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How Did Rockefeller Become Entrepreneurs

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Do you remember or heard of the men that people said made history? They have things to symbolize their memory but it could go a little more in depth. First you should know a facts about the three men and how they became entrepreneurs and then the opinion on how they should be remembered. Entrepreneurs can be very legendary and should be honored. "John D. Rockefeller from up-state New York entered the oil business in 1863 when he invested in an refinery in Ohio. In the early 1860's, Rockefeller wanted to control the refinery. The refinery then expanded in business. In the early 1870's, Rockefeller then decided to establish the Standard Oil Company, where he was the president, his brother and other men. Distributing and marketing the oil products made Rockefeller make …show more content…

Rockefeller's name expanded tremendously through the nation causing people to then criticize the methods to build his empire. It was said that, "He was accused of crushing but competition, getting rich on rebates from railroads, bribing men to spy on competing companies of making secret agreements of coercing rivals to join the
Standard Oil Company under threat of being forced out of business." (The New York
Times, 1937) Rockefeller built up enormous fortunes or the ruins of other men. In 1892, the Ohio Supreme Court then dissolved the Standard Oil Trust however business still continued on. Rockefeller retired from day to day business in the Oil industry.
Rockefeller had made more than 900 million off of his business. He donated more than half a billion dollars to many causes. Rockefeller owned a home in New York, an estate in Lakewood, New Jersey, and an estate called Kykuit, old dutch for "lookout," set on 3,ooo acres near Tarrytown, New York. Rockefeller mainly donated the rest to funding the University of Chicago and Rockefeller University where he was inspired by Andrew Carneige."1

"Andrew Carneige, Scotlamd born, During his younger life as a boy, he worked in a

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Big business leaders of 1877-1900 during the United States Gilded Ages pioneered new methods of efficiently, used unskilled labors, and evidently set the modern precedent for businesses in the United States today. John D. Rockefeller, Andrew Carnegie, and J.P. Morgan made their fortunes through hard work, ambition, and skill. Most of these men transformed themselves from poverty-stricken boys they grew up as, to the richest businessmen in American history. Although their success was created by the beginning of the Industrial Revolution, they shaped today's modern industrialism. Each created one of the largest, most powerful, and successful corporations in America at the time.

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Not long after his first company took off, in 1870, he created Standard Oil Co., which was a combination of a few of the other businesses he had started. Rockefeller used refineries to extract oil, rather than some of his competitors who preferred to use oil rigs. What truly helped Rockefeller rise above his competitors was actually undercutting their prices, and even offering money to railroad companies to only ship materials to him, which caused his competitors’ businesses to go bankrupt. He used a business tactic called the trust, where he took shares in other companies, offering the owners a place on the board of directors and dividends in the company. This tactic gave Rockefeller more control over his competitors’ businesses, which affected everyone else negatively.

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Rockefeller established an oil refinery near Cleveland. Within the first two years it was the largest in the area. Eventually, after many successes in the industry, Rockefeller turned his full attention to the oil business. In 1870, Rockefeller and his partners started the Standard Oil company. This business immediately began making money, partly because of the favorable economic conditions and partly because of Rockefeller’s drive to streamline the company’s operations and keep margins high.

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Rockefeller had an admiration for his integrity as a businessman and had a strong calling to his faith. His mother was a key role in his growth in faith and his father had taught him the importance of saving money. His values had always been grounded in tending to those who are less fortunate and quickly gain his respects to the business of producing oil. He had always had a fascination with oil and one of the members of his church, Samuel Andrews, who was an investor in oil. Both Andrews and Rockefeller joined together to make the business which would be called the Standard Oil Company.

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Rockefeller, as the head of the Standard Oil Trust, oversees the thousands of barrels of oil being exported over the country and the world. Similarly, Carnegie _. Andrew Carnegie and John D. Rockefeller

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John D. Rockefeller was the founder of the Standard Oil Company and became one of the wealthiest men of his time. His company was the major leader of the oil business in the United States during his reign. Standard Oil company served as a prime example of how companies should function, which helped to guide others to follow in his footsteps. He was a major philanthropist and used his large fortune to fund many philanthropic causes. His donations helped pay for the creations of the University of Chicago, the Rockefeller University, the establishment of Central Philippine University, and many others.

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Also for the longest time Rockefeller had a monopoly over oil. Rockefeller produced oil, called Standard il. Since nobody else could figure it out they had to only buy from him. So he could make oil as expensive as he wanted. The il he prduced made light everyone needs light, so pf course he got a ton of business.

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He was able to influence the prices of oil and make his the most appealing, lowering the price in areas of high competition but lowering it in areas with little demand. Without legal documentation, Rockefeller bought out other companies, bribing them with money if they kept the buy a secret. He quickly was able to dominate the oil industry because he had secretly bought out all his competition without the other companies knowing, or the public, who were unaware that he controlled 90% of the oil market in the United States. At his prime, many claimed Rockefeller to be a robber baron, stating he engaged in business practices that were not only illegal, but then prohibited any other competition from existing to create a marketplace that would

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Rockefeller’s Contributions to the Industrial Era When leading the Standard Oil Company, John D. Rockefeller was innovative in the ways he maximized his profits; while his two major breakthroughs, one affecting the petroleum industry and the other the world of business itself, contributed to society, they were also part of how Rockefeller stayed ahead of his competitors. The first was researching new uses for the by-products of oil refining (Folsom, 1988, Discovering Crude Oil section, para. 9). According to Folsom (1988), Rockefeller was disgusted by the wastefulness of those already established in the oil business (Discovering Crude Oil section, para. 5 and 7).

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John D. Rockefeller, America’s first billionaire, founded one of history’s most illustrious and dominating companies in the Standard Oil Company. There are few who will dispute the success of Rockefeller’s tenure as a businessman, much less his latter years a philanthropist, giving away what would be billions of US dollars converted into today’s currency (Kumar, 2012). Even as a young man, the relentless Rockefeller was “already recognized as one of Cleveland’s outstanding young merchants”, being described as “honest, reliable, and with a shrewd sense of commodity markets” (Morris, 2005, p. 17). These traits would prove to be useful, as the founder of the Standard Oil Company would take on numerous encounters with some of the most influential businessmen of his time. Rockefeller’s swift and ambitious strategies towards vertical integration, efficiency, forming partnerships and his efforts to expedite growth in his businesses were extremely effective in creating his success in such a nascent and wasteful industry such as oil.

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Rockefeller was the first man to manufacture oil and founded Standard Oil Company. With the development of oil which is an essential resource, came great responsibility and dominance. However,

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Rockefeller: The Captain of Industry that has helped our country thrive “The best philanthropy” he wrote, is constantly in search of finalities- a search for a cause an attempt to cure evils at their source” - John D. Rockefeller John D. Rockefeller was the richest man of his time but, used his wealth to improve our country. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. In 1870 Rockefeller established the Standard Oil Company. With the establishment of the oil company Rockefeller controlled 90% of the oil business in America by 1880.

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In 1870, Rockefeller formed the Standard Oil Company of Ohio, along with his younger brother William (1841-1922), Henry Flagler (1830-1913) and a group of other men. John Rockefeller was its president and largest shareholder. In 1865, Rockefeller borrowed money to buy out some of his partners and take control of the refinery, which had become the largest in Cleveland. Over the next few years, he acquired new partners and expanded his business interests in the growing oil industry.

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