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On July 8, 1839, John Davison Rockefeller, an American businessman, was born in New York. He was a calm, slightly distracted, young man. Nobody could have predicted that he would one day become the world’s richest man. Little Rockefeller, on the other hand, had a good memory, equanimity, and an iron grip. His persona was solemn, which alarmed those around him. But only on the surface. John disliked expressing his emotions to others. Meanwhile, he was a sensitive individual.
When his sister died, Rockefeller ran to the backyard and lay there all day, so he experienced the death of a loved one. As an adult, John always tried always to do charity work. During his lifetime, he donated approximately $ 500 million. The University of Chicago received $ 80 million, and the Baptist Church received $ 100 million. He was raised primarily by his mother, who was a devout Baptist. She instilled in John a love of work and the ability to save from a young age. His main goal in life is to become wealthy. Rockefeller began his business career as a child. He bought candy and then sold it to his sisters at a profit. At the age of Seventh, John raised turkeys and sold them to his neighbors; the proceeds were loaned to a neighbor at a rate of 7 percent per year.
John did not complete his education. He is 16 years old and is looking for work in Cleveland. He’d already completed a three-month accounting course. He eventually landed a job as an assistant accountant at Hewitt and Tuttle. His salary was initially $17 per month, then increased to $25 per month. Rockefeller purchased an account book with his first salary, in which he recorded his expenses and income.
At the age of 18, John joins the firm of businessman Maurice Clark as a junior partner. The American Civil War lasted from 1861 to 1865. The new company was gaining traction at this point. The Howling Parties paid a high price for the basic commodities supplied by Clarke and Rockefeller (flour, pork, salt). By the end of the Civil War, oil had been discovered in Pennsylvania, resulting in an oil rush that swept the city. Partners began investing in oil. Rockefeller suggested that the companion become completely immersed in the oil business, but Clark was opposed to this idea.
Then, for $72,500, John buys out his partner’s share and goes into the oil business on his own. Rockefeller founded Standard Oil in 1870. John and his partner Henry Flagler are buying up minor oil companies, but not all of them are willing to join Standard Oil on their own. Then Rockefeller resorts to the most nefarious ways. The most serious of these was industrial espionage. Information on competitors, the oil market, and each buyer was gathered. Furthermore, Standard Oil ruined a competitor’s local market by artificially lowering prices.
Front firms were employed to shut off oil supply to obstinate refiners who were unaware of the situation. All of these dealings were kept under wraps, and Standard Oil workers spoke with the main firm using encryption. As a result, John Rockefeller establishes a strong foundation of trust. It was a brilliant business triumph for him.
By 1879, the Standard Oil Company had 90% of the United States’ oil reserves. The Sherman Antitrust Act, however, was passed in 1890. What factors influenced Standard Oil’s future development? The corporation was split into 34 minor companies in 1911.
Rockefeller had a successful personal life. Laura Celestine Spelman, his wife, was a realistic woman. John first met her when he was a student. In difficult times, she has always been a friend and supporter of Rockefeller. “Without her guidance, I would have stayed a pauper,” John added. From a young age, John Rockefeller instilled in his children the values of hard labor, modesty, and the capacity to value money.
In 1917, John Rockefeller’s fortune was estimated to be at $1 billion, or 2.5 percent of US GDP. He possessed railroads, steel mills, banks, six shipping companies, nine real estate companies, three orange orchards, and a share in every Standard Oil affiliate.
In New York, he founded the Institute for Medical Research and the Rockefeller Foundation, as well as a council for universal education. John Rockefeller has remained the world’s richest man till now, and his name has become a symbol of wealth. Many people label him a monster, a man who will go to any length for money, hungry and cynical. No one knows, however, how much it cost Rockefeller to gain fame, money, and success.