Why Rockefeller was destined to succeed.
Why Rockefeller was destined to succeed.
Rockefeller’s journey from zero to billionaire status through whatever means necessary.
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John D. Rockefeller was born on 8 July 1839. He was the second out of six children born to a snake-oil salesman.
Dropping out of high school, he completed a bookkeeping course and worked as a bookkeeper’s assistant.
He then started his own business trading hay, grains, and meat, thriving during the Civil War when massive amounts of supplies were needed.
Using the proceeds from the food business, he built an oil refinery near Cleveland in 1863 and turned it into the largest refinery in the area. He was only 24.
By 31, he founded the Standard Oil Company, quickly buying out competitors and gaining a 90% market share.
His efforts made oil affordable, leading to many oil-based products like Vaseline coming to market.
He surrounded himself with smart people who helped him form the first major US trust, create the first futures oil market and find ways around the laws to keep dominating the industry.
The Supreme Court eventually divided his company into 34 entities. As Rockefeller owned a 25% stake in each of them, by 1916, he became the world’s first billionaire.
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Lessons from John D. Rockefeller
Surround yourself with the right people.
Rockefeller did not rise to the top alone. While he was a very determined and apt individual, he also heavily relied on smart lawyers and business partners. They were crucial in helping him form the Standard Oil Trust and manoeuvre anti-monopoly laws.
In order to build relationships the right way, John D. Rockefeller kept a small ledger where he recorded personal details about people, including their birthdays, among other things.
This practice was one of his methods for building and maintaining personal and business relationships. You can do the same.
I personally add things to remember in the Notes section of every contact.
Learn to manage money.
That 10-week bookkeeping course set the foundation for his successful life. He learned to manage small amounts of money and how to keep track of expenses. Even when only earning a minimum amount, he still donated 6% to charity.
If someone cannot manage a small amount of money, they cannot manage larger ones either.
Until next Friday,
The Chronicler
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Surrounding yourself with the right people and cultivating meaningful relationships can be a powerful strategy for success in both personal and business endeavors.