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Many people equate the word “recession” with “crisis.” And with many economists predicting that a recession is imminent, many would-be-entrepreneurs find themselves hesitant to dive into a risky business endeavor.
Granted, it seems like economists are always predicting that an economic downturn is right around the corner. But regardless of whether they’re right or wrong, the simple fact remains that lots of people start their a new business to make a living, and it’s still possible to do so in the middle of a financial crisis.
Here’s an interesting fact: the word “crisis” in Chinese consists of two hieroglyphs, “danger” and “opportunity.” In a way, a crisis is a two-sided coin. Here are seventeen examples of very successful companies that took advantage of opportunities in spite of the danger and got their start during tough economic times.
1. WhatsApp
Two former Yahoo employees, Brian Acton and Jan Koum, launched a messaging application at the end of the Great Recession of 2007-2009. Due to its speed and convenience, WhatsApp quickly gained popularity. Today, it is one of the most used messaging programs with more than 3.3 billion active users every month in more than 180 countries worldwide.
The company’s annual revenue is never disclosed: since 2014, WhatsApp has been part of Facebook (now Meta), which doesn’t publish financial data on individual business segments.
2. Airbnb
During the 2007 recession, two roommates in San Francisco were short on money to pay the rent. To make some extra money, they decided to sell a bed (an air mattress) and breakfast. The service was simply called Airbedandbreakfast.
Within two years, their entrepreneurship paid off; the business began to grow, attracting its first investors and changing its name to Airbnb. Within a few years, the platform became one of the leaders in the online accommodation booking market. By 2019, it had been used by 750 million guests in hundreds of countries around the world.
2019 Profit: 4.7 billion dollars
2025 Profit: 12.24 billion dollars
3. Disney
Brothers Walt and Roy Disney founded the company in 1923, a time called the “Roaring Twenties” because of the rapid changes and instability after World War I. And six years later, the Great Depression began. Disney saved Mickey Mouse from collapse: the character became the beloved one of the audience, which was looking for positive emotions. The company produced cartoons and sold a license to produce goods with Mickey Mouse’s image, which were immediately snatched from the shelves by customers.
Today, Disney is one of the largest empires in the entertainment industry. It owns film studios, TV channels, and amusement parks around the world.
2019 Revenue: 69.6 billion dollars
2025 Revenue: 94.4 billion dollars
4. FedEx
In 1971, Fred Smith, a graduate of Yale University, was not afraid that the United States had recently experienced another recession. He had a business idea for fast and reliable cargo delivery by his own planes.
Although the launch of the new product wasn’t smooth (the business took five years to become profitable), today FedEx is recognized as one of the leaders and most successful businesses in the delivery services market.
2019 Revenue: 69.69 billion dollars
2025 Revenue: 87.9 billion dollars
5. General Electric
The General Electric Company entered the market a year before the economic depression of 1893, the largest in the United States. Over almost a century and a half, General Electric has survived several wars and crises, but it continued to innovate: GE built the first power plant, invented an electric generator, a radio station, and much more.
In April of 2024, General Electric pivoted from being a multi-industry conglomerate and split into three separate businesses serving the aerospace, healthcare, and energy industries. GE Aerospace is the result of that split. While their revenues are technically smaller (it’s a smaller company), it’s still a successful business.
2019 Revenue: 95.2 billion dollars
2025 Revenue: 45.9 billion dollars (GAAP, Aerospace sector only)
6. HP (Hewlett-Packard)
The end of the Great Depression and the beginning of World War II — a more inappropriate time to start a business can hardly be found. But in 1939, this didn’t stop William Hewlett and David Packard, graduates of Stanford, from registering an electronics manufacturing company.
They achieved success due to innovative development: a new generator design that was several times cheaper than the competitors’ one. Over several decades, Hewlett-Packard has released multiple technological innovations and has become one of the leading brands in the information technology market.
2019 Revenue: 58.8 billion dollars
2025 Revenue: 55.3 billion dollars
7. Microsoft
The effects of the oil crisis and the collapse of stock markets did not prevent Bill Gates and Paul Allen from starting a software business in 1975.
The company grew rapidly and, in 1985, released a revolutionary development, the Windows operating system. Today, Microsoft is one of the leaders in hardware and software production, and for a while, Bill Gates was the richest man in the world (he’s still in the top 20 richest individuals).
2019 Revenue: 125.8 billion dollars
2025 Revenue: 281.7 billion dollars
8. IBM
During the long recession in the U.S. in 1911, Charles Flint registered Computing-Tabulating-Recording (CTR), which sold a popular product: electrical machines for data processing. In 1924, when the company entered the international market, its name was changed to International Business Machines (IBM).
IBM has successfully survived all the crises of the 20th century and has become one of the world’s largest manufacturers of computer hardware and software.
2019 Revenue: 77.1 billion dollars
2025 Revenue: 67.5 billion dollars
9. General Motors
William Durant started his business in 1908 during the Banking Panic in the USA. GM was a holding company that absorbed several car manufacturers, including Buick, Oldsmobile, Cadillac, and Chevrolet. The strategy proved to be successful in order to survive in a competitive struggle.
The year 2009 was a turning point in the history of the Corporation: General Motors went bankrupt but managed to return to the market after entering the stock exchange.
