Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author

Lesson #5: The Tough Times Are Never Too Tough to Handle

George Eastman Articles
Lesson #5: The Tough Times Are Never Too Tough to Handle

Eastman was dedicated to his work. Indeed, with no wife or children to ever go home to, the Kodak family was the only one he had ever known. So, when his right hand man wanted to spend more time with his own children, Eastman grew frustrated. And, it would set off a string of events that would challenge both the Kodak company and Eastman’s dedication to it.

Henry Reichenbach was a superior chemist, one who Eastman had become heavily dependent on for the success of his products. But with a wife and four young children waiting for him at home every night, Reichenbach began to get fed up with the long hours and increasing workload that Eastman was imposing on him.

In 1891, Reichenbach had reached his limit. He got together with a few others Kodak chemists and together, they began developing plans to start their own imaging company. When Eastman got wind of the plans, however, he took immediate action. He was never one to be upstaged by anyone, and thus fired all of the chemists involved before they had the chance to quit.

As personally satisfying as the move might have been for Eastman, however, it proved to be professionally devastating. Almost immediately, the company’s products began to suffer. Customers were complaining about the poor quality of Kodak’s film. Both the company’s sales and reputation were taking a hard hit.

After months of the same problems, Eastman decided to actually close down the film production branch of Kodak. He could not solve the problems and could not afford to keep things as they were. To make matters worse, an economic depression swept the country in 1893 and Eastman, along with most other entrepreneurs, fell into deep debt.

For months still, no film was ever shipped from Kodak. Things got so bad that a British bank threatened to foreclose on a loan to Kodak’s plant in England. When the plant’s director asked Eastman for money, he received this letter: “We shall have all that we can do to take care of our own finances. It is extremely unlikely that we will be able to lend you any money. I write this to you so that you will not count on it…Yours truly, George Eastman, Treasurer.”

As time passed and little changed, Eastman was forced to fire many of his workers. His own health started to deteriorate as he began to worry about the fate of his company. Once, Eastman even joked about starting a new praying department to get things back on track.

1893 was the year everything finally turned around. Eastman hired William Stuber, a famous photographer who made his own dry plates. Stuber set out to create new film for Kodak and, after months of working in complete secrecy, he had it. The new film was better than anything on the market. It was so good that movie production companies even began using it to film. Soon, movie film had become Eastman’s biggest seller.

With that, Kodak had made its comeback. Its profits began to soar, as did Eastman’s own net worth. It would not be long before Eastman would become the sixth richest man in the U.S. He had refused to give up in the face of trouble, and it paid off in the end.





Lesson 5 The Tough Times Are Never Too Tough to Handle

Like this article? Share it with your friends

Article Feedback
 Article Feedback No article feedback found.
  Leave Your Feedback
article feedback

Article Feedback

To learn more about the Evan Elite Author Program please contact us.

Famous Entrepreneur Video
George Eastman Video - 75 years ago George Eastman (founder of Kodak) took his own life with a revolver to the heart. This story takes a look at his suicide note and brushes up on what Eastman would do with Kodak's issues today.
Famous Entrepreneur Video

George Eastman Picture George Eastman Newsletter
Get our free newsletter to learn more about George Eastman and other famous entrepreneurs!

Name:
Email:





Evan Elite Authors
Jeff Foster  
Kim Castle  
Staging Diva  
Evan Elite Authors

Become An Author
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Become An Author

Evan's Latest Video
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media
Evan's Latest Video

Business Opportunities
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"

How to Start An Online Business

Click Here To Learn More
Business Opportunities



Evan's Newsletter
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Name:
Email:
Evan`s Newsletter

Free Downloads
Write A Bestseller Icon Write A Bestseller
Law of Attraction in Action Icon Law of Attraction in Action
Internet Marketing Secrets Icon Internet Marketing Secrets
Working From Home Icon Working From Home
Quadruple Your Business Icon Quadruple Your Business
Free Downloads - Complete List

Entrepreneur Tools and Guides
Top 50 Geek Business Blogs
Top 50 Geek Business Blogs
Top 50 Geek Business Blogs
 
Top 50 SEO Posts of the Year
Top 50 SEO Posts - 2007
Top SEO Posts of the Year
 
Entrepreneur Tools and Guides

SEO For Africa
SEO For Africa
Josephine Nyanchama Mutwere Nairobi, Kenya,
SEO For Africa

If I Were A Startup...
Erez Zevulunov, $150k to $504k in 2 years
Erez Zevulunov
$150k to $504k in 2 years
Jonathan Voigt, $214k to $507k in 2 years
Jonathan Voigt
$214k to $507k in 2 years
If I Were A Startup... - Complete List

Famous Entrepreneurs
Simon Cowell, American Idol
Simon Cowell
American Idol
Tony Robbins, AR Companies
Tony Robbins
AR Companies
Famous Entrepreneurs - Complete List

Entrepreneur Advice
Jack Canfield, Chicken Soup
Jack Canfield
Chicken Soup
Paul Kedrosky, Venture Capitalist
Paul Kedrosky
Venture Capitalist
Entrepreneur Advice - Complete List

Popular Articles
(Premium Authors)

     How You Can Dramatically Increase Your Business Networking ROI
By Leanne Hoagland-Smith
     Exceptional Business Leaders Know How to Find and Read the Signs Do You
By Leanne Hoagland-Smith
     Translating Networking into Increased Business Dollars Growth Profits and Success
By Leanne Hoagland-Smith

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

More Evan Carmichael
More Information