Entrepreneurs who Changed History 🌟
How John D. Rockefeller founded one of the largest and most successful businesses in history.
American industrialist John D. Rockefeller made a fortune from refining oil — his Standard Oil Company became one of the largest and most successful businesses in history.
It gained such a monopoly that it led to the passing of antitrust laws at the end of the 19th century.
Early Days.
1839, Birth — Born in New York, John Rockefeller lived in poverty as a kid. He worked hard with a clear focus on wealth.
Starts Trading.
1859, Age 20 — Rockefeller started his own business with a partner and set up as a merchant selling hay, meats, grains, and other goods on a commission basis.
The Standard Oil Company.
1870, Age 31 — Rockefeller built his first oil refinery in 1863, the largest in the area. By 1870, he had formed the Standard Oil Company.
He then slowly started buying out his company to gain control of the company.
Ahead of Others.
1872, Age 33 — Rockefeller was able to negotiate very favourable oil transportation rates with the railroad companies, allowing him to keep his oil prices lower than his competitors.
A Monopoly?
1890, Age 51 — Under the Standard Oil Trust, Rockefeller went on expanding into the iron ore industry, including transportation, and acquiring more oil businesses.
Split up.
1911, Age 72 — Rockefeller’s ruthless business practices were exposed and led to the breakup of Standard Oil into 34 separate companies.
Legacy.
Many people disliked how Rockefeller undercut or bought out, smaller oil companies.
Regardless, by the time of his death, in 1937, he had given away more than $500 million!
Shram is the subconscious thought of focus, self-growth and teamwork.
This article is a part of our series: “Entrepreneurs who Changed History” where we rediscover historic business figures who left a mark so deep that it changed the world we live in today.