2019 Revenue: 137.2 billion dollars
2025 Revenue: 185 billion dollars
10. Burger King
The first Burger King restaurant opened in the USA during the recession in 1954. Although Burger King has changed owners several times over the decades, it has become the second-largest fast-food chain in the world.
Today, Burger King operates on a franchise model, and the chain’s restaurants are visited by 11 million people a day. Its parent company is Restaurant Brands International (which sourced the stats below).
2019 Net Income: 1.27 billion dollars
2026 Net Income: 1.5 billion dollars
11. Apple
Two Steves, Steve Jobs and Steve Wozniak, started their computer and software business in 1976, just after the tail end of the oil crisis. The rapid growth of Apple has always been driven by innovative products; Mac, iPhone, iPad, and Apple Watch are just a few of its most popular assets.
Apple was the first company with a turnover of one trillion dollars and remains the most expensive brand in the world.
2019 Revenue: 260.2 billion dollars
2025 Revenue: 416 billion dollars
12. Adidas
Brothers Adolf and Rudolf Dassler have been producing sports shoes in Germany since the 1920s. But after World War II, the family business collapsed, and the brothers broke up forever.
In 1948, Adolf started his own business, which he called Adidas: short for Adolf (Adi) Dassler. Thanks to innovative developments, the brand has become the largest manufacturer of sporting goods in Europe and the second largest in the world within a few decades.
2019 Revenue: € 23.640 billion
2025 Revenue: €24.811 billion
13. Puma
This company was founded by the second brother of the Dassler family, Rudolf. For several decades, Puma and Adidas had been seriously competing in innovation.
In the second half of the 20th century, Puma became famous because many Olympic and soccer champions wearing Puma shoes won championships. In 2009, after several decades of hostility, Adidas and Puma entered into a truce.
2019 Revenue: € 5,502 million
2025 Revenue: €7,296.2 million
14. Starbucks
Shortly before the oil crisis in 1971, three friends opened a store in Seattle with a new product for the USA: freshly roasted coffee beans. After 16 years, the business was bought by Howard Schultz, who offered customers ready-made drinks and the atmosphere of Italy – good communication, pleasant interior, and friendly baristas.
This model is still followed at Starbucks: the branding of the coffee chain is based on creating an emotional connection with customers. Due to positioning, the company can successfully sell coffee at premium prices. Marketers refer to this phenomenon as the Starbucks effect.
2019 Revenue: 26.5 billion dollars
2025 Revenue: 37.2 billion dollars
15. LEGO
At the height of the Great Depression in 1932, Ole Kirk Christiansen, a Danish carpenter, started a business to create developmental toys for children. The company was called LEGO, a shortened form of the Danish phrase “leg godt” (“play well”). In 1947, LEGO first released plastic toys, and in 1958, colorful bricks were introduced, which are well known to kids and adults worldwide today.
The brand has always been dedicated to quality, and its mission is to develop children’s creative abilities. Now LEGO is one of the largest toy manufacturers in the world. Besides toys, the company produces films and video games and even opens theme parks.
2019 Revenue: 6.04 billion dollars (converted from DKK)
2025 Revenue: 13.11 billion dollars (converted from DKK)
16. Electronic Arts
During the U.S. recession in 1982, a video game development and sales company entered the market. Trip Hawkins, the founder of Electronic Arts, considered computer games a new form of art and regarded their developers as artists.
By creating an emotional connection with consumers, the brand has managed to become one of the market leaders within a few decades. Some of the most famous Electronic Arts products include Need for Speed, The Sims, Fifa, Apex Legends, Battlefield, and other popular games.
2019 Revenue: 4.9 billion dollars
2025 Revenue: 7.4 billion dollars
17. Mailchimp
Mailchimp, which was launched during the dot-com recession in 2001, was created as an alternative to more expensive e-mail tools.
The business has grown rapidly and now has around a 60 percent share of the email marketing market (the exact numbers vary depending on the exact market sector studied). Every day, 1 billion emails are sent via the service.
In November of 2021, Intuit acquired Mailchimp for a staggering purchase price of $12 billion.
2019 Revenue: 700 million dollars
A Bonus: Three Tips for Those Who Start a Business During a Crisis
Starting a business during a rough economy isn’t easy, but it is possible. These three tips can help.
1. Explore the market carefully
During any crisis, people have new needs, and the demand for certain products can skyrocket and plummet many times over. For example, in 2020, during the quarantine, many online services experienced a rapid surge in demand since people were perpetually online while at home.
To find a product that will become popular, business owners can explore different demands and trends to find a niche that is not yet occupied. Then, they can think of what they can offer: perhaps that’s innovative development, a solution to a problem, or better conditions.
2. Communicate the company’s value proposition through branding
It can be helpful to start a dialogue with the company’s future customers through the brand’s logo, the main visual symbol of the business. A good logo will tell the company’s history and communicate its mission and unique selling proposition.
Don’t know where to start this development? Using business formation services like ZenBusiness can help with logo creation, business registration, and more.
3. Consider emotional value for customers
According to a study conducted by the American company Forrester in March 2020, during the crisis, people wanted to fill their social vacuum with communication and entertainment. To emotionally connect customers with the brand, it’s best to offer them an entertaining, inspiring, or educational product that will support them in tough times.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. For specific questions about any of these topics, seek the counsel of a licensed professional.
