John D. Rockefeller (July 8, 1839 – May 23, 1937) was an American business tycoon, industrialist, and philanthropist. Founder of the world famous Standard Oil Company, he is considered to be the wealthiest American in history by some calculations. He is best known for controlling the oil industry through his shrewd and innovative business practices, accumulating massive wealth, and then turning his attention to philanthropy in his later years.
Rockefeller was an entrepreneur at heart got his start in the growing oil industry at a young age. He founded Standard Oil in 1870 and directly ran the company until 1897, continuing to be the largest shareholder thereafter. Standard Oil revolutionized the oil industry, drastically reducing costs while increasing distribution, and eventually coming to control nearly the entire sector. Rockefeller aggressively pushed out competition and acquired not only direct competitors, but also suppliers and ancillary companies. He was a pioneer in the business strategies of both horizontal and vertical integration which allowed his companies to control their costs better than everyone else and undercut the competition.
Standard Oil’s rise ignited much debate regarding capitalism and the merits of monopolies. The company served as the inspiration for many of the country’s antitrust laws and Standard Oil was eventually broken up through antitrust litigation. Ironically, the value of the resulting individual companies grew so significantly as separate entities, that as a 25% owner in each of them, Rockefeller became even richer than before the breakup. The resulting companies include ExxonMobil, Chevron, BP, Marathon Oil, and Conoco, which continue to dominate the oil industry today.
Rockefeller spent the later portion of his life engaged in massive amounts of philanthropic projects across a wide spectrum of causes. He supported education, research, public health, science, and other initiatives to improve welfare worldwide. His philanthropic impact is felt all throughout the world to this day.
Rockefeller left a lasting legacy on American business and society that continues to influence American business, politics, and many other facets of everyday life today.
John D. Rockefeller Quotes
“I believe in the supreme worth of the individual and in his right to life, liberty and the pursuit of happiness.”
“I do not think there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature.”
“The secret to success is to do the common things uncommonly well.”
“The most important thing for a young man is to establish a credit . . . a reputation, character.”
“A man has no right to occupy another man’s time unnecessarily.”
“Singleness of purpose is one of the chief essentials for success in life, no matter what may be one’s aim.”
“Success comes from keeping the ears open and the mouth closed.”
John D. Rockefeller Books
“Titan: The Life of John D. Rockefeller, Sr.” – by Ron Chernow
“The 38 Letters from J.D. Rockefeller to his son: Perspectives, Ideology, and Wisdom” – by G. Ng
“The Autobiography of John D. Rockefeller: Random Reminiscences of Man and Events” – by John D. Rockefeller
“John D. Rockefeller on Making Money: Advice and Words of Wisdom on Building and Sharing Wealth” – by John D. Rockefeller
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