Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
John Rockefeller biography
Investors and Entrepreneurs

John Rockefeller: biography of the first dollar billionaire

15.07.2021
2 min read

John Rockefeller: biography of an American entrepreneur

The Rockefellers are closely associated with success and billions and are one of the most influential in the United States. The most prominent representative of the dynasty – John Rockefeller and his biography will be interesting in terms of how you can build a business and leave a trace in history.
The outstanding American businessman was born in 1839 in the family of a merchant. His father traveled around the country and offered customers products of poor quality. It was his parent who gave John the basics of negotiation and taught him how to bargain. The boy was the second of six children in the family, and he made his first attempts at entrepreneurship with his sisters. The children bought a lot of sweets and then sold them by the pieces.
Rockefeller was more interested in the possibility of earning money than studying. He worked for his neighbors and saved the money he received. When the amount was collected at $50, John lent the money at interest.
After school he went to college, but there he quickly realized that he was only wasting his time, began to take accounting courses, and after 3 months, at the age of 16, John got a job in the office as an assistant accountant. He liked the job, and the money count was fun and an opportunity to gain experience for his future career. After a while he became manager of the firm, but the salary offered to Rockefeller was not high enough for him, and he decided that he no longer wanted to work as an employee.
John tried his hand at entrepreneurship at Clark & Rochester, which was looking for a partner. The start-up capital was to be $2 thousand, and Rockefeller had only $600. To enter the firm, John took a loan to his father at 10% per annum, and in 1857 became a co-owner of the business. And at that time, the young man was not even 18 years old. The company’s sphere of activity was hay sales.
At the same time, the young businessman started working with borrowed funds. There was a civil war in the country, and to keep the company afloat, he needed more money. Then Rockefeller and his partner applied to the bank for a loan.

John Rockefeller biography

During the oil boom, John set up Standard-Oil to produce kerosene. Andrews, a chemist, became a business partner. By 1870 the company was a monopolist in the oil products market. Moreover, Rockefeller actively developed business, optimized processes to reduce losses and increase profits. In 10 years the company controlled 90% of the American market.
The businessman used various tools to do business, one of the keys was dumping. After the anti-monopoly law was introduced in the USA, Rockefeller was not lost and from one big corporation he created several small companies. This made it possible not to lose the market and act within the law.

Tags: Investors and Entrepreneurs
0
Previous Post How did Twitter Inc. come into being: business history Next Post The Chinese government has published a new five-year development plan

You Might Also Like

Seth Klarman
Investors and Entrepreneurs
Seth Klarman: the success story of an American investor
16.04.2021
Wendy Deng
Investors and Entrepreneurs
Wendy Deng: How a poor Chinese girl became one of the most powerful women in the world
25.02.2021
Charles Koch
Investors and Entrepreneurs
American businessman Charles Koch: activities and philosophy of life
10.02.2022
Marc Benioff
Investors and Entrepreneurs
Salesforce founder Marc Benioff and his success rules
07.12.2020
Fred Smith
Investors and Entrepreneurs
Fred Smith: the man who gave the world express delivery
20.06.2020
Ingvar Kamprad
Investors and Entrepreneurs
Ingvar Kamprad: biography of the founder of the famous IKEA store chain
06.04.2021

Recent Posts

  • 1The concept of financial management-1
    The concept of financial management in terms of the investment horizon
    18.05.2022
  • 2The state of the U.S. economy
    Moody’s Analytics experts have assessed the state of the U.S. economy
    17.05.2022
  • 3Ford invests
    American concern Ford invests in plant construction
    16.05.2022
  • 4Dunamu
    Cryptocurrency exchange operator Dunamu attracted $85 million in investments
    15.05.2022
  • 5artificial intelligence technology in banking
    Artificial intelligence: applications for banking
    14.05.2022

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Polish PGNiG started supplying gas to Ukraine under a new scheme

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Latest Posts

The concept of financial management-1
The concept of financial management in terms of the investment horizon
18.05.2022
The state of the U.S. economy
Moody’s Analytics experts have assessed the state of the U.S. economy
17.05.2022
Ford invests
American concern Ford invests in plant construction
16.05.2022

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Polish PGNiG started supplying gas to Ukraine under a new scheme
  • Analyst at Otkritie Broker: rise in gold prices in the near future is unlikely
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics