Lightbulb
The World’s Columbian Exposition was a world’s fair held in Chicago in 1893 to celebrate the 400th anniversary of Christopher Columbus’ arrival in the New World. Over the course of six months over 27 million visitors (over 1/3 of the US population) attended the fair, making it the single largest event in human history.
The fair lived up to the hype featuring a main made lagoon, life size replicas of all three of Columbus’ ships, the world’s first Ferris Wheel, an assassination, the first escalator, as well as the introduction of Juicy Fruit Gum, Cracker Jacks, and Pabst Blue Ribbon beer.
In the end, all of those attractions were upstaged by the events of a single night at the fair. The 1890’s were a battleground for two of the greatest inventors the world has ever seen. In one corner, Thomas Alva Edison and his direct current power. In the other, his one-time employee Nikola Tesla and his alternating current.
Despite Edison’s best efforts to discredit AC current for being unsafe, it was Tesla who had won the contract to supply electricity to the fair. By 1893 both Tesla and Edison were well aware that AC current was far more efficient and economical, but Edison’s electric generating business was built on a DC infrastructure, thus he was very investing in seeing it become the dominant source of power. He did that by using every means available to demonstrate to the public how unsafe the high voltages of AC could be. While Edison was not completely wrong, AC current CAN be extremely dangerous, it can also be extremely safe, and Tesla recognized that in the World’s Fair, he had an opportunity to prove it.
At low frequencies, AC current has the power to easily electrocute a human to death. At high frequency, the same voltage becomes completely benign. Knowing this, Tesla decided to give the spectators a show.
After climbing a stage, Tesla connected himself directly to a high voltage wire and directed his assistants to pass 2 million volts of AC power directly through him. Onlookers stared in amazement as the current passed harmlessly over his skin, and cast a blue halo of electric flame around him. The point of the demonstration was clear, AC was cheaper, more efficient, and if administered properly, perfectly safe. Tesla would soon win the current wars, and to this day homes around the world are powered by AC electricity.
Edison’s electric generation company was far from done despite the blow. By 1896 the company had fully integrated AC into their infrastructure and was expanding their product lines. What started as lightbulbs and electric power soon became appliances, toys and industrial equipment. By 1920 the company, now known as General Electric was the leading manufacturer of Radios. Six years later through their radio division they founded the National broadcasting corporation (NBC). In 1927 they began producing televisions, and by 1965 GE cablevision owned the maximium allowable number of television stations.
Around the same time GE expanded into computers competing with IBM and Honeywell. By the year 2000 GE produced everything from toasters to jet turbine engines. Divisions of the company included GE healthcare, capital finance, aviation, power, research, consumer goods, automotive, insurance, equipment services, and renewables. They climbed as high as number 4 on the Fortune 500 rankings. Then, it all came crashing down.
The 2008 financial crisis hit GE hard. When the dust settled it became clear that GE was overstretched and bloated. They had too many employees, too much debt, and not enough cash to pay the bills.
In order to survive GE divested its capital finance, healthcare, broadcasting, insurance, and automotive divisions. They returned to their roots of producing electrical equipment.
It has never been easier than it right now to start a business, pick up a side gig, or generate additional income through a whole host of means. Side gigs are great. Starting businesses is wonderful. Creating multiple streams of income is a great way to improve your lifestyle. They also make it very easy for you to fall into the same trap as GE.
Through side gigs and small businesses it can be very easy to get so caught up in so many different activities that you lose track of the one thing that makes you the most money. If you have a business as a Hair Stylist, rather than starting a side gig as a delivery driver, work on growing your business. If you have a great job as a nurse, work more hours as a nurse as opposed to starting an Etsy shop. Multiple income streams are great, but not if they come at the expense of your most lucrative moneymaking activity.