James Cash Penney was born in 1875 to an impoverished family who lived on a farm in Missouri. To teach his son the value of money and self-reliance, James’ father made him pay for his own clothes once he reached the age of eight. James showed entrepreneurial thinking at a very young age when he purchased young pigs, fattened and sold them, then bought more.

Following high school, James withstood years of hard work and poor health, but he eventually overcame his health issues and attained management and partnership positions at a trade store franchise, and eventually obtained full ownership of this franchise. James trained his employees well, taught them skills, and shared his experience with them. His franchise succeeded, and was eventually renamed to J. C. Penney Company, and eventually reached numbers of over 1000 stores in the U.S.

In 1917 Penney moved from president of the company to chairman of the board of directors, but in 1929 the stock market crash spelled disaster for his company, losing him $40 million and putting him $7 million in debt. The financial disaster negatively effected his health, and he checked himself into a hospital. During his great debt and poor health, he heard the song “God Will Take Care of You” being sung at a chapel service at the hospital, and he gave his life to Christ. After becoming a Christian, Penney borrowed money, made tough financial decisions, and worked hard, and he eventually revived his franchise empire. As he grew in age, James Cash Penney was philanthropic with his wealth, and was a supporter of organizations such as the Young Men’s Christian Association and Boys Scouts.

By his later years, James Cash Penney was the recipient of 17 honorary degrees and many other awards and honors. Reflecting back on his life, Penney stated “I believe in adherence to the Golden Rule, faith in God and the country. If I were a young man again, those would be my cardinal principles.” By the time of his death, J. C. Penney Company had 1,660 stores with annual sales of over $4 billion, with all 50,000 employees of the company sharing in these profits.