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.
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.