he taught his children discipline at a young age. One of the most important things that James' father taught him was The Golden Rule which basically says to treat others the way that you want to be treated. When James was 8, his father made him pay for his own clothes to teach him the value of money and because money was scarce in his family. James made this money by raising and selling livestock until the neighbors complained and he had to end it.
After James graduated he had big dreams of becoming a lawyer, but these dreams were put to rest after his father died soon after he graduated high school. His father's death forced him to become a clerk at a dry goods store, so he could help support the big family. His doctor then told him that due to his health issues, he would benefit from moving to a dryer area. James listened to his doctor and moved to Colorado where he tried to open his own butcher shop. This failed, and he ended up working for another dry goods store. This chain of stores was called The Golden Rule Stores.
The two owners of the chain of stores, Thomas Callahan and Guy Johnson noticed James' strong work ethic and let him co-own a store they opened in 1902. This store was considered to be the very first J.C. Penney store ever made. James then proceeded to open another two stores, and in 1907 he bought out his partners' shares and had full ownership of the stores. Soon after, he began to expand his company and open stores in Utah, Idaho, and eventually across the nation.
During the beginning of all of James' success his first wife, Berta, died of pneumonia and left him with two sons. In 1919, he got re-married to a woman named Mary. Unfortunately, Mary died in 1923 leaving James with another son. In 1926, he had his third and final marriage with a woman named Caroline. They had 2 daughters together and their marriage lasted until James' death. Soon after his third marriage, the owner of the dry goods store in Hamilton, Missouri where James first worked retired. James took the opportunity to buy it and turned it into the 500th J.C. Penney.
Outside his business, James also became known as a philanthropist. He donated to and established several charities using his company's money to help finance his philanthropy. That decision came back to haunt him during the stock market crash and the Great Depression. He lost a lot of money and it actually got to the point where he was forced to sell one of his homes. It took him years to rebuild his fortune, and in this time he became depressed and unwell. However, after his company regained wealth, he became healthier again and went back to managing the company and its stores. In 1940, James went to visit a store in Iowa. There, he trained Sam Walton, the future owner of Walmart. He taught him many important things and made him a successful business owner as well.
Today, the amount of stores the company operates is much fewer. It runs about 1,100 stores, but these stores are much larger than the old Main Street outlets. The company still makes a pretty decent amount of money, but it's safe to say that the store isn't near as popular as it used to be. Overall, the store is very successful and has been around for an impressive amount of years.
James died in New York City on February 12, 1971 at the age of 95. He's buried in the Woodlawn Cemetery in Bronx, New York. This person relates to the Business Management & Technology academy because he was a businessman and an entrepreneur. He created his own business and was very successful with it. His story is a great example of how to become a great business owner, with good work ethic and big goals for yourself. One of his goals was not to have a chain of good stores, but to have a chain of good men. If he were still alive today that he would have a lot of wise advice for future business owners. He said a lot of important words in his time and he always lived by the Golden Rule. His work ethic really was pretty great because he made it so far with his businesses and such.