Daily Quote: Strike out on new paths - John D. Rockefeller
John D. Rockefeller is the richest American of all time as published by CNN Money. At the of his Standard Oil Business Empire, he controlled 90% of oil produced in the USA!
Here are 3 lessons that we can learn on what he did differently from competitors of his time:
1) Waste Nothing! His mum taught him the precious virtue of frugality, with these golden words:willful waste makes woeful want
At a time when most other oil diggers, were letting excess oil that they could not efficiently collect flow to waste. Same is true for the refiners who would only collect the 60% which is converted into kerosene.
Rockefeller, salvaged the gasoline, a by-product, to power his plants. Other by-products like lubricating oil, petroleum jelly and paraffin wax were sold for cash.
2) Be the disruptor
Standard Oil, developed their own distribution channels as they grew. Eventually they supplied kerosene by tank cars direct to local markets, and tank wagons then delivered to retail customers, thus bypassing the existing network of wholesalers.
This is just one of the many factors that resulted in a reduction of price of kerosene by 80% and making affordable and accessible to more people.
Rockefeller saw himself as the industry's savior, "an angel of mercy" absorbing the weak and making the industry as a whole stronger, more efficient, and more competitive
3) Embrace Change
In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them
When the courts ruled Rockefeller's Trust guilty of illegal monopoly practices, it was ordered it to be broken up into 34 new companies. Individual pieces of the company are soon worth more than the original. And within a few years, shares of these doubled and tripled in value. Rockefeller became the country's first billionaire with a fortune worth nearly 2% of the national economy.
Source: https://en.wikipedia.org/wiki/John_D._Rockefeller Image of Dog: https://pixabay.com/en/dog-meadow-play-lauer-grass-520256/Designed layout and design by @efongym
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Hound dogs and long-nosed dogs also have a unique name for their head-type: "Dolichocephalic."