Back in the late 1960s -- when the hippie movement was in full force -- Donald Fisher started a blue jeans store in San Francisco. Yes, it eventually turned into a retail empire, called The Gap (NYSE: GPS). The company now has more than 3,100 stores and $14.5 billion in revenues.Unfortunately, Fisher died over the weekend. He was 81.
When Fisher started his business, he had no experience in the retail trade. Instead, his background was in real estate.
But this was no problem. Like any good entrepreneur, he saw a mega opportunity -- that is, a change in the fashion habits of the masses. After all, the Gap stands for "generation gap." And the Baby Boomers were certainly ripe customers -- and willing to pay.
Interestingly enough, Fisher was able to evolve with the changes of the Baby Boomers. Just think of the importance of "casual Fridays."
The Gap grew quickly and pulled off an IPO in 1976. However, to scale the business, Fisher realized he needed a strong management team. So in the early 1980s, he hired Millard Drexler to run the firm. He wasted little time in ramping the growth rate -- and expanding the company into other categories.
True, the past ten years hasn't been kind to The Gap. But, this is common for large companies. Growth doesn't last forever.
Yet, the fact remains that through Fisher's career, he definitely made a huge difference and will be one of America's great entrepreneurs.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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