Monopolies are good for the consumer.

Contrary to popular belief, monopolies often promote innovation rather than suppress it. Google, one of the most innovative companies in the world (Source: Fast Company) has a 70% market share in search globally. Monopolies allow the resources for companies to innovate and look further into the future. John D. Rockefeller understood the value of monopolies. His market was plagued by insecurity. Each time a new well was opened, oil prices would fall far below the market equilibrium point. By forming alliances with railroads, Rockefeller was able to acquire 22 out of 26 of his Cleveland competitors between February and March of 1872. He was able to repeat this strategy throughout his career, and in 1899 Standard Oil refined nearly 90% of the oil in the United States. Consumers in the United States also reaped the benefits of Rockefeller’s achievements, kerosene prices plunged from 23.5 cents a gallon to just 7.5 cents a gallon. Standard Oil’s monopoly allowed for new efficiencies to be unlocked, benefitting the American consumer in a very direct way.

Even pre-eminent capitalists take naps.

Believe it or not, one of the United States foremost capitalists would take a nap every afternoon. Now, I’m sure that he was subject to much vilification for the ritual, but the benefits of an afternoon nap are clear. WebMD reports that just a 45 minute nap can boost performance by 34%. Turns out, Rockefeller was an innovator in workplace productivity as well as in the business of oil refining.

Rockefeller success demonstrates the advantages of being a nice boss.

We often think of the term “boss” in a negative light: spurts of anger, impatience, and so on. Rockefeller, however, was starkly different than the persona we would normally impose. Regardless of position, every employee was treated as an equal. He was quick to compliment, and often slow to criticize. The following excerpt tells of his affable leadership style.

“As a fitness buff, Rockefeller placed in the accounting department a wood-and-rubber contrivance that he pushed and pulled for exercise. When he showed up one morning for exercise, a junior accountant didn’t recognize him, called the gadget a damned nuisance, and demanded that it be carted off. “All right,” said Rockefeller and had the contraption removed. Somewhat later, to his horror, the young man realized that he had berated the chief executive, yet he never endured one word of reprimand. ”

Excerpt From: Ron Chernow. “Titan.”

According to the Harvard Business Review, being an approachable boss has more of an advantage than one would expect. Data shows that workplaces with high stress environments see medical expenditures 46% greater than workplaces without high levels of stress. In another study, HBR directly correlates leaders likability to their ability to influence others. It’s only fitting then, given this data, than some of Standard Oil’s success could be attributed to Rockefeller’s approachable leadership style.

PR Wasn’t There To Save Standard Oil.

The lack of a PR response to the media’s heckling of Standard Oil often left a guilty air to loom. For John D. Rockefeller did not believe in responding to criticism. Whether Ida Tarbells “The History Of Standard Oil” that painted Rockefeller as a corrupt and scandalous business man, or Standard’s competitors spreading fallacies of sabotage. The Standard Oil company stood in silence. The neglect to confront the ridicule struck me as odd. Today, PR teams step in even at the slightest whiff of crisis. Is it possible that the lack of a response curtailed the life of the Standard Oil monopoly?

Timing is everything.

Bill Gross, founder of Idealab; a venture capital firm, rated timing as the number one factor in deciding whether of not a startup would succeed. That statement parallels the optimal timing of John D. Rockefeller’s life. Rockefeller was born in 1839, around the time Andrew Carnegie, J.P Morgan, and many other moguls were born. Therefore, Rockefeller would reach maturity around the post-civil war industrial boom and the birth of the oil industry. Although not intentional, Rockefeller was born at the advent of enormous change and innovation in America. Although his runaway success cannot be completely attributed to timing, it must be at least partially. The story of John D. Rockefeller is a strong supporting argument that timing needs to be an added emphasis in startups.