The tech giant, Apple, has finally hit the mark for being worth more than $1 trillion on August 2. With the popularity of the company, some don’t find this too hard to believe. However, reviewing the history of Apple’s struggles makes this accomplishment even greater. It’s truly a story of persistence and hard work. In 1976, Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne as a company dedicated to making computers that, at the time, were considered small and simple, which made the products easily available to be mass-marketed. The demand was present, and in the 1980s, Apple was one of the world’s most familiar brands. But then, trouble ensued. Power struggles became so great among the company’s executives that in 1985 Steve Jobs resigned from the company he helped create and started a different company, a technology firm named Next. For years, Apple failed to produce products that consumers wanted. By the end of 1996, the company was down $867 million, and its total share value was under $3 billion. In 1997, the company was nearly bankrupt as it struggled to keep its place in the market, largely due to the great success of its rival company, Microsoft. The company released one-third of its workers, and according to Steve Jobs, the company was only about 90 days from going under.
Seeking options to make progress that was desperately needed, Apple purchased Next for $400 million, which led to Steve Jobs’ return to the company where he became the CEO shortly thereafter. With his return, he cut 70 percent of the company’s product plans, started a new ad campaign called “Think Different”, and focused on simplicity. Success soon followed. Consumers were fond of the iMac G3, a desktop computer, and showed their love for the iPod, a new portable music player, by purchasing over 400 million units. In 2007, the iPhone made its debut, and it didn’t take long for it to become a best-seller with over 1.4 billion unit being sold since its entrance into the market. Apple is a force to be reckoned with. But like any company, it must seek to be relevant and please its consumers. Only time will tell if Apple can keep producing amazing results. But for now, I’m sure members of the company will take this opportunity to celebrate a much-deserved victory.